Question

Do we need more or less regulation of business practices as they affect the environment? (Consider Australia)

Answer 1

Considering Australia and also the general business environment across the world I think we need more regulations of business practices as they have a direct impact on the environment & sustainability of future generations.

Here are further instances & reasons behind the same:

• The Australian government & various state government legislations are working on cohesion to protect the environment & community at large. Fair trading has a direct relationship with the environment and hence must be given more focus.
  
• Australia has a national statutory framework to ensure fair and ethical trading for businesses and consumers. It is important to ensure that all practices have a positive impact on the environment and doesn't exploit the resources.
  
• The Australian consumer law and other such laws are also important as they safeguard consumers right, safety aspect, consumer right guarantees etc.

• Considering Australia the entire ecosystem of the Australian government, state & territory governments, local govt together work for environmental protection.

Overall I believe considering the environmental damage caused by Australian bushfires & the current COVID 2019 virus it is important to do scenarios based planning and approach for business & government to ensure future opportunities and challenges are met.

• The last 2 decades had shown a great future and growth & considering the resource availability int he country the economic growth and standards of living were on track to get better.
• To maintain the competitiveness and build advantage through emerging markets Australia needs to keep growing and by having strict regulation the growth will be sustainable and guarded.

The 2030 report shows four major sectors that add a combination of social, economic, environmental and tech-based drivers for the overall growth of the economy.

• As per the report, it is important for Australia to pursue clean and lean growth.
• Mineral, energy and food are important aspects of Australia exports and economy. In order to ensure neutral and least impact on the environment, it is important to have legal frameworks ensuring resource efficiency, medium carbon abatement efforts and depending on tried and previously tested industries.

It is important all current development steps are well planned and guided through legislation so that adaptation to the environment and such unexpected disasters like the forest fire, viruses etc can be dealt with.

With more laws protecting such objectives, we will have neutral economic growth, positive impact on society, positive environmental impact & sustainable new and old industries.

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