Successful Commonwealth Regulators Meeting held in Canberra
Type: Media release
Date: Friday 4 December 2015
Speaking at the fourth Community of Practice (CoP) forum for Commonwealth Regulators on 3 December 2015, the Assistant Minister for Productivity Dr Peter Hendy MP, highlighted the importance of the regulatory reform agenda in the Government’s economic policy and in boosting innovation and productivity.
Dr Hendy also took the opportunity to announce the Government’s new interactive massive open online course (MOOC) on regulatory impact analysis, which will shortly be available through the Office of Best Practice Regulation website.
Dr Hendy said that the Government has already made decisions to reduce the cost of complying with Commonwealth regulation by $4.5 billion annually. He also pointed out to the audience of around 130 senior executives from over 80 different Commonwealth regulatory agencies that there is still much to be done.
“How regulators operate can have a major effect on productivity and on the regulatory burden experienced by individuals and business” Dr Hendy said. “That is why this Government set out clear expectations in the Regulator Performance Framework, which came into effect on 1 July 2015.” Dr Hendy went on to describe the complexities faced by regulators in new business models and changing social, technological and economic trends.
Dr Hendy acknowledged the value of regulators at the forum hearing from internationally recognised guru on regulation, Professor Gary Banks AO, who highlighted how well Australia’s regulatory policies are regarded internationally.
This event was hosted by the Department of the Prime Minister and Cabinet. The CoP provides a unique opportunity for senior managers of Commonwealth regulators to discuss their role in implementing regulatory reform and to find common solutions to shared challenges.