This Regulatory Standards Bill is an effort that has grown out of 20 years of work: initially, the Regulatory Responsibility Bill first introduced in 2006, and then there was the regulatory taskforce in the late 2000s or the noughties, which produced the Regulatory Standards Bill. This bill languished on the Order Paper for some time because what one finds is that few Governments in power are prepared to put these kinds of restraints on themselves; they prefer to be able to govern in the moment, even though there is plenty of evidence that is not best for investor confidence for New Zealand's long-term prosperity. This Regulatory Standards Bill codifies what good regulatory analysis is with the principles set out in clause 6. It says that if Governments wish to make laws, they must make sure that they are consistent with the rule of law. They must not diminish the liberties of New Zealanders except as is necessary to protect New Zealanders' liberties. It says that laws must not take property unless compensation is provided. They must not impose taxes and charges on New Zealanders without parliamentary consent.