The Small Business, Enterprise and Employment (SBEE) Act 2015 requires the Government to publish a Business Impact Target (BIT) for deregulation and to obtain independent verification of the deregulatory economic impact.

The Government is reviewing current methods for assessing the impact of regulation and until this review is complete, the Government has set a target of net zero of regulatory savings. This is the second reporting period for this parliament and covers the period from 17 December 2020 to 16 December 2021.

PSR’s performance

In the period 17 December 2020 to 16 December 2021, the PSR did not have any qualifying regulation adding to the burden of business regulation.

The PSR had a number of measures that are BIT exempt. These include several consultations and call for views related to policy development on Authorised Push Payment scams, Confirmation of Payee, consumer protection for interbank payments and access to cash. This also includes a range of casework, communications and stakeholder management activities, and a change to management.

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