Published Impact Analyses

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.

The Minister announced  on 9 September 2011 changes to shipping policy to provide a viable and sustainable Australian shipping sector that can build its role into the future by supporting investment in the industry; facilitating service provision at reasonable costs; enabling its expansion into international trades; and securing a strong and broad maritime skills base. The reform framework is built around four key elements: 

On 21 September 2011, the Assistant Treasurer announced further details of the Government's Stronger Super reforms.  These involved: creating MySuper; the administration of superannuation accounts through SuperStream; standards for Self Managed Super Fund auditors and revised governance arrangements.

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

  A Consultation Regulation Impact Statement (RIS) for Model Work Health and Safety Regulations and Codes of Practice for Mines was released for public comment on 10 October 2011. Currently, mining work health and safety is regulated primarily under jurisdictions’ work health and safety legislation in the Commonwealth, Victoria, South Australia, Tasmania, Northern Territory and the Australian Capital Territory; under mine safety specific legislation in Queensland and Western Australia and under a hybrid model of both work health and safety and mine-specific legislation in New South Wales.

On 21 June 2011, the Australian Prudential Regulation Authority (APRA) revoked Prudential Standard APS 150 – Capital Adequacy: Basel II Transition (Advanced ADIs) (APS 150). APS 150 set out transitional arrangements for the adoption of the Basel II capital requirements for Authorised Deposit-taking Institutions (ADIs) and prevented ADIs from decreasing their regulatory capital below a minimum limit. Following the Global Financial Crisis, new requirements (known as Basel III), are to come into effect from 1 January 2013. As ADIs will be required to hold more capital under Basel III, the transitional arrangements are no longer necessary. APRA has also revoked Reporting Standard ARS 150 – Basel II Transition (Advanced ADIs) as these are no longer relevant.

On 22 September 2011, the Australian Fisheries Management Authority (AFMA) announced a temporary order, aimed at protecting dolphins, that alters management arrangements in the Gillnet, Hook and Trap Sector of the Southern and Eastern Scalefish and Shark Fishery. The temporary order includes the closure of an area to fishing by gillnets, increased monitoring requirements in specific areas and allows fishing by hooks in certain areas by some fishers. A Temporary Order can remain in place for a maximum of six months from the time it is made. This will allow AFMA time to develop longer term management measures for the fishery.