Published Impact Analyses

Regulation Impact Statement – Australian Securities and Investments Commission

On 30 July 2020, the Australian Securities and Investments Commission (ASIC) issued Regulatory Guide 271 Internal dispute resolution which, upon its commencement on 5 October 2021, will replace Regulatory Guide 165 Licensing: Internal and external dispute resolution for financial firms.  Among other changes, Regulatory Guide 271 reduces the mandatory maximum timeframes for the resolution of customer complaints through internal dispute resolution (IDR) processes.

Independent Review – The Treasury

On 6 October 2020, as part of the 2020-21 Budget, the Government responded to the Board of Taxation’s (the Board’s) final report on its review of the operation of Australia’s corporate tax residency rules, announcing that it will adopt the Board’s key recommendations.

The Government will amend the law to provide that a company which is incorporated offshore will be treated as an Australian tax resident if it has a ‘significant economic connection to Australia’. This test will be satisfied where both: the company’s core commercial activities are undertaken in Australia; and its central management and control is also in Australia.

This change will mean the treatment of foreign incorporated companies will reflect the corporate residency position prior to the 2016 High Court decision in Bywater Investments Ltd and Ors v Commissioner of Taxation.

Remaking of Sunsetting Instrument without Significant Amendments – Australian Communications and Media Authority

On 23 September 2020, the Australian Communications and Media Authority (ACMA) remade with only minor amendments the Broadcasting Services (Primary Commercial Television Broadcasting Service) Declaration 2010, which was due to sunset on 1 October 2020. The newly remade Broadcasting Services (Primary Commercial Television Broadcasting Service) Declaration 2020 will now sunset on 1 October 2030.

Consistent with Government’s best practice regulation requirements for sunsetting instruments, the ACMA has, after consultation with stakeholders, assessed the instrument as operating effectively and efficiently. Therefore, a Regulation Impact Statement is not required for remaking this instrument.

ASIC Class Order [CO 10/381]; ASIC Class Order [CO 10/1230] – Australian Securities and Investments Commission

On 30 September 2020 the Australian Securities and Investments Commission (ASIC) remade the above instruments without significant amendments. ASIC Class Order [CO 10/381] and ASIC Class Order [CO 10/1230] had been scheduled to sunset on 1 October 2020 and 1 April 2021 respectively.

ASIC Class Order [CO 10/381] gives effect to the intention of Item 39A of Schedule 2 of the National Consumer Credit Protections (Transitional and Consequential Provisions) Act 2009, where all unlicensed carried over instrument lenders (UCOILs) are required to provide certain specified information to ASIC.

Regulation Impact Statement – Department of Agriculture, Water and the Environment

On 6 October 2020 the Australian Government announced the proposal to harmonise and streamline plant export regulation, as part of Budget 2020/21.

The RIS assesses the burden that existing regulations place on Australian plant product exporters. Mainly, that existing regulations are complex and variable and place unnecessary costs onto business.  The RIS considers a variety of related but separate opportunities, including:

Regulation Impact Statement – Department of Agriculture, Water and the Environment

On 6 October 2020 the Australian Government announced the proposal to modernise the regulation of meat exports by partly removing regulatory burden and rewarding compliant regulated entities, as part of Budget 2020/21.

The RIS assesses the cost that existing regulations place on Australian meat processes, which render the relevant Australian businesses at a global disadvantage against international competitors. The RIS proposes three options:

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

On 30 September 2020, the Minister for Communications, Cyber Safety and the Arts, the Hon Paul Fletcher MP announced changes to streamline and simplify the drama, documentaries and children’s content ‘sub-quota’ Australian content rules for broadcasters.

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

On 30 September 2020, the Minister for Communications, Cyber Safety and the Arts, the Hon Paul Fletcher MP announced changes to the Australian Screen Production Incentive (ASPI) as part of a package of media reforms.

The Department of Infrastructure, Transport, Regional Development and Communications (the Department) prepared a Regulation Impact Statement (RIS) which outlined issues with the current ASPI settings. The preferred option was to make key changes to specific ASPI settings to ensure they provide support to the Australian screen production industry that reflects the modern media landscape.

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

On 1 September 2020, the Minister for Communications, Cyber Safety and the Arts, the Hon Paul Fletcher MP announced changes to the Telecommunications in New Developments (TIND) policy.

The changes are designed to provide people in Australia moving into new apartment and housing developments with better and cheaper access to high speed broadband services, by removing competitive constraints on NBN Co under the previous TIND policy, noting there are generic and telecommunications-specific laws to deal with anti-competitive conduct and NBN Co is subject to Commonwealth competitive neutrality policy.

COAG Consultation Regulation Impact Statement – Australian Energy Market Commission

On 24 September 2020, the Australian Energy Market Commission (AEMC) released a draft rule determination for the National Electricity Amendment (Compensation for Market Participants Affected by Intervention Events) Rule 2020 and a corresponding Draft Rule for consultation.

This draft determination is to make a more preferable draft rule which changes the way that compensation is calculated when market participants are dispatched differently as a result of an AEMO intervention event which triggers intervention pricing.

The draft determination has been assessed by the Office of Best Practice Regulation as compliant with requirements for a Council of Australian Governments Consultation RIS.