The Australian Institute of Superannuation Trustees (AIST) has spoken out in support of the Coalition's discussion paper on deregulation reform.
The association said it agreed that the Commonwealth should promote "less burdensome and more consistent regulation" between states and applauded the dovetailing of regulation with other jurisdictions, particularly New Zealand.
"Our nations should be striving to ensure that a seamless common market exists, and any differences, no matter how minor, remove this perception," it said.
"We support efforts at regulatory mutual recognition on the proviso that our national sovereignty remains intact."
The announcement comes hot on the heels of the Government's moves to enact the Protocol on Investment for Australia-New Zealand Closer Economic Relations (CER), which provides clarity on more than A$100 billion in two-way superannuation and other investments annually.
But the task of red tape reduction should rest entirely with the regulator, AIST said.
It supported the creation of units within each department to identify and drive red tape reduction, but said the role of agencies should be different to the regulator.
Government agencies, including the regulator, should be tasked with improving their own efficiencies and then report further up the line, AIST said.
"We are uncertain what could be gained from departmental interference in agency affairs where the agency in question is also an effective regulator," it said.
AIST said that incentives to reduce red tape, such as key performance indicators linked to public service roles, should not distract from individuals' daily duties.
Compliance costs could not be easily quantified, but AIST supported a 12-month reporting timeframe highlighting the need to imbue qualitative impacts with the same importance as monetary ones.
It said that gatekeeping duties should remain housed within the Office of Best Practice Regulation rather than moved to the Department of Prime Minster and Cabinet.
AIST said its current location was a "natural fit, given the mandate of the department to promote the Government's objective of improving the effectiveness and efficiency of regulation."
