Official website for Published Impact Analyses for decisions announced by the Australian Government, Ministerial Forums and National Standard Setting Bodies.
Regulation Impact Statement – Australian Securities and Investments Commission
On 10 March 2020, the Australian Securities and Investments Commission (ASIC) announced a new framework for the regulation of foreign financial services providers (FFSPs) providing financial services to Australian wholesale clients.
COAG Decision Regulation Impact Statement – Australian Energy Market Commission
COAG Decision Regulation Impact Statement – Australian Energy Market Commission
On 12 March 2020, the Australian Energy Market Commission (AEMC) released a final rule determination that amends the National Gas Rules to simplify wholesale pricing in relation to the Victorian Declared Wholesale Gas Market (DWGM) by:
Independent Review – Department of Health
On 27 February 2020, the Government introduced the Aged Care Legislation Amendment (Improved Home Care Payment Administration No. 1) Bill 2020.
The purpose of the Bill is to change the payment of home care subsidy to approved providers from being paid in advance to being paid in arrears. Payment of subsidy in arrears is intended to introduce a more contemporary business practice into home care subsidy payment arrangements and bring these arrangements into alignment with other Government programs.
The Bill amends both the Aged Care Act 1997 and the Aged Care (Transitional Provisions) Act 1997, and gives effect to the first stage of reforms to improve payment administration arrangements for home care packages announced in the 2019‑20 Budget.
Independent Review – Australian Communications and Media Authority
On 28 November 2019, the Australian Communications and Media Authority (ACMA) announced its plans to optimise arrangements for the 3400-3575 MHz band.
Over time the current arrangements have resulted in a fragmented use of spectrum in this band. Defragmentation is expected to result in a more efficient use of the spectrum while reducing network deployment costs. The optimisation will also enable ACMA to make additional 5G spectrum available to meet the growing demand for 5G services that could benefit from the characteristics of this band.
Independent Review – Australian Prudential Regulation Authority
On 17 January 2020, the Australian Prudential Regulation Authority (APRA) determined Prudential Standard APS 115 Capital Adequacy: Standardised Measurement Approach to Operational Risk to replace the existing prudential standard for authorised deposit-taking institutions (ADIs) — which includes banks — on Advanced Measurement Approaches to Operational Risk effective from 1 January 2021. The new standard will also replace existing standardised approaches to operational risk from 1 January 2022.
Regulation Impact Statement – Australian Communications and Media Authority (ACMA)
On 28 February, the ACMA announced new measures to fight mobile number fraud.
Mobile number portability allows customers to change their telecommunications provider without changing their mobile phone number. Scammers have used stolen identity information to fraudulently port mobile numbers, enabling them to complete security verification for linked accounts such as banking or social media.
The new Telecommunications (Mobile Number Pre-porting Additional Identify Verification) Industry Standard 2020 will commence from 30 April 2020 and require mobile providers to implement additional identity verification processes before a phone number can be transferred.
Independent Review – The Treasury
On 6 February 2020, the Government introduced Treasury Laws Amendment (Reuniting More Superannuation) Bill 2020, which seeks to facilitate the closure of Eligible Rollover Funds (ERFs) by 30 June 2021 and enable the Commissioner of Taxation to reunite amounts he or she receives from ERFs with a superannuation fund member's active account.
An ERF is a fund that is eligible to receive benefits rolled over from another superannuation fund without member consent, intended to be a temporary repository for small account balances or for accounts belonging to persons who cannot continue to be a fund member, for instance, when they change employment. However, ERFs have not been successful in reuniting members with lost superannuation.
COAG Decision Regulation Impact Statement – Australian Energy Market Commission
On 5 March 2020, the Australian Energy Market Commission (AEMC) released a final rule determination for the Short Term Forward Market rule change request (ERCO259). The AEMC has determined not to make a final rule in relation to introducing a voluntary short term forward market (STFM) in the national electricity market (NEM).
On 20 December 2018, the Australian Energy Market Operator (AEMO) submitted a rule change request to the AEMC proposing the introduction of a STFM for electricity derivatives, operating alongside the NEM, on the basis that it could:
COAG Decision Regulation Impact Statement – Australian Energy Market Commission
On 27 February 2020, the Australian Energy Market Commission (AEMC) released a final rule determination in which it decided to amend the National Energy Retail Rules (NERR) to limit the level of conditional discounts and conditional fees in new energy retail contracts to those "reasonable costs" which a retailer is likely to incur when consumer fails to satisfy a payment condition.