8General policy guidelines for Commission

8 General policy guidelines for Commission

(1) In the performance of its functions, the Commission must have regard to the need: (a) to improve the overall economic performance of the economy through higher productivity in the public and private sectors in order to achieve higher living standards for all members of the Australian community; and (b) to reduce regulation of industry (including regulation by the States, Territories and local government) where this is consistent with the social and economic goals of the Commonwealth Government; and (c) to encourage the development and growth of Australian industries that are efficient in their use of resources, enterprising, innovative and internationally competitive; and (d) to facilitate adjustment to structural changes in the economy and the avoidance of social and economic hardships arising from those changes; and (e) to recognise the interests of industries, employees, consumers and the community, likely to be affected by measures proposed by the Commission; and (f) to increase employment, including in regional areas; and (g) to promote regional development; and (h) to recognise the progress made by Australia’s trading partners in reducing both tariff and non‑tariff barriers; and (i) to ensure that industry develops in a way that is ecologically sustainable; and (j) for Australia to meet its international obligations and commitments. (2) In the performance of its functions, the Commission must also have regard to any other matters notified to it in writing by the Minister. (3) The Commission, in all reports on matters referred to it, must provide a variety of viewpoints and options representing alternative means of addressing the issues in the report. If the report relies on formal mathematical economic modelling, the Commission must either: (a) if practicable—utilise at least 2 different economic models, with the assumptions and results of those models made explicit in the report; or (b) if it is not practicable to utilise at least 2 different economic models, appoint, and report on the views of, an independent reference panel on the modelling.