The Australian Government’s new Best Practice Regulation Handbook gives effect to the revised regulatory impact analysis arrangements announced on 5 December 2012. To coincide with the release of the new Handbook, the OBPR has updated its guidance material on cost-benefit analysis. We’ve issued this guidance note to help agencies looking to conduct cost-benefit analysis. A details-stage regulation impact statement should contain a comprehensive assessment of the expected costs and benefits of each identified option. The level of detail required must be commensurate with the impacts of the proposal. Where the impacts of a proposal are likely to be highly significant, a formal cost-benefit analysis will be required. Cost-benefit analysis is useful because it provides decision makers with quantitative and qualitative information about the likely effects of a regulatory proposal and encourages decision makers to take account of all the positive and negative effects of a regulatory proposal, including how these effects are distributed within the community. Agencies considering undertaking cost-benefit analysis are encouraged to contact the OBPR for assistance and to answer any queries in relation to their specific proposal.
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