Published Impact Analyses

Independent Review – Department of Health

On 14 February 2019, the Government introduced the following legislation:

Extension of class order relief for Business Introduction or Matching Services without significant amendments – Australian Securities and Investments Commission

On 20 March 2019, the Australian Securities and Investments Commission (ASIC) extended the relief provided by ASIC Corporations (Repeal and Transitional) Instrument 2017/186 (the Instrument), without significant amendment, for a period of 3 years until 1 April 2022.

The Instrument provides conditional exemptions from the fundraising and debenture requirements in the Corporations Act 2001 (the Act) for persons involved in making or calling attention to offers of securities through a business introduction service. It intends to facilitate the growth of small and medium enterprises (SMEs) by reducing the regulatory burden of small-scale fundraising and assist SMEs to locate potential investors.

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

On 13 December 2018, the Australian Communications and Media Authority (ACMA) remade the above instrument without materially significant amendments. The new instrument commenced on 1 January 2019 and replaced the earlier instrument that was scheduled to sunset on 1 April 2019.

The objective of the standard is to ensure that the majority of advertisements on television are Australian-made, by means of a flexible regulatory system that recognises the market reality of advertising. The standard ensures commercial television licensees broadcast a majority of Australian-made commercials between 6am and midnight across the year. The changes the ACMA has made to the standard are of an administrative nature with no change to compliance requirements.

Remaking of sunsetting instrument without significant amendments - Australian Securities and Investments Commission

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).

Remaking of sunsetting instrument without significant amendments – Department of the Treasury

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.

 Remaking of sunsetting instrument without significant amendments - Department of Communications and the Arts

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. 

Remaking of Sunsetting Instrument without Significant Amendments – Department of Communications and the Arts

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.

Regulation Impact Statement – Department of the Treasury

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).