Economic Policy has a major role in providing policy advice to the Treasurer and Cabinet on economic issues. In doing this, we aim to ensure that the Territory’s financial and physical resources are applied in the most effective manner to protect and enhance the Territory’s long-term financial and economic viability.
Economic Policy also provides advice on a range of microeconomic issues with key areas of responsibility including economic implications of government policy initiatives, government businesses and competitive neutrality, regulatory review (through the Regulation Making Framework), insurance, microeconomic reform and economic development issues.
Economic Policy provides advice through the Regulation Making Framework (RMF). The RMF is the Territory Government’s formal regulatory review mechanism, designed to ensure that all new and amending legislative proposals are efficient and warranted, and only restrict competition where it is in the public interest to do so. It assists the Government by ensuring new and amending legislation undergo the Regulation Impact Statement (RIS) process where the proposals are analysed to identify their full impacts, that is costs and benefits, to determine whether the Territory’s net public benefit is maximised by the legislation under consideration.
The RMF is part of the Territory’s commitment under the COAG Reform Process and the Territory RIS process is similar to those in other jurisdictions.
Economic Policy provides advice to Government on the development of the policy framework for Government Business Divisions. Other responsibilities for the business unit include advising on the reform of the Territory’s government businesses and responding to competitive neutrality complaints against government business activities.
Economic Policy has primary responsibility in providing advice on a wide range of issues relating to microeconomic reform including electricity, water, and gas industry reform initiatives. We also analyse and provide advice on the economic implications for the Territory of new policy proposals, major development proposals in which the Territory Government has an interest as well as national economic reform policies and developments.
Economic Policy is also advises on and oversights the implementation in the Territory of national reform initiatives under the National Partnership Agreement to Deliver a Seamless National Economy.