Official website for Published Impact Analyses for decisions announced by the Australian Government, Ministerial Forums and National Standard Setting Bodies.
On 30 November 2017, the Australian Prudential Regulation Authority released its revised framework to allow mutually owned authorised deposit-taking institutions (ADIs) to directly issue instruments that may be included in Common Equity Tier 1 (CET1) capital.
On 7 December 2017, the Australian Prudential Regulation Authority released its revised prudential framework for large exposures of authorised deposit-taking institutions (ADI).
The revised Prudential Standard APS 221 Large Exposures implements the Basel large exposure framework with adjustments to reflect Australian conditions. The framework aims to limit the impact of losses when a large counterparty defaults, and to restrict the potential for problems in one entity from spreading across the financial system. Revisions, reflecting the revised framework, have also been made to the reporting standard, Reporting Standard ARS 221.0 Large Exposures.
On 19 October 2017 the Government introduced the Bankruptcy Amendment (Enterprise Incentives) Bill 2017 to make changes to bankruptcy laws aimed at reducing the stigma of bankruptcy and fostering greater entrepreneurship. The changes were originally announced by the Prime Minister on 7 December 2015 as part of the National Innovation and Science Agenda.
On 5 October 2017 the Assistant Minister for Agriculture and Water Resources announced improvements to the Illegal Logging Prohibition Regulation 2012, aimed at removing unnecessary costs on the regulated community from the current due diligence requirements.
The changes will streamline and simplify arrangements for importers or processors of timber products certified under the Forest Stewardship Council (FSC) and Programme for the Endorsement of Forest Certification (PEFC) schemes.
A Regulation Impact Statement (RIS) was prepared by the Department of Agriculture and Water Resources, and was assessed as compliant and consistent with best practice by the Office of Best Practice Regulation (OBPR).
The Department estimates the revised framework will reduce regulatory costs by $4.2 million a year. The OBPR agreed to this estimate.
On 7 December 2017, the Government introduced the Treasury Laws Amendment (Enhancing Whistleblower Protections) Bill 2017 to amend the whistleblower protections in the Corporations Act 2001, so that a single strengthened whistleblower protection regime covers the corporate, financial and credit sectors.
Whistleblower protection regimes aim to encourage individuals with internal knowledge of an organisation to disclose wrongdoing. The proposed changes respond to concerns the existing regime has gaps in coverage, and has inadequate and unclear protections. The proposal will primarily affect companies and other entities that will be required to develop whistleblower policies and/or potentially deal with greater whistleblowing activity.
On 7 December 2017 the Government introduced the Export Control Bill 2017 into the Senate.
The Bill consolidates existing export-related provisions into a new agricultural export legislative framework. The Bill seeks to make the export legislative framework easier to understand, administer and use, and help safeguard Australia’s reputation as a reliable, high-quality source of exports for trading partners.
A Regulation Impact Statement was prepared by the Department of Agriculture and Water Resources, and was assessed as compliant and consistent with best practice by the Office of Best Practice Regulation.
The Department estimates the revised framework will reduce regulatory costs by $388,000 a year.
On 7 December 2017, the Government introduced the Security of Critical Infrastructure Bill 2017 to Parliament.
On 1 October 2017, the above legislative instrument was scheduled to sunset. However the Department of Employment has decided to remake the instrument as the Safety, Rehabilitation and Compensation (Specified Diseases and Employment) Instrument 2017, with minor amendments.
On 16 November 2017, the Australian Government Department of the Treasury released a Consultation Regulation Impact Statement (RIS) on behalf of the Council of Australian Governments (COAG) Legislative and Governance Forum on Consumer Affairs. The RIS explores possible options to reduce consumer detriment arising from ticket reselling for live performance and sporting events in Australia.
Although ticket reselling can provide a consumer benefit, a number of detriments can also occur. These include inflated prices, misleading information affecting informed choice, scams and fraud. Potential options canvassed in the Consultation RIS range from a consumer education campaign through to a national prohibition on ticket reselling.
On 21 November 2017, the Australian Government Department of the Treasury released a Consultation Regulation Impact Statement (RIS) on behalf of the Council of Australian Governments (COAG Legislative and Governance Forum on Consumer Affairs. The RIS explores possible options to improve outcomes and protections for consumers who pay paper billing fees.