On 8 May 2012, the Treasurer announced, as part of the Budget, that the Government has decided to mandate coverage of non‑transport liquefied petroleum gas (LPG) and non‑transport liquefied natural gas (LNG) by the carbon pricing mechanism from 1 July 2013. It will also mandate coverage of non‑transport compressed natural gas (CNG) by the carbon pricing mechanism from 1 July 2012. The decisions were made in response to consultation with industry. Currently, carbon pricing is applied to non-transport gaseous fuels by a range of mechanisms including: increases to excises, increases to customs duties and reductions to fuel tax credits. Coverage by the carbon pricing mechanism in place of these arrangements will reduce compliance costs and enable the gaseous fuels industry to better manage their carbon pricing obligations.
Published Impact Analyses
Official website for Published Impact Analyses for decisions announced by the Australian Government, Ministerial Forums and National Standard Setting Bodies.
The National Waste Policy: Less Waste, More Resources was agreed to by all Australian environment ministers in the Environment Protection and Heritage Council (EPHC) in November 2009 and endorsed by the Council of Australian Governments (COAG) in October 2010. A component of this policy is to explore measures that have the potential to increase packaging resource recovery rates and decrease packaging litter. Additionally, the policy is aimed at: reducing the need to landfill recyclable packaging materials; reducing the negative amenity, health and environmental impacts of packaging waste and litter in line with community expectations; and promoting a consistent national approach to regulating packaging.
On 7 November 2011, the Australian Securities and Investments Commission (ASIC) published updated guidance (regulatory guide 166) on new financial requirements for responsible entities. The new benchmarks require responsible entities to: maintain a 12 month cash-flow forecast; change the method of calculating Net Tangible Assets (NTA); assess the maximum liability under any personal guarantees provided by the responsible entity; exclude from the calculation of the NTA requirement any eligible undertakings provided by a listed parent entity; introduce an NTA liquidity requirement; and report its NTA requirement.
On 30 January 2012, the Australian Securities and Investments Commission (ASIC) published guidance (regulatory guide 232) on agribusiness managed investment schemes. ASIC has developed five benchmarks and disclosure principles for agribusiness schemes that can help retail investors understand the risks, assess the rewards being offered, and decide whether investment in these products is suitable for them. This guidance aims to assist responsible entities in understanding how to disclose against the benchmarks on an ’if not, why not basis’ and apply the disclosure principles. The benchmarks and disclosure principles cover an entity’s: fee structures; interests in the agribusiness scheme, including those of related parties; annual reporting to members; experts; and appointing and monitoring service providers.
Updating Regulatory Guidance (RG) 45 for mortgage schemes is a part of a series of regulatory guide updates or issues undertaken by the Australian Securities and Investments Commission (ASIC). This Regulation Impact Statement (RIS) assesses the regulatory impacts of updating RG 45 to include revised benchmarks and disclosure principles and the provision of guidance on how disclosure should be made under those benchmarks and principles. ASIC will update existing product disclosure benchmarks and principles to more appropriately reflect the risks associated with investing in mortgage schemes with a view to facilitate better informed retail investors.
On 24 April 2012, the Minister for Infrastructure and Transport announced the decision to offer the protection of Tripartite Deed to the remaining nine federally leased airports on the same terms as the other major airports. Tripartite Deeds clarify the rights of financiers (who lend money to airport operators) in the event an operator of a federally leased airport goes out of business or loses its operating licence. Under this regime the Commonwealth accepts the risk. This gives financiers confidence to invest and operators certainty to plan for the long term. The nine airports to be offered these deeds are Parafield, Archerfield, Tennant Creek, Camden, Essendon, Mount Isa, Jandakot, Moorabbin, and Hobart. A Regulation Impact Statement was required for this decision because of the competition impacts on business.
On 24 January 2012, the Australian Securities and Investments Commission (ASIC) published guidance (regulatory guide 231) on investment in infrastructure entities. ASIC has developed nine benchmarks and eleven disclosure principles for infrastructure entities. The objective of these benchmarks and principles is to improve disclosure to retail investors to help these investors understand and assess infrastructure entities to make better informed investment decisions. Regulatory guide 231 aims to assist responsible entities in understanding how to disclose against the benchmarks on an ’if not, why not basis’ and apply the disclosure principles.
On 13 April 2012, the Council of Australian Governments (COAG) agreed to implement the Unique Student Identifier (USI) as part of the national reform agenda contained in the National Partnership Agreement on Skills Reform. The USI is intended to increase transparency in the Vocational Education and Training (VET) sector.
On 20 April 2012 the Prime Minister and the Minister for Mental Health and Ageing announced a package of significant reforms to the way in which aged care is provided and funded in Australia. The main changes include:
On 7 March 2012, the National Transport Commission announced amendments to the heavy vehicle Performance Based Standards (PBS) scheme. This scheme allows specially designed heavy vehicles, that can carry extra cargo or passengers, to operate on parts of the public road system. The changes follow a review in July 2009 that concluded that industry participation in the scheme had been limited due to the issues around road network access, cost of participation, inflexibility and inconsistent national implementation. To address these issues, the PBS scheme will move to a national assessment and access framework utilising the National Heavy Vehicle Law and National Heavy Vehicle Regulator. There will be an option for manufacturer self-certification and a system of modular assessment will be developed.