Regulator Performance Framework
The Government released its Regulator Performance Framework as part of 2014 Spring Repeal Day. The Framework is an important part of its commitment to reduce the cost of unnecessary or inefficient regulation imposed on individuals, business and community organisations by at least $1 billion a year.
The Framework has been developed following consultation with a range of stakeholders and consists of six outcomes-based key performance indicators covering reducing regulatory burden, communications, risk-based and proportionate approaches, efficient and coordinated monitoring, transparency, and continuous improvement. Commonwealth regulators that administer, monitor or enforce regulation will be required to implement the Framework.
The Framework will apply from 1 July 2015 — with the first assessment period being the 2015-16 financial year.