Published Impact Analyses

On 12 December the Treasurer, the Hon Wayne Swan, announced a package of measures relating to the banking system. One part of the package was changes to the Trade Practices Act 1974 that will empower the ACCC to investigate and prosecute anti-competitive price signalling in specific sectors. The details of the legislative changes are still being finalised, but the first sector that the provisions will apply to is the banking sector. The Prime Minister granted an exemption from the need to prepare a Regulation Impact Statement (RIS) for initial consideration of this issue, but a RIS was prepared for the final decision.

On 12 December the Treasurer, the Hon Wayne Swan, announced a package of measures relating to the banking system. One of these measures was the requirement for lenders to provide a key fact sheet for new home loan customers. The sheet is expected to contain information on the fees and interest that the consumer is signing up to over the life of the loan, as well as the lowest published competitor rate. Lenders will be required to clearly explain to customers what is meant by every item on the fact sheet. The Prime Minister granted an exemption from the need to prepare a Regulation Impact Statement (RIS) for initial consideration of this issue, but a RIS was prepared for the final decision.

On 12 December the Treasurer, the Hon Wayne Swan, announced a package of measures relating to the banking system. One part of the package was a undertaking to develop a ‘deep and liquid’ corporate bond market by facilitating the trading of Commonwealth Government Securities on a security exchange, and simplifying the disclosure and prospectus liability regulations associated with issuing corporate bonds to retail investors. A Regulation Impact Statement (RIS) was required for this undertaking, 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 12 December the Treasurer, the Hon Wayne Swan, announced a package of measures related to banking system. One of these measures was a prohibition on exit fees on all new home loans issued after 1 July 2011. A Regulation Impact Statement (RIS) was required for this measure, 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 12 December the Treasurer, the Hon Wayne Swan, announced a package of measures relating to banking system. One of these measures was to allow Australian banks, credit unions and building societies to issue covered bonds. A Regulation Impact Statement (RIS) was required for this measure, 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 16 December 2010 the Assistant Treasurer, Bill Shorten, announced the Government’s initial response to the Super System (Cooper) Review. In its response the Government stated that it will:

On 2 August 2010 the National Marine Safety Committee secretariat released a draft standard for public comment - NSCV – Part C Section 2 Watertight and Weathertight Integrity. The draft standard NSCV Part C Section 2 specifies minimum requirements for the watertight and weathertight integrity of vessels and supersedes the provisions and regulations for watertight and weathertight integrity presently contained in the Uniform Shipping Laws Code. The draft standard adopts a risk-based approach to bridge the gap between the International Convention on Load Lines requirements for watertight and weathertight integrity applicable to full seagoing vessels and those applicable to vessels in sheltered waters.

The Australian Accounting Standards Board (AASB) issued amendments to the Australian Accounting Standards AASB 1 & 7 on 18 November 2010. These amendments change the disclosure requirements around the transfers of financial assets.  A regulation impact statement was required to inform the decision to change the standards but was not prepared; as such the OBPR has assessed the proposal as being non-compliant with the Australian Government’s best practice regulation requirements. A post-implementation review is to be prepared one to two years from implementation of this decision. Businesses should be aware that this amendment applies for annual reporting periods that begin on or after the 1 July 2011, however businesses may apply the changed rules earlier if they wish to.

A Consultation Regulation Impact Statement (RIS) regarding Minimum Energy Performance Standards (MEPS) has been released for public comment. The Equipment Energy Efficiency Committee seeks feedback on the proposal to regulate information and communications technology equipment (computers and computer monitors) under the MEPS program to improve existing levels of energy efficiency and performance. The proposed standard would apply to all computers and computer monitors used in all sectors of the market (residential, commercial and government) throughout Australia and New Zealand. The equipment covered includes:

• desktop, integrated and notebook/tablet type computers;
• small scale servers; and
• most types of computer monitors.

 The OBPR has approved the consultation RIS; consultation closes on 8 December 2010.

On 7 April 2009, the Government announced the establishment of a new company, NBN Co Limited (‘NBN Co’), to build and operate a new National Broadband Network (NBN). The (then) Prime Minister granted an exemption from the Regulation Impact Statement requirements on the basis of exceptional circumstances for that decision, including for the key principles for the governance, ownership and operating arrangements for the wholesale-only NBN company and for the access regime to facilitate open access to the NBN for retail level telecommunications service providers. On 25 November 2010, the Minister for Broadband, Communications and the Digital Economy, Senator Stephen Conroy, announced the introduction of legislation implementing the Government’s commitments.