On 12 October 2005 the Prime Minister and the Treasurer announced the appointment of a Taskforce to identify practical options for alleviating the compliance burden on business from Government regulation. The Taskforce was chaired by Mr Gary Banks, Chairman of the Productivity Commission, and included business and small business representation. The Taskforce delivered its report “Rethinking Regulation: Report of the Taskforce on Reducing Regulatory Burdens on Business” (“Report”) to the Government on 31 January 2006. The Report, guided by the views of stakeholders representing industry, small business, consumers and Australian Government, makes 178 recommendations on actions to reduce red tape across a wide range of policy areas. The Report also makes recommendations on actions to improve regulation making processes and regulatory gate keeping. The Government published its final response to the recommendations of the Report on 15 August 2006.