In March last year, the Abbott Government mandated regulatory impact statements for all proposals with regulatory implications. Accompanying the red-tape reduction bills was “The Australian Government Guide to Regulation”, which included 10 principles and seven “critical questions” for regulatory impact statements, including:
- Regulation should only be imposed where there is a net benefit.
- The cost burden of all new regulation must be fully offset by reductions in other regulation.
- Every regulatory policy change must have a regulatory impact statement.
- Information used to make regulatory decisions should be published at the earliest opportunity.
