Published Impact Analyses

Independent Review – Department of the Treasury

On 17 February 2021, the Government introduced legislation to make permanent changes to Australia’s continuous disclosure laws. Specifically, the Bill amends the Corporations Act 2001 so that companies and their officers will only be liable for civil penalty proceedings in respect of continuous disclosure obligations where they have acted with “knowledge, recklessness or negligence”. In addition, companies and their officers are not liable for misleading and deceptive conduct in circumstances where the continuous disclosure obligations have been contravened unless the requisite “fault” element is also proven.

Department of Education, Skills and Employment – Regulation Impact Statement

On 23 February 2021, the Government announced proposed changes to mutual obligations for jobseekers unemployed for at least six months.  

The new activity requirement introduces an additional requirement for job seekers once they have participated in jobactive for six months. These job seekers will be required to participate for up to eight weeks in a compellable activity (such as a short training course, online learning modules, voluntary work or Work for the Dole). This requirement is in addition to job search. It is also in addition to the intensive activity that already is required to be conducted at 12 months’ unemployment.

Remaking of Sunsetting Instrument without Significant Amendments – Takeovers Panel

On 3 December 2020, the Takeovers Panel remade without significant amendments the Procedural Rules to be followed in Panel Proceedings (the Sunsetting Rules), which was due to sunset on 1 April 2021. The Takeovers Panel Procedural Rules 2020 (the Rules) will repeal and replace the Sunsetting Rules and will come into effect on 1 April 2021. The newly remade Rules will now sunset on 1 April 2031.

The Rules, made under the Australian Securities and Investments Commission Act 2001, set out the procedure to be followed in Panel proceedings. 

Regulation Impact Statement – Department of Infrastructure, Transport, Regional Development and Communications

On 24 February 2021 the Government introduced a series of reforms as part of a Bill for a new online safety Act.

Australians are increasingly exposed to harms online. A failure to improve Australia’s online safety framework would result in harm continuing being done to individuals, the community and the economy. The Government’s preferred option - a new online safety Act with new and improved schemes - provides the greatest level of protection for Australians from online harms. The measures in this option would have a relatively low regulatory impact, in contrast to the significant benefits that the measures would provide the community and the economy.

COAG Consultation Regulation Impact Statement – Department of Infrastructure, Transport, Regional Development and Communications

On 12 February 2021, the Department of Infrastructure, Transport, Regional Development and Communications released a Council of Australian Governments Regulation Impact Statement (RIS) for consultation on reforms to the Disability Standards for Accessible Public Transport 2002 (Transport Standards).

The RIS considers regulatory and non-regulatory reform options for 16 areas of the Transport Standards, to ensure they remain efficient and meet the needs and expectations of the Australian public.

COAG Consultation Regulation Impact Statement – Australian Energy Market Commission

On 4 February 2021, the Australian Energy Market Commission (AEMC) published a draft determination and rule titled National Electricity Amendment (Implementing a general power system risk review) Rule 2021.

The draft rule proposes to implement an annual general power system risk review (GPSRR) in which the Australian Energy Market Operator (AEMO) would identify and assess risks to power system security associated with five key risk areas, in collaboration with Network Service Providers (NSPs). The draft rule would require AEMO to complete the first GPSRR within 18 months of the rule commencing.

COAG Consultation Regulation Impact Statement – Australian Energy Market Commission

On 1 October 2020, the Australian Energy Market Commission (AEMC) received separate rule change requests from TransGrid and ElectraNet seeking participant derogations from the applicability of the rules in relation to the financeability of their share of actionable Integrated System Plan (ISP) projects.

Independent Review – Australian Communications and Media Authority

On 15 January 2021, the Australian Communications and Media Authority (ACMA) announced the outcome of a review into the use of the 3700-4200 MHz spectrum band.

The ACMA instituted a review of the 3700-4200 MHz spectrum band, as it is the subject of considerable interest globally as suitable mid band spectrum for a range of applications, including fixed satellite services and wireless broadband (WBB) such as 5G, whereas current regulatory arrangements in the band are optimised to support a different mixture of uses, including: apparatus licensed point-to-point fixed service links (PTP), coordinated fixed satellite service (FSS) receive earth stations, and various low power class licensed devices.

Independent Review – Australian Communications and Media Authority

On 15 January 2021, the Australian Communications and Media Authority (ACMA) announced the outcome of a review into the use of the 2GHz spectrum band (1980-2010 and 2170-2300 MHz).

Non-compliance with COAG’s best practice regulation requirements – Australian Registrars' National Electronic Conveyancing Council 

In September 2020, the Australian Registrars' National Electronic Conveyancing Council (ARNECC) announced a decision to develop legislation to require interoperability between Electronic Lodgement Network Operators (ELNOs).

The Council of Australian Governments (COAG) best practice regulation requirements apply to decisions by ministerial councils or other bodies where there is a reasonable expectation of widespread compliance. Under the COAG requirements a Regulation Impact Statement (RIS) needs to be prepared for the consultation stage, and for the decision stage.