Published Impact Analyses

Independent Review – Department of the Treasury & Attorney-General’s Department

On 27 October 2021, the Government introduced the Corporations Amendment (Improving Outcomes for Litigation Funding Participants) Bill 2021.

Agency

Australian Communications and Media Authority

Announcement date

19 August  2021

Announcement

https://www.legislation.gov.au/Details/F2021L01177

Australian Government response to the Parliamentary Joint Committee on Corporations and Financial Services report Litigation Funding and the Regulation of the Class Action Industry, and the Australian Law Reform Commission report Integrity, Fairness and Efficiency – An Inquiry into Class Action Proceedings and Third-Party Litigation Funders

Independent Review – Attorney-General’s Department

Regulation Impact Statement for consultation – Attorney-General’s Department

On 25 October 2021, the Attorney-General released the Privacy Legislation Amendment (Enhancing Online Privacy and Other Measures) Bill 2021 (Online Privacy Bill) for consultation.

Regulation Impact Statement – Reserve Bank of Australia

On 22 October, the Reserve Bank of Australia (the Bank) concluded its Review of Retail Payments Regulation.

The Regulation Impact Statement (RIS) accompanying this decision investigates three policy problems relating to the Retail Payments System: dual-network debit cards (DNDC) and least-cost routing (LCR), interchange fees, and scheme fees. The RIS analyses a number of viable policy options, and the results of consultation on these options.

On 1 October 2021, the Digital Transformation Agency (DTA) released a Consultation Regulation Impact Statement (RIS) which considers Regulation of the Australian Government Digital Identity System.  

The DTA presents three options in the RIS: the status quo approach (no regulatory action taken), leveraging existing regulatory schemes (primarily addressing privacy-related issues), and dedicated legislation to establish a new regulatory scheme.

Department/Agency

Australian Communication and Media Authority

Problem being addressed

On 1 October 2021, the Guidelines relating to the ACMA’s enforcement powers under the Broadcasting Services Act 1992 (the Guidelines) are due to sunset.

Description of proposal

The instrument will be remade without significant amendment.

Remaking of Sunsetting Instruments without significant amendments – Department of Health

On 28 September, the Department of Health remade without significant amendments a number of Standards and Instruments for human cell and tissue (HCT) products, blood and blood components, which were due to sunset on 1 October 2021. The instruments comprise:

Remaking of Sunsetting Instrument without Significant Amendments – Australian Securities and Investments Commission

On 27 September 2021, the Australian Securities and Investments Commission (ASIC) remade with only minor amendments Class Order [CO 11/272] Substantial holding disclosure: securities lending and prime broking, which was due to sunset on 1 October 2021. The newly remade ASIC Corporations (Securities Lending Arrangements) Instrument 2021/821 will now self-repeal on 1 October 2026.

Regulation Impact Statement – Australian Prudential Regulation Authority

On 20 September 2021, the Australian Prudential Regulation Authority (APRA) announced final reporting standards to address critical data gaps in the current reporting framework.