Published Impact Analyses

On 25 August 2011, the Assistant Treasurer announced measures to increase the level of protection for the provision of short-term, small amount lending. These changes follow on from the issues identified during the course of Phase One of the National Consumer Credit Protection Reforms, and have been addressed as part of Phase Two. Credit providers will be expected to comply with additional obligations, including:

On 12 August 2011, the Australian Securities and Investments Commission (ASIC) released a suite of disclosure benchmarks for Product Disclosure Statements for Over-the-Counter Contracts for Difference (OTC CFDs). OTC CFDs are considered high risk financial products requiring more detailed disclosure on a number of key points. Providers will be required to disclose against the benchmarks specified by ASIC, or explain why they have not. The benchmarks include:

• client qualification policies;
• acceptable forms of opening collateral;
• counterparty risk (hedging practices);
• financial resources held; and
• use of client money.

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

On 18 July 2011 Food Standards Australia New Zealand (FSANZ) announced the release of a proposal to extend country of origin labelling to unpackaged beef, sheep and chicken meat. The proposed standard will require retailers to display point-of-sale labels showing the country of origin of the main unpackaged meat categories not already subject to labelling requirements. FSANZ has prepared a Consultation Regulation Impact Statement (RIS) which has been approved by the Office of Best Practice Regulation (OBPR). FSANZ released the RIS for public consultation from 18 July 2011 to 29 August 2011. The information provided to FSANZ will help guide the development of the standard and decision RIS.

The Consultation Regulation Impact Statement (RIS) examines competition issues associated with the co-ownership of electricity generation and transmission assets. The Consultation RIS examines the adequacy of current legislative protections, and outlines several options to address future co-ownership of generation and transmission assets. The Consultation RIS has been assessed as adequate by the Office of Best Practice Regulation. Submissions are due by 22 September 2011. Further details are available from the Ministerial Council on Energy.

On 22 March 2011, the Minister for Innovation, Industry, Science and Research, Senator Kim Carr and the Minister for Trade, Craig Emerson released a joint media release announcing that the Australian Government would introduce legislation regarding the export of patented medicines from Australia to countries experiencing a serious epidemic. The legislation enables the Australian Federal Court in limited circumstances to grant a license to export patented medicines to countries experiencing a serious epidemic, in cases where negotiations with patent owners have failed. The legislation implements article 31 of the World Trade Organisation ‘Agreement on Trade-Related Aspects of Intellectual Property Rights’ which Australia is a signatory.

The Consultation Regulation Impact Statement (RIS) examines whether to introduce a revised Minimum Energy Performance Standards (MEPS) for electricity distribution transformers to improve existing levels of energy efficiency and performance. The proposed revised standard would apply to oil-immersed and dry type electricity distribution transformers with power ratings from 10 kVA to 3150 kVA intended to be used on 11 kV, 22 kV and 33 kV networks throughout Australia and New Zealand.   The Consultation RIS has been assessed as adequate by the Office of Best Practice Regulation.  Submissions are due by 2 September 2011. Further details are available from the Energy Rating website.

The Consultation Regulation Impact Statement (RIS) examines whether to introduce mandatory disclosure of building energy, greenhouse and water performance at the point of sale or lease for residential properties. It contains information about the energy, greenhouse and water performance of residential buildings and discusses possible options and impacts. The Consultation RIS has been assessed as adequate by the Office of Best Practice Regulation. Submissions are due by 12 September 2011. Further details are available from the Ministerial Council on Energy. 

On 28 April 2011 the Assistant Treasurer announced a number of reforms following on from the Future of Financial Advice announcement in April 2010. The reforms include: banning all trailing commissions on risk insurance inside superannuation; a requirement for financial advisers to get clients to ‘opt-in’ every two years; a broad ban on volume-based payments from product issuers to financial advisors; allowance for scaled rather than holistic financial advice by the industry; and a ban on any soft-dollar benefits from product issuers to advisors above $300 (with certain exclusions). An adequate Regulation Impact Statement (RIS) was prepared on the broad ban on volume based payments from product issuers to financial advisers under the previous best practice regulation guidelines and is required to be published upon tabling of the regulations.  RISs were prepared for the various other reforms but were not assessed as adequate for the decision-making stage.

On 7 July 2011, the Australian Accounting Standards Board issued Australian Accounting Standard AASB 2011-4 Amendments to Australian Accounting Standards to Remove Individual Key Management Personnel Disclosure Requirements. This Standard makes amendments to Australian Accounting Standard AASB 124 Related Party Disclosures, including removing individual key management personnel disclosure requirements. Among the Board’s reasons for removing the disclosure requirements from AASB 124 are that these disclosures: 

On 5 July 2011, Regulation Impact Statements were tabled in Parliament regarding a suite of measures related to the regulation of activity in the Antarctic region.  The measures include liability arising from environmental emergencies, landing persons from passenger vessels, and insurance and contingency planning for tourism and non-government activities. The measures were adopted unanimously by Parties to the Antarctic Treaty. The measures impose a number of obligations on tourist operators in the Antarctic region, including requiring tourist operators (whether by boat or plane) to undertake contingency/accident planning, maintain adequate insurance or other financial security and carry/land only a certain number of passengers at one time.  To implement these obligations domestically, amendments are required to the Antarctic Treaty Act 1960 (Cth) and the Antarctic Treaty (Environment Protection) Act 1980 (Cth).