Published Impact Analyses

Post-implementation Review – Treasury

Australia’s foreign investment laws generally require foreign persons to notify the Government in advance of acquiring interests in Australian land, including residential real estate.  In 2008, amendments were made to the foreign investment review regime which exempted temporary residents from notifying certain acquisitions of residential real estate.  In broad terms, acquisitions by temporary residents did not require notification provided they were acquiring land on which to build a single dwelling, purchasing a new house, or an established house in which to live.

On 9 February 2013, the Prime Minister announced that the Australian Competition and Consumer Commission (ACCC) will be provided with new powers to investigate and undertake regulatory actions, if deemed necessary, in the Trans‑Tasman mobile roaming market. The New Zealand competition and consumer regulator will also be given similar powers by the New Zealand Government. This will enable the Australian and New Zealand regulators to take reciprocal regulatory action, if required, as unilateral measures by each country are considered to be ineffective in benefiting consumers.   The Regulation Impact Statement (RIS) notes that consumers and business travellers moving between Australia and New Zealand once faced very significant charges for mobile roaming voice, SMS and data services.

On 30 January 2013, the Australian Building Codes Board (the Board) announced the decision to introduce new National Construction Code (NCC) provisions to apply in flood hazard areas as designated by state, territory or local governments. The new requirements are designed to ensure the structural integrity of, and survival of utilities in, new residential buildings in designated flood hazard areas in all states and territories of Australia. The new requirements apply to the design and construction of certain class buildings. The decisions made by the Board include requiring:

On Friday 25 January 2013, the Minister for Resources and Energy announced that the Australian Government will introduce a national mandatory reporting regime for petroleum statistics–replacing the existing voluntary scheme. The mandatory reporting scheme is designed to improve the quality and coverage of data on production, sale, stocking and trade of petroleum across the Australian supply chain. This will assist the Australian Government to: maintain and improve an understanding of Australia’s liquid fuels market; to inform evidence-based policy around Australia’s liquid fuels supply chain; and enhance Australia’s ability to comply with international reporting obligations. These changes follow recommendations to improve the reporting regime in the International Energy Agency’s 2012 Review of Australia and the Energy White Paper 2012.

On 7 December 2012 the Assistant Treasurer announced the release of a consultation Regulation Impact Statement (RIS) seeking stakeholder comments on proposals for new national rules on fuel price boards. The consultation RIS notes that concerns have been raised by some motorists, Australian Consumer Law Ministers, and regulators about the display of information on fuel price boards. For example, some motorists have reported being confused about the prominence given to discounted fuel prices. These motorists have assumed that the discounted fuel is available to them unconditionally (that is, without submitting a supermarket docket or other discount vouchers). The RIS examines whether motorists suffer consumer detriment in these circumstances.

Under the Australian Government’s best practice regulation requirements, the preparation of a Regulation Impact Statement (RIS) can be triggered by proposed regulation that is likely to have a significant impact on the not-for-profit (NFP) sector. The purpose of this guidance note is to raise awareness and provide guidance to policy officers in dealing with proposals that impact on the NFP sector.

On 21 December 2012, the Minister for Financial Services and Superannuation released for public consultation draft legislation to address perceived gaps in existing credit regulation and enforcement.  In recent investment collapses, high levels of losses to individual consumers were exacerbated in some situations by the use of credit to invest.  Some activity by market participants can distort the risk-return relationship. Misconduct that results in the distortion can take a number of forms, with the effect of these distortions amplified where people have borrowed to invest. The proposed changes would only implement responsible lending obligations on lenders in situations where there is the highest risk of detriment to consumers.

On 21 December 2012, the Minister for Financial Services and Superannuation released for public consultation draft legislation to address perceived gaps in existing credit regulation and enforcement.  A review of the provision of credit to small business has shown that, while the majority of small business lenders and brokers provide a valuable service, some practices exist that result in high financial losses to small business borrowers. The draft legislation seeks to strengthen protections for small business borrowers, particular where the loan in secured against the family home, including by extending the Australian Securities and Investments Commission’s supervision and enforcement ability. While difficult to quantify the costs and benefits, some lenders will incur additional one-off implementation costs.

On 21 December 2012, the Minister for Financial Services and Superannuation released for public consultation draft legislation to address perceived gaps in existing credit regulation and enforcement.  The draft legislation seeks to address avoidance by prohibiting ‘credit-like’ transactions arranged for the purpose of avoiding the National Credit Code.  While the costs have not been fully quantified, the Regulation Impact Statement (RIS) suggests that the proposed changes may expand the number of credit providers which need to comply with industry obligations (and therefore raise compliance costs for these providers) while reducing the availability of credit to some consumers. However, consumers would have better access to the range of protections provided by the National Credit Code.