Published Impact Analyses

On 30 June 2014, ministers responsible for work health and safety from all Australian governments agreed to release an Issues Paper and Consultation regulation impact statement (RIS) examining improvements to the model Work Health and Safety (WHS) laws. In 2008, COAG signed an agreement to implement model WHS laws across the country. The model WHS Act, model WHS Regulations and model Codes of Practice were agreed – together these make up the model WHS laws. Seven jurisdictions (the Commonwealth, Australian Capital Territory, New South Wales, Queensland, Northern Territory, South Australia and Tasmania), have since adopted the model WHS laws.

On 24 April 2014, the Government released the Emissions Reduction Fund (ERF) White Paper. The Department of the Environment has certified the White Paper as a Regulation Impact Statement (RIS) for initial decisions on the ERF including the ERF crediting and purchasing arrangements and changes to the Carbon Farming Initiative, and coverage of the ERF safeguard mechanism in accordance with the Australian Government Guide to Regulation. The Government will provide $2.55 billion to reduce emissions at lowest cost over the period to 2020 and make a contribution towards Australia’s 2020 emissions target. The Department estimated the change in regulatory burden associated with the ERF crediting and purchasing arrangements and changes to the Carbon Farming Initiative at $4.68 million per annum.

Regulation Impact Statement – Department of Industry

On 13 May 2014, as part of revenue measures announced in the Australian Government’s 2014-15 Budget, the Government announced changes to levies and export charges for the onion industry, commencing on 1 July 2014. The onion industry’s perception is that greater funding is required in order to avoid underinvestment in industry-wide research and development (R&D) and for marketing as well as capturing collective benefits for the onion industry. In addition, the industry considered the National Residue Survey (NRS) onion residue monitoring program no longer provides benefits to all onion growers, particularly those supplying the export markets and should be discontinued. There were also concerns with existing arrangements regarding biosecurity risk mitigation and funding the costs of the industry’s Plant Health Australia (PHA) membership.

On 20 May 2014, the CEO of the Australian Transaction Reports and Analysis Centre (AUSTRAC) announced changes to customer due diligence rules, which form part of Australia’s anti-money laundering and counter-terrorism financing regime.  The regime is intended to protect Australia's revenue base through enhanced collection and verification of customer information, as well as preventing organised criminals from misusing complex business structures to conceal ownership and controlling interests in entities. In broad terms, this regime requires that some financial institutions (reporting entities) need to identify and verify each of their customers so they can assess the money laundering or terrorism financing risk posed by each customer, and if necessary take appropriate action. Under this proposal, key changes to the customer due diligence regime include:

On 13 May 2014, as part of revenue measures announced in the Australian Government’s 2014-15 Budget, the Government announced changes to levies for the mushroom industry to commence on 1 July 2014. The mushroom industry’s perception is that greater funding is required in order to avoid underinvestment in industry-wide research and development (R&D) and for marketing. In addition, the industry has noted that the capacity of the current rate of the marketing and R&D levy to fund priority industry projects has been significantly eroded over the last decade. The preferred option is to increase the levy rate for R&D from $0.54 per kilogram of mushroom spawn to $1.08 per kilogram, and the levy rate for marketing from $1.62 per kilogram of mushroom spawn to $3.24 per kilogram.

On 3 June 2014, the Minister for Agriculture released for consultation an exposure draft mandatory port access code of conduct for bulk wheat exports and an associated Regulation Impact Statement (RIS). The RIS examines options for improving access to port terminals for bulk wheat exporters. One option is the introduction of a mandatory code of conduct for all port terminal service providers. The code is aimed at standardising access arrangements and improving the transparency of bulk wheat exports. If implemented by 30 September 2014, the code would replace the Wheat Export Marketing Act 2008. A RIS has been prepared by the Department of Agriculture for consultation, along with the draft code. Submissions on the draft code and RIS close at 5pm on Friday 24 June 2014.

Compulsory superannuation is intended to address myopia – the tendency of people to not save adequately for retirement because it is too far into their future for them to make adequate provision for their needs. Since 1992, employers have been required to make superannuation contribution for their eligible employees, at a rate set by the Superannuation Guarantee (SG).  The SG is intended to provide for a higher standard of living in retirement than is possible from relying on the age pension alone. The SG is currently legislated to increase from 9 to 12 per cent in a stepped process which commenced from 1 July 2013 with a 0.25 per cent increase to 9.25 per cent, with a further 0.25 per cent increase scheduled on 1 July 2014.  It is then legislated to increase in increments of half a per cent each year until it reaches 12 per cent on 1 July 2019.

Regulatory Impact Statement - Attorney-General’s Department.

On 6 May 2014, the Attorney-General’s Department released a Regulation Impact Statement for consultation examining a proposal to ban the importation of substances which mimic the effects of illicit drugs. These substances are also known as new psychoactive substances. The Attorney-General’s Department has raised concerns that new psychoactive substances are not currently a prohibited import, unless they are listed on the criminal code, this allows potentially harmful pyschoactive substances to be legally imported into Australia. The Attorney-General’s Department invites submissions on the Regulation Impact Statement. Submissions were open until 5pm on Thursday, 22 May 2014.

On 30 January 2014, the Australian Prudential Regulation Authority (APRA) announced changes to the prudential and reporting standards for authorised deposit-taking institutions (ADIs). The changes primarily relate to liquidity requirements – that is, the amount of high-quality, liquid assets held by ADIs to provide a buffer during periods of prolonged liquidity stress in capital markets. Under the current regime, ADIs are required to hold liquid capital sufficient to allow them to continue operating for at least five business days in adverse operating circumstances specific to the ADI. Under the proposed changes, an ADI will need to demonstrate that it can survive for a period of at least 30 days using its own resources, without any need for extraordinary public sector intervention. These changes are intended to provide a more manageable time horizon for APRA and the Reserve Bank of Australia to resolve a liquidity crisis.