Published Impact Analyses

Regulation Impact Statement – Department of Industry, Science, Energy and Resources

On 2 September 2021, the Australian Government introduced the Offshore Electricity Infrastructure Bill 2021 into Parliament.

Australia’s current regulatory environment does not provide a defined approvals pathway or protections for proponents looking to establish offshore electricity infrastructure facilities in Commonwealth waters, leading to a number of risks.

The RIS examines options to increase clarity in the regulatory environment to support an efficient and effective offshore electricity undertaking, throughout construction, operation and decommissioning. 

Independent Review – Department of Health

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

On September 8, the Australian Securities and Investments Commission (ASIC) remade with only minor amendments the ASIC Corporations (Employee redundancy funds relief) Instrument 2015/1150, which was due to sunset on 1 October 2021. The newly remade ASIC Corporations (Employee redundancy funds relief) Instrument 2021/767 will now sunset on 1 October 2024.

Agency

Australian Transport Safety Bureau

Announcement date

 6 September 2021

Problem being addressed

Department of Agriculture, Water and the Environment

On 1 September 2021, the Government introduced the Biosecurity Amendment (Enhanced Risk Management) Bill 2021 into Parliament.

The Bill will enhance the operation of the biosecurity framework to strengthen the management of human health risks across maritime and aviation pathways, improve the efficiency and effectiveness of administration, and increase a range of civil and criminal penalties.

Amendments to the Biosecurity Act will provide for human biosecurity group directions to be made to manage the risk posed by classes of people who have, or may have been exposed to, a listed human disease such as COVID-19, and have travelled to Australia, such as passengers on board a cruise ship.

Commonwealth-State Regulation Impact Statement – Department of Health

On 20 July 2021, the Gene Technology Ministers’ Meeting (GTMM), considered a Decision Regulation Impact Statement (Decision RIS) and endorsed the preferred option to address key recommendations of the Third Review of the National Gene Technology Scheme.

The RIS assessed options for delivering a more flexible, streamlined and risk-based regulatory process that future-proofs the Scheme, enables efficiencies, and relieves regulatory burden.

On 2 September 2021, the Governor General remade the Sydney Harbour Trust Regulations 2001 that were due to sunset on 1 October 2021. The regulations will now sunset on 1 October 2031.

Consistent with Government’s Regulation Impact Statement requirements for sunsetting instruments, the Sydney Harbour Trust Federation, after consultation with stakeholders, assessed the Guidelines as operating effectively and efficiently. Therefore, a Regulation Impact Statement was not required for making the Regulations.

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.