Finance is the Australian Government lead on regulatory policy, practice and performance and provides a holistic and coordinated approach to regulatory reform. Finance supports efficient, adaptable, and proportionate regulation across the regulatory lifecycle through principles-based advice to Government, guidance to regulators, and targeted reform projects – enabling innovation, evolution, and effective competition. Ongoing efforts to modernise the regulatory landscape strive to create the conditions necessary for sustained economic productivity and growth.
Regulatory reform is a responsibility shared across all Government agencies. While Finance leads whole-of-system reform and drives cross-portfolio initiatives, individual portfolios are responsible for reforming their own regulatory systems to ensure they remain fit-for-purpose. This approach recognises the diversity of regulatory functions across government and enables tailored reforms that reflect the specific needs, risks, and priorities of each sector.
More information on the Department of Finance’s role as the Australian Government lead on regulatory policy, practice and performance is outlined in the department’s submission to the Joint Committee of Public Accounts and Audit (JCPAA) Inquiry into the administration of Commonwealth regulations.
Regulatory policy, practice and performance
The Regulatory Policy, Practice and Performance Framework (RPPPF) guides policymakers and regulators to apply six principles for effective regulation: targeted and risk-based, system-integrated, user-centred, evidence-driven, digitally adaptive, and continuous improvement.
Finance is developing tools to support agencies to implement the RPPPF, including an enterprise level regulator maturity model and guidance on regulatory governance. The RPPPF enables regulators and policymakers to balance compliance with flexibility, allowing businesses to operate efficiently while adhering to necessary regulations.
