Published Impact Analyses

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:

Regulation Impact Statement – Department of Industry, Innovation and Science

On 20 September 2018, the Government introduced legislation to better target the Research and Development Tax Incentive (R&DTI).

The R&DTI reduces the costs to business of undertaking R&D by offering a tax offset for their eligible R&D activities. The R&DTI aims to increase investment in business R&D beyond that which companies would do on their own. The program recognises that businesses are likely to underinvest in R&D as they are unable to capture all the benefits of R&D that ‘spillover’ to the rest of the economy.

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

On 18 September 2018 the Australian Securities and Investment Commission (ASIC) remade the above instrument without significant amendments. This instrument was scheduled to sunset on 1 October 2018.

Employee redundancy funds are established to accept contributions from employers in the construction and allied industries, on behalf of employees. Contributions represent prospective redundancy benefits payable to employees upon termination or cessation of their employment, generally for any reason other than misconduct.

ASIC considers employee redundancy funds are likely to meet the definition of a managed investment scheme and a financial product under the Corporations Act 2001 (the Corporations Act), and operators of employee redundancy funds are likely to be subject to the requirements to:

Regulation Impact Statement – Department of the Treasury

In the 2018-19 Budget, the Government announced that it would extend the $20,000 instant asset write-off for a further 12 months to 30 June 2019 for businesses with aggregated annual turnover less than $10 million. Enabling legislation, the Treasury Laws Amendment (Accelerated Depreciation for Small Business Entities) Bill 2018, was introduced to Parliament on 24 May 2018. 

The measure aims to boost for a further year small business activity and investment, through providing cash flow benefits and a reduction of red tape.

Independent Review - Department of the Treasury

On 20 September 2018, the Government introduced the Treasury Laws Amendment (Black Economy Taskforce Measures No. 2) Bill 2018 and the Excise Tariff Amendment (Collecting Tobacco Duties at Manufacture) Bill 2018 to provide measures to combat the negative economic and social impact of the black economy.

COAG Decision Regulation Impact Statement – Food Regulation Standing Committee 

On 11 October 2018, the Australia and New Zealand Ministerial Forum on Food Regulation (the Forum) agreed, based on the evidence, a mandatory labelling standard for pregnancy warning labels on packaged alcoholic beverages should be developed and should include a pictogram and relevant warning statement. The Forum requested Food Standards Australia New Zealand develop this mandatory labelling standard as a priority.  

Regulation Impact Statement – Department of Home Affairs

On 2 August 2018, the Government made the Migration Amendment (Offshore Resources Activity) Regulations 2018. The amendments will reduce costs for businesses operating in Australia’s offshore resources sector by allowing certain Maritime Crew Visa (MCV) holders working on petroleum export tankers to participate in, or support, an offshore resources activity in Australia’s migration zone.

More specifically, the amendments ensure that MCV holders on offtake tankers participating in, or supporting an offshore resources activity remain compliant with the migration legislative framework by:

Remaking of sunsetting instrument without significant amendments – Therapeutic Goods Administration

On 1 October 2018, the Therapeutic Goods Administration (TGA) remade the Therapeutic Goods Order No. 77 – Microbiological Standards for Medicines, which were due to sunset on 1 October 2018, as the Therapeutic Goods Order No. 98 – Microbiological Standards for Medicines 2018 (TGO 98), with only minor amendments.

TGO 98 specifies the minimum microbiological requirements that a medicine must comply with throughout its shelf life.

Consistent with government best practice regulation requirements for sunsetting instruments, the TGA, after consultation, assessed the order as operating effectively and efficiently. Therefore, a Regulation Impact Statement was not required for the remaking this instrument without significant amendments.

Regulation Impact Statement – Department of Education and Training

On 4 September 2017, the Minister for Education and Training, under subsection 33(1) of the Education Services for Overseas Students Act 2000 (ESOS Act), made the National Code of Practice for Providers of Education and Training to Overseas Students 2018

The National Code sets nationally consistent standards and procedures for registered providers and for persons who deliver education services on behalf of registered providers. Key changes made in the 2018 revision to the Code seek to better support students by: