Since the 1970s, Australian governments have sought to reduce regulatory burdens, particularly on business, subject regulation to rigorous cost-benefit analysis, and constrain both the stock and flow of new regulation. Yet however measured, regulation continues to grow, frequently in response to community demand.

This article interrogates both the more extreme claims of the anti-regulation advocates and the alleged successes of anti-red tape initiatives, identifying a critical clash of values over the role of the state and the appropriate relationship between government, business and the community. This article concludes by arguing that to deliver desirable societal, economic and democratic outcomes, governments need to acknowledge regulation as an asset, professionalise its workforce, and more actively assert its public value.