Published Impact Analyses

Independent Review – Australian Prudential Regulation Authority

On 27 August 2021, the Australian Prudential Regulation Authority (APRA) announced a revised prudential standard for remuneration, CPS 511.

The new prudential standard for remuneration lifts minimum standards of practice by enhancing board oversight, increasing the use of non-financial measures in remuneration design and ensuring there are appropriate financial consequences for poor risk management. The standard takes a risk-based and proportionate approach with more comprehensive requirements for larger and more complex regulated entities.

Independent Review – Department of the Treasury

On 16 December 2019, the Government announced the introduction of a sharing economy reporting regime (p.167) to increase the transparency of payments made via platforms and help to ensure sellers are meeting their tax obligations.  

Department/Agency

Australian Energy Market Commission

Problem being addressed

The electricity distribution networks in Australia are approaching the limit of their basic level of capacity to support additional exports from distributed energy resources (primarily household solar systems) and the ability of networks to transport electricity safely, securely and reliably is being challenged. Without change, it is likely consumers would face growing limitations to the amount of energy they could export.

Problem being addressed

Agency

Department of Infrastructure, Transport, Regional Development and Communications

Announcement date

Monday 9 August 2021

Problem being addressed

Remaking of Sunsetting Instrument without Significant Amendments – Department of the Treasury

On 23 July 2021, the Governor General remade with only minor amendments the Retail Grocery Industry (Unit Pricing) Code of Conduct (the Code). The Trade Practices (Industry Codes – Unit Pricing) Regulations 2009 containing the Code were due to sunset on 1 October 2021. The newly remade (and renamed) Competition and Consumer (Industry Codes—Unit Pricing) Regulations 2021 (the Regulations) commence on 1 October 2021 and will sunset on 1 October 2031.

Agency

Department of Infrastructure, Transport, Regional Development and Communications

Problem being addressed

The Australian Capital Territory (Self-Government) Regulations 1989 were due to sunset on 1 April 2022. They were assessed as operating effectively and efficiently and have been remade.

Proposal

Department/Agency

National Cabinet - Energy Ministers Meeting

Problem being addressed

The regulatory framework relating to gas pipelines has been subject to a number of reviews over the last five years. Through these reviews and the consultation undertaken as part of this RIS, a number of problems have been identified with the following elements of the regulatory framework:

Independent Review – Australian Competition and Consumer Commission

On 19 July 2021, the Australian Competition and Consumer Commission (ACCC) concluded its inquiry into the Superfast Broadband Access Service (SBAS) and Local Bitstream Access Service (LBAS), and released a final decision on its findings. The ACCC has decided to:

Announcement date

15 July 2021

Problem being addressed

Under the current market arrangements, the Australian Energy Market Operator (AEMO) procures services to stabilise the electricity network in response to a range of scenarios. One of those is a services is targeted at arresting sudden changes in power system frequency.