Subordinate Legislation Act 1994

A regulatory impact statement for a proposed legislative instrument must include—

a statement of the objectives of the proposed legislative instrument;

a statement explaining the effect of the proposed legislative instrument, including, in the case of a proposed legislative instrument which amends an existing legislative instrument, the effect on the operation of the existing legislative instrument;

in the case of a proposed legislative instrument which amends fees in a legislative instrument, a table comparing the proposed fees and existing fees, including an indication of the percentage increase or decrease for each fee;

a statement of other practicable means of achieving those objectives, including other regulatory as well as non‑regulatory options;

an assessment of the costs and benefits of the proposed legislative instrument and of any other practicable means of achieving the same objectives;

the reasons why the other means are not appropriate;

any other matters specified by the guidelines;

a draft copy of the proposed legislative instrument.

The assessment of the costs and benefits must include an assessment of the economic, environmental and social impact and the likely administration and compliance costs including resource allocation costs.

The responsible instrument maker must ensure that independent advice as to the adequacy of the regulatory impact statement and of the assessment included in the regulatory impact statement is obtained and considered in accordance with the guidelines.

Before a legislative instrument for which a regulatory impact statement is required is made, the responsible Minister must give a certificate in writing specifying—

that the requirements relating to regulatory impact statements for legislative instruments in this Act and the guidelines have been complied with; and

that in the Minister's opinion the regulatory impact statement prepared by the instrument maker adequately assesses the likely impact of the proposed legislative instrument.