As part of its red tape reduction agenda, the Government committed that each portfolio would conduct a stocktake of Commonwealth regulation in existence as at 3 October 2013. The process was designed to establish a broad baseline for measuring reductions in red tape and identify and prioritise areas for future reform.
The stocktake for each portfolio was divided into two main stages. The first stage involved counting the number of pieces of legislation, legislative instruments and quasi‑regulation in the portfolio and undertaking a qualitative assessment of the intensity of regulatory burden they imposed. The second stage sought to quantify total Commonwealth regulatory compliance costs, by selecting appropriate samples of regulation in each portfolio and extrapolating these to estimate the total.
This report provides an explanation of the stocktake process and an overview of the results for the Treasury portfolio.
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