Official website for Published Impact Analyses for decisions announced by the Australian Government, Ministerial Forums and National Standard Setting Bodies.
On 12 March 2019, the Australian Securities and Investments Commission (ASIC) remade Class Order [CO 08/781] Warrants: Out of use notices in the ASIC Corporations (Warrants: Out-of-use notices) Instrument 2019/148 (ASIC Corporations Instrument 2019/148).
On 6 December 2018 the Treasury remade the Financial Sector (Transfers of Business) Regulations 1999 (the 1999 Regulations), without significant amendment. The 1999 Regulations were scheduled to sunset on 1 April 2019, and are now remade as the Financial Sector (Transfer and Restructure) Regulations 2018 (the 2018 Regulations).
The Financial Sector (Transfer and Restructure) Act 1999 provides the Australian Prudential Regulation Authority (APRA) with directions on how to treat certain transfers of business and shares of regulated or related bodies. The 2018 Regulations remake the 1999 Regulations without altering the meaning or operation of current provisions relating to (inter alia) continued right of review, and ownership restrictions.
Remaking of Sunsetting Instrument without Significant Amendments – Great Barrier Reef Marine Park Authority
On 21 February 2019 the Governor‑General of the Commonwealth of Australia remade the Great Barrier Reef Marine Park Regulations 1983 as Great Barrier Reef Marine Park Regulations 2019 without significant amendments. The Regulations were scheduled to sunset on 1 April 2019.
The Great Barrier Reef Marine Park Regulations 2019 are the primary regulations in force under the Great Barrier Reef Marine Park Act 1975. They include a number of offence provisions, in addition to provisions on matters such as applications for and the granting of permissions, compulsory pilotage, environmental management charge, plans of management, and review rights.
The Governor General remade the Australian Postal Corporation (Performance Standards) Regulations 1998, which were scheduled to sunset on 1 April 2019, without significant amendments. The instrument was replaced by the Australian Postal Corporation (Performance Standards) Regulations 2019 on 13 February 2019.
The regulations set requirements on Australia Post in relation to speed, frequency and accuracy of letter delivery, the number and locations of retail outlets and the number of street posting boxes.
On 6 December 2018, the Governor-General made the Telecommunications (Arbitration) Regulations 2018. The regulations replace the Telecommunications (Arbitration) Regulations 1997 and provide rules and procedures for the arbitration of disputes by the Australian Consumer and Competition Commission (ACCC) about access to certain services under the Telecommunications Act 1997 and the Telecommunications (Consumer Protection and Service Standards) Act 1999.
Consistent with the Government’s best practice regulation requirements for sunsetting instruments, the Department of Communications and the Arts has, after consultation with industry, assessed this instrument as operating effectively and efficiently. Therefore, a Regulation Impact Statement is not required for remaking the instrument without significant amendments.
On 30 March 2017, the Government introduced legislation to enable the recovery of the regulatory costs of the Australian Securities and Investments Commission (ASIC), commencing 1 July 2017.
ASIC formerly received around 15 per cent of its funding through fees collected from industry participants, but was largely funded through budget appropriations for its regulatory activities. This was inconsistent with the Government’s Charging Framework, which broadly suggests that entities which create the need for regulation should bear the cost of that regulation.
Independent Review – Department of the Treasury
On 19 October 2017, the Government introduced legislation to give the Australian Prudential Regulation Authority (APRA) additional powers for crisis resolution and resolution planning in relation to prudentially-regulated entities, in particular authorised deposit-taking institutions (ADIs) and insurers (general insurers and life insurance companies).
On 6 December 2017, the Government introduced the Broadcasting Legislation Amendment (Foreign Media Ownership, Community Radio and Other Measures) Bill 2017.
Among other measures, the bill once enacted, establishes a Register of Foreign Ownership of Media Assets (Register), to be overseen and administered by the Australian Communications and Media Authority (ACMA). Foreign persons would be required to register information about their company interests in Australian media companies, where the company interests exceed a specified threshold (two and a half per cent).
On 28 March 2018 the Government introduced the Interactive Gambling Amendment (Lottery Betting) Bill 2018 to ban online betting on the outcome of a lottery.
Lottery betting services allow customers to bet on the outcome of a lottery draw without the need to purchase a ticket in the official lottery draw. These services match prizes for each tier including the jackpot that the official lottery operator would have paid to a customer if they had won with an official lottery ticket through that service.
The Department of Communications and the Arts prepared a Regulation Impact Statement (RIS), which was assessed by the Office of Best Practice Regulation (OBPR) as compliant and best practice under the Governments RIS requirements.
The Department estimated the change in regulatory burden at $150,000. The OBPR agreed to this estimate.
On 22 November 2018, the Australian Building Codes Board (ABCB) agreed to amend the deemed-to-satisfy (DtS) provisions of the National Construction Code to require fire sprinkler systems in new Class 2 and 3 residential buildings of four or more storeys and less than 25 metres in effective height (generally those buildings four to eight storeys in height).