Economic Frameworks help to assess whether public resources are being used in the most effective way.
The following are fit for purpose tools which provide rational and reliable analysis.
Cost benefit analysis
Rigorous cost benefit analysis helps decision makers in government to compare options and identify the best means to improve social welfare. NSW Government Guide for Cost Benefit Analysis promotes a consistent approach to undertaking cost benefit analysis. The guidelines help agencies to manage their limited resources and evaluate all feasible options to achieve their policy objectives.
The Cost Benefit Analysis Framework for Government Advertising and Information Campaigns – The Government Advertising Act 2011 requires that a cost benefit analysis be prepared for government advertising campaigns expected to cost over $1 million.
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