I am unsure of the likely cost
You are unsure of the likely cost.
You can use the following prompts to help determine whether a regulatory impact statement is required. Better Regulation Victoria can provide advice and confirm your assessment.
Question 1: Who is likely to be affected by the proposed changes?
Business / industry
Individuals / households
Question 2: What is the nature of the likely impacts on each affected group?
entry restrictions (e.g., accreditation, registration, licence)
prohibition on activity
require purchase and use of equipment (e.g., uniform, tools)
require action (e.g., prepare safety management system)
Question 3: What is the likely cost of each impact on each group? (This is informed by your responses to Questions 1 and 2.)
Question 4: How many people will likely be affected?
Question 5: How often are the costs likely to be incurred for each group (i.e. every __ years)?
It is only the additional compliance burden of the regulation, not the total amount of burden that is relevant to the calculations. For example, for a regulation changing the frequency of an inspection from annual to bi-annual, it is only necessary to consider the additional inspection as part of the impact assessment.
You should undertake the preliminary assessment as outlined above prior to contacting the Office of the Commissioner for Better Regulation, who will then advise whether and which type of RIS may be required.
Once you have undertaken the preliminary assessment of the likely size of the cost as outlined above, return to the question - What is the likely cost of the regulation? – and input the size (either less than or greater than $2 million). This will then take you to the relevant guidance for each.
Q: What is the purpose of the economic assessment?
A: I am developing regulation or legislation.
Q: Are you developing regulation or legislation?
A: I am developing regulation.
Q: What is the likely annual cost of the regulation?
A: I am unsure of the likely cost.
Page last updated: 30 April 2018