Regulation is a common way for government to respond to market failures and promote improved social, economic and environmental outcomes in line with community expectations.
Ongoing maintenance and review of these systems is integral to promote individual and community wellbeing, and well-functioning markets.
We work with regulators across the Commonwealth to adopt a stewardship approach to regulatory reform.
Stewardship promotes a whole-of-lifecycle approach to regulation to meet current and future challenges. It recognises regulatory systems as assets that need regular review and maintenance to ensure the systems are fit-for-purpose, risk based and contemporary to serve the Australian community.