Published Impact Analyses

Regulation Impact Statement – Australian Prudential Regulation Authority

A 2016 thematic review conducted by the Australian Securities and Investment Commission (ASIC) identified the need for better quality and more consistent and transparent data on life insurance claims and disputes. Previous published data gaps made it difficult for consumers to compare and assess declined claim rates and performance across providers, while insurers themselves were hampered in their ability to assess and compare the performance and outcomes of their own claims handling procedures.

Regulation Impact Statement - Department of Foreign Affairs and Trade

On 28 November 2018, the Government introduced the Timor Sea Maritime Boundaries Treaty Consequential Amendments Bill 2018 and the Passenger Movement Charge Amendment (Timor Sea Maritime Boundaries Treaty) Bill 2018 as the first step towards that implementation of the Treaty between Australia and the Democratic Republic of Timor-Leste Establishing their Maritime Boundaries.

Finalising the implementation of a Treaty between Australia and the Democratic Republic of Timor-Leste will:

COAG Decision Regulation Impact Statement – Consumer Affairs Australia and New Zealand

On 26 October 2018, Consumer Affairs Ministers discussed options to prevent vulnerable or disadvantaged consumers being charged to receive paper bills. Ministers agreed to encourage businesses to increase the uptake of their existing fee exemption programs.

While many consumers may have the option to transition to digital bills, this is not the case for all consumers. Vulnerable and disadvantaged consumers may pay paper billing fees out of necessity, because they do not have the ability to access digital bills. Potential options canvassed in the RIS range from a ban on paper billing fees through to promoting the uptake of fee exemptions.

Decision Regulation Impact Statement – Legislative and Governance Forum on Consumer Affairs

The Legislative and Governance Forum on Consumer Affairs has endorsed an Australian Government proposal to amend the Australian Consumer Law to regulate the expiry period for retail gift cards and vouchers. The Treasury Laws Amendment (Gift Cards) Act 2018 has been passed by the Parliament and was given Royal Assent on 26 October 2018. It will apply to gift cards supplied on or after 1 November 2019.

Decision Regulation Impact Statement – Legislative and Governance Forum on Consumer Affairs

On 26 October 2018, the Legislative and Governance Forum on Consumer Affairs agreed to amendments to the consumer guarantees framework within the Australian Consumer Law (ACL).

The amendments arise from a review of the ACL that found the ACL to be generally beneficial and fit-for-purpose, but there were some ongoing difficulties with the operation of the consumer guarantee provisions.

Forum members agreed to:

Regulation Impact Statement – Department of the Treasury

On 20 September 2018, the Government introduced legislation to protect the integrity of Australia’s corporate tax system by addressing risks posed by stapled structures and similar arrangements. The package implements the measures announced in the then Treasurer’s press release of 27 March 2018 (with respect to the staples integrity measures) and addresses the Government’s previous announcements on managed investment trusts (MITs) and residential housing.

Regulation Impact Statement – Department of Communications and the Arts

On 18 October 2018, the Government introduced the Copyright Amendment (Online Infringement) Bill 2018 to amend the online copyright infringement scheme.

The Bill amends section 115A of the Copyright Act 1968 to enable copyright owners to more effectively enforce their rights by blocking Australian users from accessing overseas online locations that facilitate large-scale infringement of copyright. The amendments will:

Independent Review - Department of the Treasury

On 20 November 2018, the Department of the Treasury released draft procurement connected policy (PCP) guidelines for consultation.

The PCP Guidelines set out key components to increase the integrity of Commonwealth Government procurement to reduce black economy activity in the supply chain. Supply chain integrity can be compromised due to illegal supplier practices that can be unknown to the purchaser at the time of procurement or during the course of the contract.

The procurement connected policy (PCP) guidelines, once finalised, will require businesses who will tender for Australian Government procurements over $4 million (including GST) to provide a Statement of Tax Record from the Australian Tax Office. The Statement of Tax Record will indicate that the business is generally compliant with their tax obligations.

Remaking of Sunsetting Instrument without Significant Amendments – Australian Securities and Investment Commission

On 26 September 2018 the Australian Securities and Investment Commission (ASIC) remade the following instruments without significant amendments:

• ASIC Class Order 08/764 (due to sunset on 1 October 2018);
• ASIC Class Order 09/01051 (due to sunset on 1 April 2019); and
• ASIC Class Order 10/111 (due to sunset on 1 April 2020).

The instruments were remade and incorporated into the ASIC Corporations (Short Selling) Instrument 2018/745 (the Legislative Instrument). This took effect on 28 September 2018.

The Legislative Instrument sets out various relief and modifications relevant to short selling. Relevantly for the three sunsetting instruments, the Legislative Instrument continues conditional naked short selling relief in specific circumstances regarding:

Regulation Impact Statement – Department of Agriculture and Water Resources 

On 18 September 2018, the Department of Agriculture and Water Resources (the Department) announced the completion of a Regulation Impact Statement (RIS) on reforms to streamline the administration of export tariff rate quotas (TRQs). 

The RIS examined the effectiveness and efficiency of the existing tariff rate quota administration and identified ways to improve the management of all quotas. The RIS considered four options: remaining with the status quo, a non-regulatory approach, an option that proposes to streamline processes, and an industry-tailored, tiered management approach. The RIS concluded option 4 is likely to have the greatest net benefit. Option 4 offers three primary mechanisms (revised from option 3), generally applicable for low, medium and high use quotas: