This paper outlines how a charter to overhaul Australia’s regulatory system would boost Australia's productivity levels. The paper sets out a blueprint for a Charter of Regulatory Effectiveness (CORE) – a proposed legislative instrument for Commonwealth, state and territory governments. 

The proposals build on those that already exist and, if followed consistently, will result in continuing improvement in regulatory systems. In particular, they will encourage greater innovation and faster productivity growth.

CORE objectives 

1. Facilitate decision-making – regulators should be given responsibility to be stewards of the legislation they administer.  
2. Streamline the process – the principles of effective regulation should be codified in legislation with emphasis on the
   importance of encouraging innovation, productivity growth and timely approvals.
3. Accountability – responsibility for the regulatory system should be assigned to suitable ministers and public service departments with periodic reports to parliaments and the public.
4. Oversight – ex-post reviews should be undertaken of the effectiveness of regulatory systems in particular areas of policy.

Beyond regulatory reform, the paper makes a series of complementary proposals for enhanced productivity in three key areas: 

• education and training
• investment initiatives
• innovation.