Thank you, Chair.
Yes, I can update you on that.
We are working very hard on getting prepared to begin the consultation process on a new cost recovery regime. You're quite right, they were set in 1993-94 or so, and they're significantly out of date. There are two respects: the impact of inflation on our current fee regime plus the regulatory regime continuing to develop over time. We need to think about areas where we're not currently charging fees.
As members know, this needs to take place under the auspices of the User Fees Act. It will have a very strong consultation process, and it will come back through Parliament.
It's interesting to note that for health products and food, the proportion of our budget from fees is around 25%. We're actually on the low end internationally. FDA is closer to 50%, the European Union is closer to 75%, and the Australians are at 100% fee recovery.
We think there is some room for us to grow there, but at the end of the day Parliament will decide.