Australia recently released its Annual Regulatory Reform Report: 1 January 2016 –30 June 2017 which detailed a reduction in net compliance costs of AUD 1.1 billion per year, contributing to a total reduction of AUD 5.9 billion since the introduction of the Deregulation Agenda in 2013. Australia also adopted a Regulator Performance Framework in 2014 under which Federal regulators and departments assess their performance against six key performance indicators. These relate to: reducing regulatory burdens; communication with regulated entities; regulators’ actions are proportionate and risk‑based; compliance and monitoring procedures are streamlined; regulators are transparent in their actions; and regulators undertake continuous improvement.
Australia continues to have sound regulatory management practices in place, and is working to improve methods that focus on stakeholder engagement and ex ante or ex post evaluation practices. Australia has permitted regulators more flexibility to offset increased compliance costs for businesses resulting from new regulations. Previously, compliance cost savings needed to be identified with each new regulatory proposal. Australia would benefit from an increased focus on stakeholder engagement prior to a regulatory decision having been made, especially with regards to subordinate regulation.
