New Regulator Performance Framework
Type: Media release
Date: Wednesday 29 October 2014
Author(s): Hon Josh Frydenberg MP
As part of today’s Spring Repeal Day, the Government has released a new Regulator Performance Framework.
This Framework is an important part of our election commitment to reduce unnecessary or inefficient regulation imposed on individuals, business and community organisations by at least $1 billion every year. And on 22 October the Government announced that we have achieved a net saving to date of more than $2.1 billion. This is just the start.
As part of the Government’s wider deregulation agenda, we also want to ensure that there is an appropriate focus on the way regulators administer regulations and its impact on productivity.
The Regulator Performance Framework released today establishes a common set of performance measures that will allow for the comprehensive assessment of regulator performance and their engagement with stakeholders.
For the first time, all Commonwealth regulators will be assessed against six key performance indicators: reducing regulatory burden, communications, risk‐based and proportionate approaches, efficient and coordinated monitoring, transparency, and continuous improvement.
These KPIs and the related performance report will be published annually by regulators based on externally validated data, with the report certified by the regulator’s CEO, Board or relevant accountable authority. Relevant Ministerial Advisory Councils will validate the KPIs as well as the results of each regulator’s performance reports.
This Framework builds on the Regulator Audit Framework released by the Productivity Commission on 19 March 2014.
The Government recognises the important role that regulators play in managing risk and protecting the interests of the community. Measuring and publicly reporting performance will give business, the community and individuals confidence that regulators can effectively and flexibly manage that risk. The key performance indicators are outcome‐based and look at the impact and consequences of regulators actions. Regulators will have to show how they have met each indicator by providing evidence of their activities.
The Framework and information about what it means for regulators, business, community organisations and individuals is available on the Regulator Performance Framework page.