New South Wales Consolidated Acts New South Wales Consolidated ActsA regulatory impact statement must include the following matters--
(a) A statement of the objectives sought to be achieved and the reasons for them.
(b) An identification of the alternative options by which those objectives can be achieved (whether wholly or substantially).
(c) An assessment of the costs and benefits of the proposed statutory rule, including the costs and benefits relating to resource allocation, administration and compliance.
(d) An assessment of the costs and benefits of each alternative option to the making of the statutory rule (including the option of not proceeding with any action), including the costs and benefits relating to resource allocation, administration and compliance.
(e) An assessment as to which of the alternative options involves the greatest net benefit or the least net cost to the community.
(f) A statement of the consultation program to be undertaken.
(1) Wherever costs and benefits are referred to in this Schedule, economic and social costs and benefits, both direct and indirect, are to be taken into account and given due consideration.
(2) Costs and benefits should be quantified, wherever possible. If this is not possible, the anticipated impacts of the proposed action and of each alternative should be stated and presented in a way that permits a comparison of the costs and benefits.
A regulatory impact statement for a committee's foundation regulation (within the meaning of the Agricultural Industry Services Act 1998 ) must contain an assessment of the regulation carried out in accordance with the principles set out in Clauses 1 (3), 5 (1) and 5 (9) of the Competition Principles Agreement , being the agreement between the Commonwealth, the States and the Territories that was entered into, for and on behalf of New South Wales, on 11 April 1995.