In state parliament last week a bill was introduced to repeal 30 outdated and obsolete laws, reducing red tape and unnecessary regulation. One act on the chopping board will allow the deregulation of our state’s valuing industry, a recommendation made by the Independent Pricing and Regulatory Tribunal (IPART).
Demolishing the Valuers Act 2003 will remove government-controlled licenses for roughly 3000 professional valuers, reducing the burden of registration fees by over collectively $800,000 per year. According to the NSW Minister for Innovation and Better Regulation, the outdated legislation “has been expensive for taxpayers, administrators and property agents and valuers."
Other repeals include:
- Land Acquisition (Charitable Institutions) Act 1946, which allows the government to compulsorily acquire land for philanthropic purposes on behalf of charitable institutions. The act represents an unnecessary infringement on property rights.
- West Scholarships Act 1930, which established a trust offering modest scholarships to students in the Cooma-Bega area. Only $33,500 remains in the fund and it costs more per year to administer the trust than is in the trust itself.
The full list of Acts contained in the Bill is available online at www.finance.nsw.gov.au.