Published impact analyses for decisions announced by the Australian Government, ministerial forums and national standard setting bodies.
Independent Review – Australian Competition and Consumer Commission
On 9 December 2021, the Australian Competition and Consumer Commission (ACCC) announced it had made a decision to extend the existing declaration for the wholesale ADSL (WADSL) service.
Problem being addressed
A 2007 kava import ban in Australia has had a negative impact on bi-lateral relations with Pacific Island countries and the Pacific Island diaspora in Australia.
RIS decision
Standard RIS required
Proposal
The RIS examines the costs and benefits of undertaking a two-year trial to permit commercial importation of kava into Australia.
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.