This document provides an overview of Australia's regulatory impact analysis system and the role of the Office of Best Practice Regulation. Key points include: - Australia has a federal system of government with law-making powers shared between the Commonwealth and states/territories. - The Office of Best Practice Regulation assesses Regulation Impact Statements and provides guidance to ensure regulatory proposals are supported by evidence and cost-benefit analysis. - Developing a Regulation Impact Statement involves identifying the problem, policy options, costs and benefits of each option, and stakeholders to consult to determine the best option.