About Treasury's Role
Page updated 21 Sep 2015
In 2008 the Treasury became responsible for the strategic co-ordination of the Government's regulatory management system. The Regulatory Quality Team (RQT) within the Treasury exercises stewardship over the regulatory management system to maintain and enhance the quality of government-initiated regulation. Key responsibilities include:
- oversight of the performance of the regulatory management system as a whole and making recommendations on changes to relevant government and Parliamentary systems and processes to improve its performance
- the characteristics of a good regulatory regime and promoting good regulatory stewardship
- oversight of the performance of significant regulatory systems and any associated reviews of regulatory regimes
- assessing significant regulatory proposals against the government standards, and
- the design and delivery of guidance, training, and other capability development support for government agencies.
These functions complement the Treasury’s role as the government’s primary economic and fiscal advisor. In its regulatory role the Treasury reports to the Minister for Regulatory Reform (Regulatory Reform).
Over the next three years, key areas the Treasury will focus on include:
- further embedding the Government’s expectations for regulatory stewardship across government, including helping agencies to further develop their internal systems and ability to act as good stewards of regulation in their area, and to report publicly on their progress
- working with key regulatory agencies to refine and improve the performance of existing regulatory management tools (particularly regulatory impact analysis and regulatory planning)
- overseeing the implementation of the Government response to the Productivity Commission’s report on regulatory institutions and practices
- identifying opportunities to better co-ordinate and prioritise work on regulation across government departments, and the Government’s wider legislative programme.
In 2015/16 our key priorities/objectives are:
- develop stronger relationships with major regulatory agencies and better understand their approach to meeting their stewardship obligations, provide support and share departmental experiences/approaches
- review stewardship expectations in light of the Productivity Commission response and departmental experience, including how to incorporate regulator role into the expectations and whether best practice regulation principles become part of stewardship expectations
- provide advice and put in place actions to improve the quality of Regulatory Impact Analysis (RIA)/ Regulatory Impact Statements (RIS)
- implementation of the Productivity Commission response, including the development and publication of a regulatory management strategy, making regulatory material more useful and visible on the website, and having departments publish their regulatory management strategy and plans
- clarify our approach to monitoring departmental regulatory performance and the information we need to fulfil this role (including the approach to planning and scanning)
- complete the disclosure arrangements evaluation and embedding disclosure requirements in legislation
- introduction of Statutes Repeal Bill and preparation for a future omnibus legislative bill, and
- provide advice on options to improve legislative prioritisation.
The Regulatory Impact Analysis Team
The Regulatory Impact Analysis Team (RIAT) is a subset of RQT and is responsible for administering the RIA regime. Key responsibilities include:
- training on the RIA framework and the RIS process
- providing advice on when the RIA requirements apply and whether regulatory proposals meet the significance criteria
- second opinion advice on options analysis and regulatory design issues, and
- formal quality assurance of significant RISs.