Kiwis are urged to take notice following the release of the OECD Product Market Regulation Indicators (PMRI).

The report reveals New Zealand's decline from 2nd place in 1998 to 20th this year, highlighting significant regulatory inefficiencies.

Minister for Regulation David Seymour expressed concern, stating, "This shocker result should end any and all doubt that the Government must go to war on red tape and regulation."

The report identifies barriers to foreign investment, licensing complexities, and excessive administrative burdens as key challenges, ranking New Zealand lowest among OECD nations in regulatory burden.

Seymour emphasised the drain on productivity and investment compliance with Wellington's directives imposes.

He outlined the Ministry for Regulation's initiatives, including sector reviews to streamline regulations and improve legislative scrutiny.

The OECD Product Market Regulation (PMR) indicators assess regulatory alignment with international best practices, measuring barriers to entry and competition in both economy-wide and sector-specific contexts, making product market regulation crucial for fostering innovation, business dynamism, productivity, investment, and employment.

Key findings underscore the need for regulatory improvements in New Zealand.

These include simplifying administrative burdens, enhancing stakeholder engagement in consultations, and aligning public procurement practices with OECD standards to ensure fair competition.

The report suggests reducing barriers to foreign direct investment despite already low trade barriers.

Challenges in obtaining licenses and permits persist, suggesting reforms through regular inventory updates, adopting 'silence is consent' principles, and tailoring license complexities to risk levels.

Opportunities for streamlining exist within New Zealand's licensing regime, which remains more burdensome than OECD averages.