There have been sweeping changes to regulations across a variety of industries, all in the name of keeping the economy afloat during current shutdowns.

We’ve seen reduced restrictions relating to medical treatment and goods such as the production of medical face masks, ventilators, alcohol-based hand sanitiser, and virus tests as high priority to meet demand.

There have also been changes to how essential businesses can operate. Curfews on delivery trucks have been removed so that grocery stores can keep their shelves stocked. Trading hour restrictions have been removed so that essential staff can shop at any time of day. Construction work can now be done on weekends and public holidays.

We are also seeing Planning Ministers, at the State and Federal level, working on a set of changes to planning regimes to be implemented by State Governments to ensure that new property development applications can be approved.

Further to this the national watch dogs are also easing regulations: APRA has eased requirements for how much of a cash buffer banks are required to have, and the ACCC is reducing it’s enforcement program to avoid putting extra pressure on businesses who are already experiencing significant challenges. ASIC has also put on hold the program it implemented after the Royal Commission on the Financial Industry.

In the context of COVID-19, it’s hard to argue against these changes. But there also those who are already calling for this deregulated environment to continue even once the virus is contained.

These people have their points, but it’s also important to remember why these regulations were implemented in the first place, and especially why these Government watch dogs exist. Capital buffers were implemented by the Basel III regulatory accords to prevent another GFC. ASIC’s new programs are a direct response to the Royal Commission and findings related to misconduct in the banking, superannuation and financial services sector.

It’s important to make sure that we get through the current crisis, but if we don’t heed the lessons of the past and we choose to throw away regulations that were implemented for good reason, we stand the chance of history repeating itself, creating further economic crises.