The regulatory impact assessment (RIA) process is an important feature of the policy development cycle which assists an understanding of the costs and benefits of feasible options to address a problem and its implementation issues.
The RIA process can inform policy development by identifying the policy solution that is likely to result in the highest level of benefits for the community. In turn, this can help the economy to grow and make Canberra a better place to live.
Within the ACT Government, the Economic and Regulatory Policy Unit of the Chief Minister, Treasury and Economic Development Directorate provides advice and guidance on undertaking and preparing RIAs. All RIA queries can be directed to the Economic and Regulatory Policy Unit at EconomicandRegulatoryPolicy@act.gov.au.
Regulatory Impact Assessment Guidelines
The ACT Government has recently revised its Regulatory Impact Assessment guidance to reflect current best practice so the impact assessment process is simpler, can inform and add value to the policy development cycle.
The refreshed guidance emphasises how to capture costs and benefits of feasible options to address policy problems. It is intended to make it easier for the ACT Government to undertake an impact analysis on who will be positively or negatively impacted, the extent of those impacts and when to undertake a post-implementation review.