What is the nature of the New Zealand market for political lobbying? Is lobbying grease in the wheels of a well-functioning democracy – adding to overall societal efficiency – as its supporters suggest? Or is lobbying sand, wasting resources in buying redistribution to the powerful and damaging the social fabric essential for a wellfunctioning democratic mixed economy, as opponents of lobbying believe? And, should we regulate lobbying in New Zealand, and why? This article concludes that the question is not whether lobbying should be made more transparent via regulation, but rather how this can best be achieved.