New Zealand will be the winner in gaining a Productivity Commission, says BusinessNZ.

Chief Executive Phil O’Reilly said his organisation had advocated strongly for its establishment.

“Productivity growth is fundamental to growing a competitive economy. It is of the utmost importance for growing all New Zealanders’ living standards, but it is so easily derailed.

“Poorly conceived legislation and unnecessary laws can add costs and compliance to businesses and individuals in a thousand ways, depressing productivity growth overall.

“Having a productivity gatekeeper scrutinizing proposed new regulation will be a major benefit.

“The ability of the Productivity Commission to investigate other productivity-related matters will also provide another economic safeguard.”

Mr O’Reilly said it was positive that the Commission will have operational consistency with Australia’s highly regarded Productivity Commission.

He said it will be important that the New Zealand Productivity Commission is strictly independent, is unconstrained in its choice of issues for investigation, and is adequately funded.

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