Published Impact Analyses

On 30 September 2011, the Parliamentary Secretary to the Treasurer released an exposure draft of the Corporations Legislation Amendment (Audit Enhancement) Bill 2011, the draft explanatory memorandum and a Regulation Impact Statement. The reforms contained in the draft legislation include:

• changes to the rotation periods for audit partners;
• requiring the larger audit firms to prepare annual transparency reports;
• changes to the functions of the Financial Reporting Council  and Australian Securities and Investments Commission (ASIC); and
• enhanced powers for ASIC.

A Regulation Impact Statement was prepared by the Treasury and assessed as adequate by the Office of Best Practice Regulation.

In December 2010 the Ministerial Council on Energy (MCE) agreed to increase the Minimum Energy Performance Standards (MEPS) for air conditioning units. Generally MEPS levels will increase by an average of 10%, and multi-split air conditioners will now be required to meet the same MEPS levels as all other non-ducted split systems. These requirements were to be implemented from 1 October 2011. The RIS that discussed the associated costs and benefits was assessed as adequate by the Office of Best Practice Regulation (OBPR) and was published on the website on 20 April 2011.    On 20 September 2011 the MCE amended its decision in response to concerns from some members of the air conditioning industry. The RIS was amended (outlined in an addendum) to reflect additional consultation with industry and regulators.  It also includes revised recommendations including to:

On 18 October 2011, the Treasurer made a declaration under section 95X of the Competition and Consumer Act 2010. The effect of this declaration is to remove the requirement for the approval of the Australian Competition and Consumer Commission (ACCC) prior to price rises for certain Australia Post products.  Postage rates for ordinary letters weighing no more than 250 grams (currently the basic postage rate of $0.60, and large letter rates of $1.20 and $1.80) will remain subject to ACCC scrutiny and will effectively operate as ceilings for most other reserved letter services, but price rises for other reserved letter services will not require approval by the ACCC. In addition, Australia Post will have the flexibility to introduce new reserved letter services without reference to the ACCC.

On 2 November 2011, the Minister for Broadband, Communications and the Digital Economy introduced a package of reforms to ensure that basic universal telecommunication services are provided during and after the roll out of the National Broadband Network. These basic services include access to the ‘000’ emergency call service, access to a standard telephone service, payphones and phone services for people who are deaf or have a hearing or speech impairment. The services will be funded through a combination of Government funding and the consolidation of two existing industry levies. A new government entity, the Telecommunications Universal Service Management Agency (TUSMA), will be responsible for administering contracts and/or grants for these services. The new arrangements will apply from July 2012.

On 23 September 2011, the Minister for Agriculture, Fisheries and Forestry changed the regulations around the export of prescribed grains, fruit, vegetables, hay and straw and other specified plant and plant products. The order amalgamates the Export Control (Plants and Plant Products) Orders 2005 and Export Control (Hay and Straw) Orders 2005, brings the orders up to date with current international requirements and provides additional flexibility for exporting businesses to allow non-government employees to carry out certain inspection functions. A Regulation Impact Statement was prepared by the Department of Agriculture, Fisheries and Forestry and was assessed as adequate by the Office of Best Practice Regulation.

On 19 October 2011, the Australian Fisheries Management Authority (AFMA) announced measures, aimed at protecting sea lions, that alter management arrangements in the Gillnet, Hook and Trap Sector of the Southern and Eastern Scalefish and Shark Fishery (SESSF). They largely replicate the temporary order that expires at the end of October. The measures include the closure of an area to fishing by gillnets, increased monitoring requirements in specific areas and allowing fishing by hooks in certain areas by some fishers.

On 11 September 2011 the Deputy Prime Minister and Treasurer announced that a new cap for the Financial Claims Scheme for authorised deposit-taking institutions (FCS for ADIs) of $250,000 per person per ADI would be introduced from 1 February 2012, with transitional arrangements for pre-existing term deposits. Other announced changes include:

On 14 October 2011, the Minister for Agriculture, Fisheries and Forestry and the Parliamentary Secretary for Agriculture, Fisheries and Forestry jointly announced that the Extended Commission for the Conservation of Southern Bluefin Tuna made a decision to adopt a formal rebuilding strategy  as a step towards recovering the stock of southern bluefin tuna back to sustainable levels.

The settings of global catch levels have been based on scientific advice to achieve the outcome of a sustainable stock. The rebuilding strategy adopted will assist the Australian southern bluefin tuna industry to remain profitable for the long term.

On 22 September 2011, the Minister for Tertiary Education, Skills, Jobs and Workplace Relations and the Minister for Immigration and Citizenship announced the Government’s response to the Strategic Review of the Student Visa Program 2011 conducted by the Hon Michael Knight AO: the “Knight Review”.  The response includes measures to streamline visa processing arrangements for international students attending a range of Australian university courses, changes to visa assessment levels, and revised work visa arrangements for those students who have completed tertiary degrees.  A Regulation Impact Statement was prepared by the Department of Immigration and Citizenship and was assessed as adequate by the Office of Best Practice Regulation.

On 21 October 2011, the Minister for Agriculture, Fisheries and Forestry announced the future of regulation in Australia’s livestock export industry as part of the Government’s response to the Independent Review of Australia’s Livestock Export Trade (The Farmer Review). Reforms will be implemented to supply chains on both a domestic and international level to ensure Australian livestock exported for slaughter are treated at or above internationally accepted animal welfare standards. The new framework will be phased in and will be implemented in stages with 75 per cent of trade covered by February and all trade covered by the end of 2012.