On 3 December 2014, the Parliamentary Secretary to the Minister for Communications introduced legislation containing a range of proposals to combat cyber-bullying and provide a safer online environment for children. The proposals included the establishment of the Children's e‑Safety Commissioner and setting out the Commissioner's functions and powers, and are supported by a range of non regulatory actions including an education and awareness raising campaign. The proposals were informed by public and industry consultation conducted throughout 2014. The proposals have been assessed as likely to have a measurable but contained impact on the economy. A Regulation Impact Statement (RIS) was prepared and certified by the Department of Communications and has been assessed as compliant by the Office of Best Practice Regulation (OBPR).
Published Impact Analyses
Official website for Published Impact Analyses for decisions announced by the Australian Government, Ministerial Forums and National Standard Setting Bodies.
On 30 October 2014 the Attorney-General and the Minister for Communications announced the introduction of the Telecommunications (Interception and Access) Amendment (Data Retention) Bill 2014. The Australian Government’s Guide to Regulation (Guide) states that the choice of Regulation Impact Statement (RIS) appropriate to the task is up to the agency in conjunction with the OBPR. The Attorney-General’s Department chose to complete a short-form RIS for the proposal to implement a mandatory data retention regime. The Department is compliant with the RIS requirements. This web post responds to a request from a stakeholder consistent with the Government’s User Guide to the Australian Government Guide to Regulation (page 8)
On 11 February 2015 the Prime Minister, Treasurer and the Minister for Agriculture announced changes to the screening arrangements for foreign investment in Australia’s agricultural sector. The Australian Government’s Guide to Regulation (Guide) states that the choice of Regulation Impact Statement (RIS) appropriate to the task is up to the agency in conjunction with the Office of Best Practice Regulation (OBPR). The Department of the Treasury chose to complete a short-form RIS for the proposed changes to the foreign investment screening arrangements. It was the OBPR’s view that for this proposal a standard-form RIS would have been consistent with best practice. The Department is compliant with the RIS requirements.
On 23 December 2014, the Australian Accounting Standards Board (AASB) announced it had approved a new standard, AASB 15 Revenue from Contracts with Customers, that addresses the financial reporting of revenue and cash flows arising from an entity’s contracts with customers. The new standard establishes principles, and includes disclosure requirements, for reporting information about the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers, based on the international financial reporting standard IFRS 15 Revenue from Contracts with Customers. IFRS 15 addressed concerns by users of financial statements that existing revenue standards have led to inconsistencies between entities’ reported revenues, principally in relation to when an entity recognises revenue under some long term contracts (e.g.
On 23 December 2014, the Australian Accounting Standards Board (AASB) announced it had approved a new standard for accounting for financial instruments, AASB 9 Financial Instruments, to supersede earlier versions of AASB 9 issued in December 2009 and December 2010. The new standard incorporates the international financial reporting standard IFRS 9 Financial Instruments issued in July 2014, which made changes in relation to:
On 14 October 2014, the Minister for Industry and the Prime Minister jointly announced the Industry Innovation and Competitiveness Agenda. The report includes a proposal to improve taxation arrangements for Employee Share Schemes. The proposal considers changing the taxation point for options in employee share schemes and allowing start-ups to offer options and shares at a small discount that will generally be exempt from up-front taxation. These changes intend to increase the number of employees participating in Employee Share Schemes. The proposal has been assessed by the Office of Best Practice Regulation (OBPR) as likely to have a measurable but contained impact on the economy with no impacts on competition. A Regulation Impact Statement has been prepared by the Treasury for consultation. Consultations on this RIS are now open and will close on 6 February 2015.
On 17 April 2014, the Government published an advance release of the Building and Construction Industry (Fair and Lawful Building Sites) Code 2014 (‘the Building Code’). On 28 November 2014 it published a further advance release. The Building Code sets out the standard of workplace relations conduct expected from those contractors that want to perform work funded by the Commonwealth Government. Among other provisions, the Code prohibits the inclusion of clauses in enterprise agreements that:
On 26 August 2014, the Trade and Investment Minister signed the First Protocol with Ministers from the eleven other parties to the agreement, at the ASEAN Economic Ministers – Closer Economic Relations Trade Ministers Meeting in Burma. The First Protocol amends the Agreement establishing the ASEAN-Australia-New Zealand Free Trade Area (AANZFTA) to remove regulatory impediments that have been identified as hindering business use of the Agreement, it will reduce the information requirements imposed on business when completing certificates of origin, simplify the presentation of the Agreement's Rules of Origin, and provide for the use of HS 2012 nomenclature. The change is expected to reduce compliance costs for Australian businesses making use of AANZFTA to import or export goods, and will not introduce any new requirements or administrative burdens on business, with any initial transitional costs expected to be minimal.
On 16 December 2014, Food Standards Australia New Zealand (FSANZ) released a consultation Regulation Impact Statement for the risk management of hydrocyanic acid in apricot kernels and other foods. Consumption of raw apricot kernels poses an acute public health and safety risk for consumers due to the risk of cyanide poisoning (from the release of hydrocyanic acid) which can lead to death. The Consultation RIS examines whether measures can be put in place to manage future potential public health and safety issues. The consultation RIS considers five options for addressing the problem, ranging from maintaining the status quo, though to labelling options, and banning the sale of some raw apricot kernels. FSANZ undertook targeted consultation with industry and food enforcement agencies in 2012 and 2013.
On 14 October 2014, the Prime Minister and the Minister for Industry jointly announced the Industry Innovation and Competitiveness Agenda. The Agenda seeks to strengthen Australia's competitiveness, targeting job creation and higher living standards. One of the initiatives to be implemented over the next 18 months is the adoption of international standards and risk assessments for certain products. Building on the Government's deregulation agenda, the proposal seeks that regulators should not impose additional requirements beyond those already applied under trusted international regulation, unless it can be demonstrated there is good reason to do so. The proposal requires departments and agencies to review existing regulation against this principle.