This statement measures the financial impact of new regulations the department introduced or planned to introduce over a 6-month period.
It contains a summary of the financial costs of these regulations and measures the department’s performance against the ‘one-in, two-out’ framework.
Each new regulation is categorised as:
- having a cost impact on businesses, defined as ‘in’
- having no costs associated with it, defined as ‘zero net’
- being part of savings made by modifying or removing existing regulations, defined as ‘out’