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.
Published Impact Analyses
Official website for Published Impact Analyses for decisions announced by the Australian Government, Ministerial Forums and National Standard Setting Bodies.
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.
The Office of Best Practice Regulation (OBPR) monitors and reports publicly on compliance with both the Australian Government and Council of Australian Governments (COAG) best practice regulation requirements. The OBPR has previously published a summary of regulatory activity in its annual Best Practice Regulation Report [
] at the end of the financial year. Consistent with the Government’s objective of providing transparency to regulatory decisions, the OBPR now intends to update and publish summaries of regulatory activity on a quarterly basis. The first of these summaries comprise separate tables containing:
On 12 February 2012, the then Parliamentary Secretary to the Treasurer, the Hon David Bradbury MP, released a COAG Consultation Regulation Impact Statement (RIS) on reforms of charitable fundraising regulation across Commonwealth, state and territory laws.
Consistent with the Government’s objective of improving transparency in relation to regulatory decisions, the Office of Best Practice Regulation monitors and reports on compliance with the best practice regulation requirements. This includes reporting on post-implementation review compliance. Post-implementation reviews are required either because a significant regulatory decision was made without an adequate Regulation Impact Statement (RIS), or because the Prime Minister has granted an ‘exceptional circumstances’ exemption from the RIS requirements. Post-implementation reviews are required to commence within 1–2 years of the relevant measure being implemented and to be completed within 3-6 months.
Consistent with the Government’s objective of improving transparency in relation to regulatory decisions, the Office of Best Practice Regulation monitors and reports on compliance with the best practice regulation requirements. This includes reporting on post-implementation review compliance. Post-implementation reviews are required either because a significant regulatory decision was made without an adequate Regulation Impact Statement (RIS), or because the Prime Minister has granted an ‘exceptional circumstances’ exemption from the RIS requirements. Post-implementation reviews are required to commence within 1–2 years of the relevant measure being implemented and to be completed within 3-6 months.
On 27 October 2011, the Chief Executive Officer (CEO) of the Australian Transaction Reports and Analysis Centre (AUSTRAC) made Rules under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act) to specify the matters the AUSTRAC CEO must take into account to cancel or suspend the registration of a registered alternative remittance dealer. The AML/CTF Act requires remittance dealers to register with AUSTRAC and comply with financial transaction reporting obligations. The Act also gives AUSTRAC the power to cancel or suspend a remittance dealer’s registration where AUSTRAC considers they pose a money laundering or serious crime financing risk. The Office of Best Practice Regulation (OBPR) considered the impact of the proposed Rules was likely to be more than minor or machinery in nature, so a Regulation Impact Statement (RIS) was required to be prepared.