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Cost recovery impact statement - Complementary medicines, 1 July 2013 - 30 June 2014
4. Stakeholder engagement
A regular mechanism used by industry stakeholders to monitor the TGA's activities and performance is the TGA Industry Consultative Committee (TICC). The TICC meets twice yearly to examine progress against key projects, agreed targets and financial performance. TGA also consults with industry associations separately on regulatory matters and cost impacts relating to specific sectors. Industry associations are also consulted in the process of regulatory development and reform, and feedback is taken into account in developing regulatory impact statements, and in developing cost recovery arrangements. Meetings are held with key industry representative bodies each year to discuss financial forecasts and as a part of the consultation process on cost recovery.
4.1 Ongoing monitoring
Cost recovery revenue will be reported in the Department of Health and Ageing's Annual Report in accordance with the Finance Minister's Orders.
The TGA executive is provided with monthly financial reports showing progress against the monthly budgets and an analysis of financial performance and position undertaken by the TGA Chief Financial Officer.
TGA prepares a half yearly performance report detailing statistical information on regulatory workflows. The report is distributed to the TICC members.