Regulatory Review Stocktake 2025
Building on the 2024 Regulatory Review, AFSA commissioned an independent stocktake in 2025 to evaluate our progress against the Review's recommendations.
Led by Dr John Hamill, the stocktake shows AFSA's transition from a technical specialist into an effective regulator.
The stocktake aimed to:
- evaluate our current regulatory capabilities
- identify opportunities for improvement
- position AFSA as a trusted government partner and a leader in regulatory practice.
Key reforms implemented
AFSA has taken these important steps to strengthen how we regulate:
- Refining regulatory language: AFSA developed and implemented the Regulatory Signals Communication Strategy to ensure consistent messaging across all platforms.
- Define operating model: AFSA clearly set out how it operates through the Regulatory Action Statement 2025–26 and the Compliance and Enforcement Policy.
- Measuring regulatory harms: A framework for identifying and addressing regulatory harms was embedded in the AFSA Regulatory Strategy, enabling more targeted interventions.
- Data and knowledge management: AFSA's intelligence-led approach was enhanced through the establishment of the Strategy and Investment Committee.
- Compliance oversight: A dedicated Regulatory Committee was formed to oversee compliance and enforcement decisions, ensuring transparency and accountability.
- Professional development: The Regulatory Operational Group Induction Program was refreshed to include foundational regulatory skills and expectations around data collection and stewardship.
- Legal services delivery: Access to legal advice was streamlined through closer collaboration with business areas and the removal of formal written request requirements.
- Risk management framework: AFSA simplified its risk framework and aligned it with the Regulatory Strategy, improving clarity and cohesion in risk management.
Our progress
The stocktake assessed AFSA's recent changes through stakeholder surveys, staff feedback, and analysis of how the agency has evolved since the 2024 Regulatory Review. The outcomes show AFSA is making strong progress towards becoming an effective regulator.
Download the 2025 report
Regulatory Review 2024
In 2023, AFSA commissioned a review of its regulatory functions as part of an ongoing commitment to continuous improvement as a regulator consistent with the Australian Government's expectations.
Led by Dr John Hamill and Michael Kingston, the review made 8 recommendations for AFSA to become an effective regulator, delivering better social and economic outcomes for the Australian community. AFSA accepted the recommendations in full and has completed most of the work to implement them.