Summary
Amendment to Naval Financial Regulations 1926, updating financial management, accounting, procurement, and payment procedures for the Royal Australian Navy. The instrument applies to internal defence financial operations rather than private markets.
Reason
Naval financial regulations govern internal government financial management and accountability for defence expenditure. Unlike regulations that distort private markets, impose occupational licensing barriers, or burden resource development, these internal financial controls target public sector efficiency and accountability. Deletion would create a regulatory vacuum in defence financial governance for naval-specific procurement and payment procedures that general oversight mechanisms (Auditor-General, Treasury) do not specifically address. The compliance costs are borne internally by defence rather than externalised to private enterprise, and these regulations do not constrain private markets, create occupational barriers, or impose the types of regulatory burdens identified as harmful to Australian prosperity and competitiveness. While 1926-era rules need modernising, removal entirely would undermine responsible stewardship of defence-related taxpayer funds without proportionate benefit to private sector liberty or market efficiency.