Ministerial Statements of Expectations expand on the principles of regulator best practice with which all regulators are required to comply. The principles of regulator best practice are:
- Continuous improvement and building trust: regulators adopt a whole-of-system perspective, continuously improving their performance, capability and culture, to build trust and confidence in Australia’s regulatory settings.
- Risk-based and data-driven: regulators maintain essential safeguards, using data and digital technology to manage risks proportionately to minimise regulatory burden and to support those they regulate to comply and grow.
- Collaboration and engagement: regulators are transparent and responsive, implementing regulations in a modern and collaborative way.
Regulators provided with a Ministerial Statement of Expectations by a Minister are expected to outline how they will conduct operations in accordance with the statement. This response is called a Regulator’s Statement of Intent.