Published Impact Analyses

The Treasurer announced as part of the Budget on 8 May 2012 that the Government would reduce the inbound duty free allowance for cigarettes and tobacco for international travellers aged 18 years and over to 50 cigarettes or 50 grams of tobacco, effective from 1 September 2012. Currently, when arriving in Australia, international travellers aged 18 years and over are able to bring in up to 250 cigarettes or 250 grams of tobacco free of duty. A Regulation Impact Statement was required for this proposal but the Prime Minister granted an exemption on the basis of exceptional circumstances.  A post-implementation review will be required within 1 to 2 years of its implementation.

On 23 November 2011, the Minister for Agriculture, Fisheries and Forestry announced that the Australian Government will introduce legislation prohibiting the importation and sale of illegally logged timber in Australia which has been estimated to cost $60 billion each year in environmental and social costs internationally. An initial Regulation Impact Statement (RIS) was assessed as adequate by the Office of Best Practice Regulation (OBPR) in May 2010 and published by the Department of Agriculture, Fisheries and Forestry (DAFF) in December 2010.  Following examination of the Bill and public inquiry by the Senate Standing Committee on Rural Affairs and Transport in mid 2011, the RIS was revised in November 2011. The addendum to the RIS took into account regulatory recommendations from the Senate inquiry and the Government response.

From late 2007, there was an increase in the number of incidents involving laser pointers being directed at aircraft and endangering the safety of the crew and passengers. On 1 July 2008, hand held laser pointers with an accessible emission level above 1 milliwatt were added to the Customs (Prohibited Imports) Regulations) 1956 (the PI Regulations) in an attempt to reduce the incidents involving laser pointers. The effect of this control is that laser pointers are now treated as a weapon as prescribed in PI Regulations. A Regulation Impact Statement (RIS) was required for the decision to restrict the importation of hand held laser pointers but was not prepared. As a result, a Post-implementation Review (PIR) was required. The PIR concluded that the reported laser light incidents since the regulation was introduced indicate that there has not been a significant reduction in the number of incidents occurring.

On 13 April 2012, the Council of Australian Governments (COAG) announced a set of reforms to the national training system. The reforms were set out in a revised National Agreement for Skills and Workforce Development and a new National Partnership Agreement on Skills Reform (NP). The NP makes a number of regulatory decisions in relation to data collection and the quality of Vocational Education and Training (VET) teaching and training. The COAG best practice regulation requirements apply to decisions by COAG, ministerial councils or other bodies where there is a reasonable expectation of widespread compliance. Under the COAG requirements a Regulation Impact Statement (RIS) is prepared for the consultation stage and for the decision stage.

On 8 May 2012, the Treasurer announced, as part of the Budget, that it will provide tax relief for companies by allowing them to carry-back tax losses so they receive a refund against tax previously paid. This decision aims to boost productivity by helping business invest, innovate and take sensible risks by decreasing the tax bias against riskier projects. It will allow companies (and those entities taxed like companies) to carry back up to $1 million of (revenue) losses each year. Companies will be able to access a one year loss carry-back in 2012-13 (i.e. accessing tax paid in 2011-12), increasing to a two year loss carry-back from 2013-14. This will provide a cash benefit of up to $300,000 a year. A Regulation Impact Statement was prepared by the Treasury and assessed as adequate by the Office of Best Practice Regulation.

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.

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.