In 2021, the Australian Government replaced the Regulator Performance Framework with 3 principles of regulator best practice. These are found in the Regulator Performance Guide.
The guide is part of the government’s commitment to reduce unnecessary or inefficient regulation imposed on:
- individuals
- businesses
- community organisations.
Regulator best practice principles
Under the guide, we'll report against 3 principles of best practice through our corporate plans and annual reports. The 3 principles are:
- continuous improvement and building trust: adopt a whole-of-system perspective, continuously improving our performance, capability and culture to build trust and confidence in Australia’s regulatory settings
- risk based and data driven: manage risks proportionately and maintain essential safeguards while minimising regulatory burden, and leveraging data and digital technology to support those we regulate to comply and grow
- collaboration and engagement: a transparent and responsive communicator, implementing regulations in a modern and collaborative way.