The Federal Treasurer’s Productivity Commission is looking into the feasibility of introducing performance indicators and reporting options to monitor and assess Government regulations.

Periodic reporting of regulatory performance will reduce unnecessary business regulation and will allow business owners to compare the states’ regulations.

The Treasurer’s office says regularly assessing cross-jurisdictional business regulation will encourage a reform effort and help to identify best practice.

The benchmarking study will help the Council of Australian Governments to adopt a common regulatory reporting framework for businesses. The Productivity Commission will also be working with the Banks Taskforce to monitor regulation across all states.

The study will be in two stages: developing a range of performance indicators and reporting framework options, then applying and reviewing them. The report on the first stage will be submitted by February next year.