In 2008 the Treasury became responsible for the strategic co-ordination of the Government's regulatory management system. The Regulatory Quality Team (RQT) within the Treasury exercises stewardship over the regulatory management system to maintain and enhance the quality of government-initiated regulation. Key responsibilities include:
- oversight of the performance of the regulatory management system as a whole and making recommendations on changes to relevant government and Parliamentary systems and processes to improve its performance
- the characteristics of a good regulatory regime and promoting good regulatory stewardship
- oversight of the performance of significant regulatory systems and any associated reviews of regulatory regimes
- oversight of Cabinet's Impact Analysis Requirements
- assessing significant regulatory proposals against the government standards, and
- the design and delivery of guidance, training, and other capability development support for government agencies.
These functions complement the Treasury’s role as the government’s primary economic and fiscal advisor. In its regulatory role the Treasury reports to the Minister of Finance (Finance).
Key RQT work priorities for the further development of the regulatory management system can be found in the government’s published regulatory management strategy