I think there's actually something that's in the middle, where it's quasi-regulatory in the sense that it's reflected in the legislation, like pollution prevention planning is.
I think one of the bases of pollution prevention planning is that there's a recognition that if government, through stakeholder consultations or whatever, sets out some broad objectives to be achieved and then leaves industry to achieve them, with some kind of commitments that they will be achieved, industry is going to be able to achieve the objectives in a more efficient way than if it's done through regulation, because regulation tends to always be very prescriptive.
We talk about performance-based regulations as an ideal, but I don't think we often get that. So I think with an instrument like pollution prevention planning, you can have something that does have the benefits of being enshrined in the legislation, which I think improves public confidence, allows objectives to be set out, but has greater flexibility in terms of how it can be implemented.