The Government has announced a package of reform measures to improve regulatory performance. As part of the reform package the Government has agreed to; - adopt a two-stage process for developing regulation impact statements (RISs); - strengthen the role of annual regulatory plans (ARPs); and - encourage better and more informed stakeholder consultation. The Office of Best Practice Regulation will be preparing revised guidance material to reflect the new arrangements. The current arrangements for Regulatory Impact Analysis are set out in the Government’s Best Practice Regulation Handbook and commenced operation on 1 July 2010. The Government committed to reviewing the framework within two years. The Minister for Finance and Deregulation agreed in December 2011 that an independent review be conducted of the arrangements. The Review was conducted by Mr Robert Milliner and Mr David Borthwick AO PSM and was handed to the Minister on 20 April 2012. On 11 October 2012 the Government released a Preliminary Response to the RIA Review for four weeks public consultation. The results of the consultation have informed the Final Response. The package was jointly announced by the Minister for Finance and Deregulation, the Hon Penny Wong, and the Minister Assisting for Deregulation, David Bradbury MP on 5 December 2012. The media release can be found here.