Published Impact Analyses

Regulation Impact Statement – Department of the Treasury

On 25 November, the Government introduced legislation to implement a Retirement Income Covenant .

The Retirement Income Covenant will require APRA-regulated superannuation fund trustees to formulate, review regularly, and give effect to a retirement income strategy for the retired members of their fund, and the members of their fund approaching retirement.  The Covenant will ensure that these superannuation fund trustees identify and recognise the broad retirement income needs of members of the fund, and build the fund’s capacity and capability to service those needs.

Department/Agency

Food Standards Australian New Zealand (FSANZ)

Decided by

National Standard Setting Body

Problem being addressed

Fresh fruit and vegetables are important components of a healthy diet, and horticultural produce in Australia is generally considered safe. However, production and consumption of fresh horticultural produce continues to result, on occasion, in foodborne illness.

Regulation Impact Statement – Department of the Treasury

On 20 October 2021, the Government introduced legislation that makes permanent changes to the Corporations Act 2001 to clarify that companies and registered schemes can hold a physical, hybrid or virtual meeting. The legislation also facilitates for the use of technology to execute company documents, sign meeting-related materials and provide documents flexibly to their members.

The Department of the Treasury prepared and certified a Regulation Impact Statement (RIS), which the Office of Best Practice Regulation (OBPR) assessed as good practice.

Remaking of Sunsetting Instrument without Significant Amendments – Department of Infrastructure, Transport, Regional Development and Communications

On 28 October 2021, the Department of Infrastructure, Transport, Regional Development and Communications remade, with only minor amendments, the Resale Royalty Right for Visual Arts Regulations 2011, which was due to sunset on 1 April 2022. The newly remade Resale Royalty Right for Visual Artist Regulations 2021 will now sunset on 1 April 2032.

Consistent with Government’s Regulation Impact Statement requirements for sunsetting instruments, the Department has, after consultation with stakeholders, assessed the instrument as operating effectively and efficiently. Therefore, a Regulation Impact Statement is not required for remaking this instrument.

Regulation Impact Statement – Treasury

On 11 November 2021, the Treasurer and the Minister for Superannuation, Financial Services and the Digital Economy announced new regulations to provide greater transparency of portfolio holdings by superannuation funds.

Agency

Department of Infrastructure, Transport, Regional Development and Communication 

Announcement date

01 March 2021

Link to announcement

Agency

Department of Infrastructure, Transport, Regional Development and Communications

Problem being addressed

The impact of road trauma is significant, causing over 1,000 fatalities per year and costing the Australian economy over $29 billion per year. Light vehicle crashes cause the most fatalities and constitute almost $13 billion of the cost, including around $1.9 billion from crashes involving a light vehicle striking a pedestrian or the rear of another vehicle.

Independent Review – Department of Finance

On 28 October 2021, the Assistant Minister for Electoral Matters, the Hon Ben Morton MP introduced legislation to require voters to present identification at the issuing point of a polling place prior to receiving a ballot paper.

Department/Agency

Australian Energy Market Commission

Subject

Draft National Electricity Amendment (Enhancing operational resilience in relation to indistinct events) Rule 2022

Problem being addressed

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.