Annual Report 2019-20

Our three-year strategy was updated in 2020 to meet the demands of our changing world. Extended to 2023, the strategy describes our priorities and how we are transforming to reinforce our standing as a leading regulator.

The regulatory space is changing

We face several challenges and opportunities over the next three years.

• Scepticism about the effectiveness of markets for essential services is driving more interventionist approaches to regulating these markets.
• The coronavirus pandemic has had a direct impact on our operating environment, consumers and the businesses we regulate, and has dramatically changed the economic environment.
• Climate change and increased frequency and intensity of extreme weather is driving demand for greater energy efficiency and innovation and putting greater demands on infrastructure.
• Regulators are increasingly being challenged to take more effective and proportionate enforcement action.
• Technology and innovation will continue to disrupt markets and supply chains in ways that hinder the effectiveness of our current regulatory tools.
• Understanding vulnerability and how our role impacts marginalised customers has become critical to our work in promoting the long term interests of Victorians.

Our goals

1. We will be a strong and fair regulator who is trusted to deliver what is in the best interests of consumers
   We will ensure we are meeting the government and public expectations as a strong but fair regulator across all our functions. We will hold regulated businesses to account, promote behaviour in the best interests of consumers, and deter behaviour that is not consistent with the rules we administer.
2. We will be an active and innovative regulator that solves real problems
   We will engage actively with the community about their expectations of us and their experience of regulated sectors.
3. Regulated businesses deliver value for customers
   We will continue to ensure our regulatory systems and requirements are designed to create effective relationships between those who deliver essential services and their customers.
4. We will deliver regulatory services effectively and efficiently
   We will prioritise effectively to ensure resources are focused on the areas that deliver the most value. We will be innovative in our delivery of projects and effectively use all the skills we have.