Published Impact Analyses

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.

On 20 September 2011, the Australian Securities and Investments Commission released the new ePayments Code, which provides consumer protections in relation to electronic payment products. Membership to the ePayments Code is voluntary. The ePayments Code replaces the Electronic Funds Transfer Code of Conduct since a number of newer electronic payment products have entered the market that are not covered by the old Code.  It applies to all electronic payment products, subject to a dollar value.       

The Regulation Impact Statement was prepared by the Australian Securities and Investments Commission and was assessed as adequate by the Office of Best Practice Regulation.

On 16 August 2011, the Assistant Treasurer announced the release of exposure draft legislation to the proposed interim Investment Manager Regime. Currently, uncertainties over the tax treatment of investment incomes from foreign managed funds are considered to be having an adverse effect on the investment decisions of those funds. The proposal provides greater certainty in relation to the taxation treatment of certain investment incomes derived during the 2010-11 (and earlier) income years. Greater certainty is provided by preventing the Australian Taxation Office from raising assessments for those income years; and exempts from income tax any relevant investments of a foreign fund, where that income is taken to have been derived through a permanent establishment in Australia.

On 24 August the Australian Government announced its response to the 10 year review of the Environment Protection and Biodiversity Conservation Act 1999. The Government’s response included a large number of changes; the two major components are to:

On 5 August 2011, the Assistant Treasurer released for public consultation the exposure draft of the National Consumer Credit Protection Amendment (Enhancements) Bill 2011, which forms a part of Phase Two of the National Consumer Credit reforms. The proposal provides greater protection in relation to consumer leases that are functionally similar to other forms of credit – for example, leases for televisions and other consumer electronics. It also provides a number of specific enhancements to the National Credit Code. For example, the circumstances where credit contracts can be varied as well as changing the monetary threshold above which a consumer does not have a statutory right to request a hardship variation or postponement of enforcement proceedings.

On 5 August 2011 the Assistant Treasurer, the Hon Bill Shorten, released for public consultation the exposure draft to the National Consumer Credit Protection Amendment (Enhancements Bill) 2011. One measure sought to be implemented includes protections for older Australians accessing the equity in their homes through reverse mortgages or home reversion schemes. These will require providers to comply with increased procedural requirements, both pre and post contract, as well as increased statutory protections including against negative equity. This was an election commitment.  The Regulation Impact Statement was prepared by the Treasury and was assessed as adequate by the Office of Best Practice Regulation.

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: