Published Impact Analyses

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.

National Electricity Amendment (Primary Frequency Response Incentive Arrangements) Rule 2021

Decided by

Australian Energy Market Commission

Problem being addressed

The performance of system frequency control during normal power system operation is being negatively affected by disincentives to the provision of primary frequency response from generators.

Remaking of Sunsetting Instrument without significant amendments – Department of Health

On 23 September 2021, the Department of Health remade without significant amendments the Restricted Medicine Specification 2011, which was due to sunset on 1 October 2021. The newly made Therapeutic Goods (Restricted Medicines) Specification 2021 will sunset on 1 October 2031.

The Specification specifies medicines or classes of medicines for the purpose of the definition of ‘restricted medicine’ in subsection 3(1) of the Therapeutic Goods Act 1989, for which a Product Information document is required to be submitted to the Therapeutic Goods Administration as part of an application for registration. 

Department/Agency

Australian Building Codes Board

Decided by

Building Ministers

Problem being addressed

The residential building sector is a major source of energy demand and use. While Australia has made considerable progress in the energy performance of residential buildings, there is still opportunity to implement actions that could further reduce the energy consumption of the sector.

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.