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6. The Cabinet Policy Committee agreed on 17 May 2006 to strengthen the government's regulatory impact analysis requirements by:

1. introducing a requirement to prepare a draft RIS for consultation;
2. focusing the RIAU on those proposals with significant potential impact on economic growth, and allowing the RIAU to deem a RIS inadequate if it:
   1. fails to explain why the existing framework would not suffice to deal with the problem being addressed;
   2. fails to include an appropriate cost-benefit analysis, risk assessment and statement of compliance costs; or
   3. has been subject to manifestly inadequate consultation;
3. including an implementation and review section in the RIS.

7. The Committee also agreed to strengthen the quality of the process going forward by requiring all government agencies with the power to create and/or enforce regulatory frameworks or any aspects thereof to confirm that the principles of the Code of Good Regulatory Practice (namely, efficiency, effectiveness, transparency, clarity and equity) have been complied with and that the regulatory impact analysis has been undertaken in accordance with the new requirements.

8. Finally, the Committee directed officials from MED, the Treasury, the State Services Commission and the Department of Prime Minister and Cabinet to report back on the implementation details of these requirements as well as any other necessary refinements by 31 July 2006. The Chair of the Cabinet Policy Committee agreed to extend the deadline to 31 October 2006 (POL Memo (06) 19/2 refers).