This one page guide outlines the processes that apply to designing new government policies and regulations. The seven questions that need to be addressed in a Regulation Impact Statement are:
- What is the problem you are trying to solve?
- Why is government action needed?
- What policy options are you considering?
- What is the likely net benefit of each option? Including economic, social, competition or any other relevant costs and benefits.
- Who did you consult and how did you incorporate their feedback?
- What is the best option from those you have considered? Are there any unresolved issues?
- How will you implement and evaluate your chosen option?