The Victorian Guide to Regulation (the Guide) explains the Victorian Government's approach and requirements for impact analysis.
It should be used when developing policy proposals and regulatory impact assessments. The Guide outlines regulatory best practice principles and sets out the keys steps when developing an impact assessment.
The current edition was released in November 2016.
The Guide should be read in conjunction with:
- the Cost Recovery Guidelines available on the Department of Treasury and Finance Website
- the Subordinate Legislation Act 1994 Guidelines
The seven key questions
The Guide explains seven key questions that must be answered in an impact assessment:
- Why is the Government considering action? (problem analysis)
- Which outcomes is the Government aiming to achieve? (objectives for action)
- What are the possible different courses of action that could be taken? (identify feasible options)
- What are the expected impacts (benefits and costs) of options and what is the preferred option? (impact analysis)
- What are the characteristics of the preferred option, including small business and competition impacts? (summarise the preferred option)
- How will the preferred option be put into place? (implementation plan)
- When (and how) will the Government evaluate the effectiveness of the preferred option in meeting the objectives? (evaluation strategy)
In addition, an impact assessment must include the views of stakeholders consulted to date and how future consultation will be undertaken.