Published Impact Analyses

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.

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 Electricity Rules and provide the Australian Energy Market Operator (AEMO) with greater flexibility to refine and improve the methodology to determine Marginal Loss Factors (MLFs) in the National Electricity Market (NEM). 

On 28 November 2019, legislation was passed to amend the Defence Service Homes Act 1918 to expand eligibility to the Defence Service Homes Insurance Scheme to all current and former persons who have at least one days’ service in the Australian Defence Force (ADF), including reservists, peacekeepers, widows and widowers. These amendments will take effect from 1 January 2020.

Prior to these amendments, eligibility was limited to those who have seen war like service or those currently serving in the ADF with at least four years’ service (or eight years for reservists) and their widows/widowers. The measure was a 2019 election commitment.

Independent Review – Australian Competition and Consumer Commission

On 4 February 2020, the Australian Competition and Consumer Commission (ACCC) made the Competition and Consumer (Consumer Data Right) Rules 2020.

The Consumer Data Right (CDR) gives consumers the right to safely access data about them, held by businesses, and direct this information be transferred to trusted third parties of their choice. The Rules supplement the CDR legislation by specifying obligations on data holder businesses and accredited data recipient businesses.

Regulation Impact Statement for consultation – Department of Industry, Science, Energy and Resources

On 14 February 2020, the Department of Industry, Science, Energy and Resources released a RIS for consultation that explores options to address concerns with the power imbalance between car dealers and manufacturers.

This RIS identifies four options for regulatory intervention which will have a positive net benefit. Together these options seek to address the identified problems in the new car retailing sector in scope for this RIS:

COAG Decision Regulation Impact Statement – Australian Energy Market Commission

On 20 February 2020, the Australian Energy Market Commission (AEMC) released the final rule determination and final rule titled National Electricity Amendment (Improving Transparency and Extending Duration of MT PASA) Rule 2020.

The final rule improves transparency of the medium-term projected assessment of system adequacy (MT PASA) process, reduces asymmetry of generation availability information in the market, and extends the period in which generation availability is published from two to three years. The AEMC is satisfied that the Rule will, or is likely to, contribute to the achievement of the National Electricity Objective (NEO) and provide benefits for market participants because the Rule is likely to: