On 20 April 2021, the Department of the Prime Minister and Cabinet (PMC) published a draft Regulator Performance Guide and invited stakeholders to provide submissions to the consultation paper. The Regulator Performance Guide proposes a move to principles based approach to regulator performance, a refresh of Statements and Expectations and Intent, and removing the requirement for external validation of a regulator’s performance assessment.
The Guide outlines the following best practice principles:
- Continuous improvement and building trust: regulators adopt a whole-of-system perspective to build trust and confidence in Australia’s regulatory settings.
- Risk-based and data-driven: regulators maintain essential safeguards, managing risk with data and digital technology to minimise regulatory burden and support those they regulate.
- Collaboration and engagement: regulators are transparent and responsive, implementing regulations in a modern and collaborative way.
The AER provided a submission to the PMC on the draft Guide on 20 May 2021.
AER submission - PMC consultation paper - Regulator Performance Guide - May 2021
More information can be found in the PMC website; Australian Government Regulator Performance Guide.