Published Impact Analyses

Prime Minister’s Exemption – Attorney-General’s Department

On 28 November 2021, the Prime Minister announced the Government will introduce legislation to force global social media giants to unmask anonymous online trolls and better protect Australians online.

The proposed measures will address the harm of defamatory comments made in Australia by individuals on social media platforms and address the legal implications of the High Court’s decision in Fairfax Media Publications v Voller [2021] HCA 27. The measures aim to:

Independent Review – Australian Prudential Regulation Authority

On 29 November 2021, the Australian Prudential Regulation Authority (APRA) announced new prudential standards for ADI capital adequacy and credit risk requirements; APS 110, APS 112 and APS 113.  

Department/Agency
Department of the Treasury
 

Type
Ministerial Forum / Standard Setting Body
 

Announcement date
1/12/2021
 

Link to announcement
https://treasury.gov.au/consultation/c2021-223344
 

Problem being addressed
Businesses have indicated to the Australian Government during various consultation processes that complex layers of regulation and a product safety framework that is slow to respond to changing international consumer markets can contribute to unnecessary costs and confusion about their obligations when supplying goods regulated under the Australian Consumer Law (ACL).

Independent Review – Department of the Treasury

On 12 November, the Government announced the energy sector consumer data right (Energy CDR) rules.

The proposed CDR rules provide an effective means of facilitating access to energy data under the CDR in circumstances where energy data is held by both the Australian Energy Market Operator (AEMO) and by energy retailers.

Regulation Impact Statement – Department of the Treasury

On 25 November 2021, the Government introduced amendments to corporations and taxation legislation to enable the Corporate Collective Investment Vehicle (CCIV) regime.

A CCIV is a new form of collective investment vehicle that uses a corporate structure while providing flow-through taxation.  

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

The RIS estimates the average annual regulatory costs at $1.2 million.

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.