This article examines the risk assessment methodology applied by the Gene Technology Regulator to the regulation of gene technology under the recently enacted Gene Technology Act 2000 (Cth) and the Gene Technology Regulations 2001 (Cth). This examination finds that the Regulator fails to acknowledge inherent value judgements in making decisions about risk and does not consider the long term ecological consequences posed by releasing genetically modified organisms into the environment. As the imperative of this regulatory scheme was to identify and manage risks associated with the technology, these findings are significant and suggest that the theory and practice of risk assessment conducted by the Regulator is flawed.