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Introduction
Governments are placed with the entire role of formulating laws and regulations that aid in governing its people. They provide a framework that gives directives and describesthe way in which laws are to be followed and possible penalties that one can face if those laws are flouted. Additionally, a regulatory government is best placed in ensuring its citizens livingwithin the accepted limits while preventing occurrences that are detrimental to society. Feintuck and Varney (2008) in their work define regulation as the “sustained and focused control exercised by a public agency over activities that are valued by a community” In Australia for instance, there are regulatory bodies in every sector and they include; Australian Bureau of Statistics, Ombudsman, Australian Taxation Office, Australian Workplace to name a few. It is obvious that regulatory bodies are implemented since people cannot be in a position to govern themselves in the right manner and that there are always organizations and individuals that need to be scrutinized due to their conniving nature. Recently, there havebeenanumber of legislationsintroduced by the Australian government and particularly regarding environment and climate change. This paper therefore evaluates the effects of introduction of such legislation using the free market and pro-regulatory approachesto such legislation giving evidence based on the different stakeholder groups. A conclusion will be supported bythe enactment if such regulation has also been provided.
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