Published Impact Analyses

Announcement date
9 March 2023

Link to announcement 
Remaking of four life insurance prudential standards

Problem being addressed
The Australian Prudential Regulation Authority (APRA) considers there is the potential for prudential risk to arise if the four standards proposed to be remade are allowed to sunset. APRA certify that the proposed standards are working effectively and remain fit for purpose. 

Proposal
The four prudential standards that APRA would like to remake without change before they are due to sunset on 1 April 2023 are: 

On 28 February 2023, the Treasurer, The Hon Dr Jim Chalmers MP, and the Assistant Treasurer, The Hon Stephen Jones MP, announced that the Australian Government will reduce the tax concessions available to individuals whose total superannuation balances exceed $3 million at the end of the financial year, commencing on 1 July 2025. 

The policy intends to ensure superannuation tax breaks are better targeted and sustainable.

As this policy will likely have major impacts on affected individuals and superannuation funds, an Impact Analysis (IA) was required to be prepared but was not completed. Therefore, as per the Australian Government Guide to Policy Impact Analysis, the Office of Impact Analysis considers the measure is insufficient to meet the Government’s Impact Analysis requirements. 

Announcement date
24 February 2023 

Link to announcement 
https://www.legislation.gov.au/Details/F2023L00148

Proposal
The Protected Symbols Determination has been remade without significant amendment (now the Communications Legislation (Protected Symbols) Determination 2023). In remaking the Protected Symbols Determination the only  amendment is to remove the A-Tick and C-Tick marks as protected symbols. In 2013, the A-Tick and C-Tick were consolidated into a single compliance mark – the Regulatory Compliance Mark (RCM). After a 3-year transition period that concluded in February 2016, suppliers have only been permitted to use the RCM for newly supplied equipment in Australia since that time.

Announcement date
28 Feb 2023

Link to announcement 
https://www.dewr.gov.au/work-health-and-safety/resources/work-health-and-safety-ministers-meeting-28-february-2023#:~:text=Ministers%20agreed%20that%20joint%20deliberate,already%20impacted%20and%20their%20families.

Announcement date
21 February 2023
 
Link to announcement
https://minister.homeaffairs.gov.au/ClareONeil/Pages/world-leading-protection-australias-critical-infrastructure.aspx
 
Problem being addressed

Announcement date

8 February 2023

Link to announcement 
Albanese Government Delivers Legislation To Help Close The Gender Pay Gap | Ministers Media Centre (pmc.gov.au)

Problem being addressed
The Review of the Workplace Gender Equality Act 2012 (released March 2022) concluded that the gender pay gap in Australia was not closing at a fast enough rate. Work to progress women’s economic equality in Australia has been fragmented, leading to slow progress on closing the gender pay gap, which according to the Workplace Gender Equality Agency's latest data, has stalled at 22.8 per cent in 2021 and 2022. Estimates indicate, at the current rate of progress, it would take approximately 26 years to close the full-time gender pay gap.

Announcement date
14 December 2021
 

Link to announcement
https://treasury.gov.au/publication/p2021-225462

Background
The Consumer Data Right (CDR) provides consumers with greater access to their personal information, giving them the ability to instruct businesses to provide safe and secure access of their data to accredited third parties. The Inquiry into the Future Directions for the Consumer Data Right examined how the CDR could be expanded in functionality and leveraged with other initiatives in the digital economy.

Announcement dates
25 and 31 March 2022
 
Links to announcement
https://www.legislation.gov.au/Details/F2022L00400
https://www.legislation.gov.au/Details/F2022C00361

Problem being addressed
The Therapeutic Goods Order No. 90 Standard for human albumin (18/10/2011) and Therapeutic Goods (Exempting monographs of pharmacopoeias) Determination No. 1 of 2011 were due to sunset on 1 April 2022.

Proposal
The Department of Health certified that Therapeutic Goods Order No. 90 Standard for human albumin (18/10/2011) (“TGO 90”) and Therapeutic Goods (Exempting monographs of pharmacopoeias) Determination No. 1 of 2011 (‘the Determination”) were working efficiently and effectively.

Announcement date
12 June 2020

Link to announcement
More essential support for Australian patients through community pharmacy | Health Portfolio Ministers and Aged Care

Problem being addressed

Announcement date
14 December 2022

Link to announcement
Modernising Australi...~https://ministers.treasury.gov.au/ministers/jim-chalmers-2022/media-releases/modernising-australias-financial-system