Best Practice Regulation Handbook
Foreword
Well designed regulation has a vital role to play in overcoming some of the problems that lead to inefficient or inequitable market outcomes. However, ‘well designed’ is an important qualifier ‑ poorly designed regulation may not achieve its objectives, and can impose costs on businesses and the community more broadly.
The Australian Government has reaffirmed its commitment to a rigorous system for assessing the impact of regulatory proposals and alternative options. The government’s Regulatory Impact Analysis requirements promote well-designed regulation by:
- requiring a case to be established for acting in response to a perceived policy problem, including addressing whether regulatory action is required and whether the proposed regulation achieves the policy objective in a manner that minimises costs for business and the community
- encouraging transparent, timely and meaningful consultation with affected parties
- assisting decision makers to understand the full range of costs and benefits of their decision, at the time they are making their decision, and
- making the information available to government decision makers available to the public.
This is an internationally recognised framework, and has been strongly commended in a recent review by the Organisation for Economic Cooperation and Development.
In reaffirming a rigorous system, the government has agreed to a number of changes to the Regulation Impact Statement (RIS) requirements aimed at better balancing the rigour and practicality of the RIS process. These changes are reflected in this revised edition of the Best Practice Regulation Handbook.
THE HON LINDSAY TANNER MP
Minister for Finance and Deregulation
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