INDUSTRY and Innovation Minister Kim Carr has put the potential impact of nanotechnology under the microscope, putting regulatory systems in place to ensure new products are safe.

But generally, Senator Carr said Australia’s regulatory systems were well placed to respond to challenges of nanotechnology products as they are developed.

Senator Carr releases two new reports on potential issues that might arise from nanotechnology products as they reach the market.

“Nanotechnology is developing very quickly on a global scale. Governments, industry and research need to be flexible and active to keep pace with these developments,” Senator Carr said.

“We need a long-term effort across multiple Government agencies and we are committed to that,” he said. “In the interests of open government we are today publishing two documents on the regulation and application of this emerging technology.”

An independent report from the Centre for Regulatory Studies at Monash University – titled “A Review of Possible Impacts of Nanotechnology on Australia's Regulatory Framework” – found that while there was no immediate need for major changes to the regulatory regime, there were many areas that may need amending.

"At the same time I am issuing the“Australian Government Approach to the Responsible Management of Nanotechnology,’” Senator Carr said.

This document identifies three guiding objectives for nanotechnology management: protecting the health and safety of humans and the environment; fostering informed community debate; and achieving economic and social benefits from nanotechnology.

Both reports are available through the Australian Office of Nanotechnology, a part of Senator Carr’s Department of Industry, Innovation, Science and Research.