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.
Find more information on how the Department of Finance is working to modernise regulation through digital design, innovation, and stewardship to ensure it is fit-for-purpose for Australia now and into the future in the whole-of-Government Regulatory Policy, Practice & Performance Framework.
More information on the Department of Finance’s role as the Australian Government lead on regulatory policy, practice and performance is outlined in the department’s submission to the Joint Committee of Public Accounts and Audit (JCPAA) Inquiry into the administration of Commonwealth regulations