Published Impact Analyses

Independent Review – Australian Prudential Regulation Authority

On 27 September 2022, the Australian Prudential Regulation Authority (APRA) announced that it had finalised the capital framework for private health insurers.

The new framework is designed to enhance policyholder protection by ensuring that private health insurers maintain an appropriate level of financial resilience. The new prudential standards better reflect the risks faced by insurers, improve comparability across insurers and align with international best practice. The new standards also align with the introduction of new accounting standards for insurance AASB 17 Insurance Contracts. The framework takes effect from 1 July 2023.

Announcement date
26 October 2022

Link to announcement
https://ministers.treasury.gov.au/ministers/stephen-jones-2022/media-releases/landmark-funding-help-reduce-insurance-costs

On 28 October 2022 Energy Ministers agreed the Government will expand the functions and powers of AEMO under the National Gas Law to ensure it can address east coast gas system reliability and supply adequacy issues ahead of Winter 2023.
The expanded powers will ensure AEMO can:

Announcement date
27 October 2022
 

Link to announcement
https://www.aemc.gov.au/news-centre/media-releases/new-rule-increases-transparency-material-change-circumstances-provisions
 

Announcement date
28 September 2022

Link to announcement
https://www.nhfic.gov.au/media-resources/media-releases/10-000-places-available-from-saturday-under-the-regional-first-home-buyer-guarantee/

Problem being addressed
Housing markets in regional Australia have become increasingly unaffordable for first home buyers. The impact of recent increases in house prices in regional Australia is not felt equally by all households.  Higher house prices necessitate higher average loan amounts for regional first home buyers, and the increase in prices has increased the time it takes to save a deposit, thus creating a barrier to homeownership.

Proposal

Announcement date
24 September 2022

Link to announcement
Empowering communities with the abolition of the cashless debit card program | Department of Social Services Ministers (dss.gov.au)

Problem being addressed

Announcement date

27 October 2022
 

Link to announcement
https://www.aph.gov.au/Parliamentary_Business/Bills_Legislation/Bills_Search_Results/Result?bId=r6941

Problem being addressed 
Real wage stagnation and the decline in enterprise bargaining.
 

Proposal
The Fair Work Legislation Amendment (Secure Jobs, Better Pay) Bill seeks to implement enterprise bargaining outcomes from the Australian Jobs and Skills Summit by amending the Fair Work Act (2009) in five areas;  

Announcement dates
25 October 2022

Link to announcements
Budget October 2022-23 - Boosting Parental Leave to Enhance Economic Security, Support and Flexibility for Australia’s Families (servicesaustralia.gov.au)

Link to announcement (19 October 2023)
Delivering a historic expansion of Paid Parental Leave | Department of Social Services Ministers (dss.gov.au)

Announcement date
25 October 2022

Link to announcement
Improving energy security, reliability and affordability - Minister for Resources and Northern Australia

Problem being addressed
The Australian Government established the Australian Domestic Gas Security Mechanism (ADGSM) in July 2017 as a ‘backstop’ to manage exports in case of a domestic shortfall. The ADGSM provides the Minister of Resources (the Minister) with the ability to control LNG exports on the basis of insufficient domestic supply.

Announcement date
8 September 2022
 

Link to announcement
Hayne Royal Commissi...~https://ministers.treasury.gov.au/ministers/stephen-jones-2022/media-releases/hayne-royal-commission-recommendations-advanced

Problem being addressed

The 2016 Review of Small Amount Credit Contract (SACC) Laws made a number of recommendations aimed at increasing financial inclusion and consumer protections for SACCs and consumer lease consumers. In particular: