This framework aims to encourage regulators to undertake their functions with the minimum impact necessary to achieve regulatory objectives and to effect positive ongoing and lasting cultural change within regulators. This can include adapting their approach, for example, to reduce burdens on small business. In turn this will also assist regulators in meeting community expectations, which will help build stakeholder and public confidence.

The framework will allow regulators to report objectively on the outcomes of their efforts to administer regulation fairly, effectively and efficiently. It will also be a useful tool for regulators to identify opportunities for improvement and better target their resources for greater impact. The framework will assist in highlighting where improvement of regulatory frameworks could reduce compliance costs.