Regulation: Government formalises understandings with regulators

Filed under: Australian Politics, Regulation,

Treasurer Joe Hockey has issued each of the regulators within his portfolio with a Statement of Expectations “to clarify that while it is imperative that regulators act independently and objectively, the Government expects that regulators take into account its broad policy framework, including its deregulation agenda”.

Mr Hockey said the action was in line with the Government’s commitment to fostering a close working relationship with the regulators.

He said the structure and regulation of Australia’s economy had changed since 2007, when the Government last issued Statements of Expectations to regulators in the Treasury portfolio.

He said the regulators had now each issued Statements of Intent confirming that they will implement the Government’s deregulation agenda.

“These statements will provide confidence to businesses and individuals that the regulatory system is being enforced by strong, independent regulators in a manner consistent with broader Government policy,” the Treasurer said.

“The new statements reflect the regulators’ commitment to the Government’s red tape reduction agenda – which will reduce business costs and simplify the investment environment.

“Each regulator has responded positively to the Government’s expectations, confirming they will:

· look for opportunities to reduce compliance costs for business and the community, helping the Government reduce red and green tape by $1 billion;

· comply with the Government's enhanced Regulatory Impact Analysis requirements for all regulatory proposals;

· act in accordance with regulatory best practice in decision-making, policies, processes and communication practices to maximise effectiveness, efficiency and transparency, and minimise compliance costs; and

· have an open and sound working relationship with the entities that they supervise.”

He said these statements were another step towards the Government’s commitment to issue charter letters to regulatory agencies outlining the Government’s broad policy intent and expectations.

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