Official website for Published Impact Analyses for decisions announced by the Australian Government, Ministerial Forums and National Standard Setting Bodies.
On 5 February 2018, the Australian Prudential Regulation Authority (APRA) released its new Reporting Standard ARS 223.0 Residential Mortgage Lending (ARS223.0) for authorised deposit-taking institutions (ADIs)
On 21 March 2018, the Australian Prudential Regulation Authority (APRA) remade the Banking (Exemption) Order No. 82 in the Banking exemption No 1 of 2018.
The Banking exemption No 1 of 2018 provides a class exemption to enable overseas banks to raise funds in Australia by issuing securities without the need for prior APRA approval. These banks are required to disclose that the banks issuing these securities are not authorised under Banking Act 1959 (the Act), are not supervised by APRA and investments in these securities are not protected by depositor protection provisions or from potential loss due to the failure of these entities as provided through the Financial Claims Scheme in the Act.
On 20 March 2018, the Minister for Infrastructure and Transport remade the International Air Services Policy Statement No. 5 as the International Air Services Commission Policy Statement 2018 (the Policy Statement) under Section 11 of the International Air Services Commission Act 1992, without significant amendments.
On 9 March 2018, the Australian Building Codes Board (ABCB) released a Council of Australian Governments (COAG) Consultation Regulation Impact Statement (RIS) examining the impact of proposed changes to the energy efficiency requirements of the National Construction Code for commercial buildings (Class 3, 5-9 buildings and common areas of Class 2 buildings). The Consultation RIS has been assessed by the OBPR and complies with the COAG requirements for COAG Consultation RISs.
The consultation closes on Friday, 20 April 2018.
The RIS for consultation can be found on the ABCB website.
On 22 March 2018, the Australian Competition and Consumer Commission released a consultation Regulation Impact Statement (RIS) examining measures to improve quad bike safety. 114 deaths in Australia were attributed to quad bikes between 2011 and 2017 and four deaths to Side-by-Side vehicles (SSVs). In addition, approximately 2100-2500 injuries were recorded by hospitals across Australia attributable to quad bikes or SSVs. The RIS outlines proposed options for making quad bikes safer including a mandatory safety standard that:
adopts the US Standard and requires an additional rollover warning label
introduces a safety star rating system so safer vehicles get a higher rating
On 1 April 2018, the above mentioned legislative instruments were scheduled to sunset. However, the Department of Communications and the Arts has decided to remake these instruments with minor amendments.
These legislative instruments underpin the administration of the Australian Screen Production Incentive (ASPI). The ASPI is designed to support the screen industry in Australia and provides tax incentives for eligible screen productions.
On 21 March 2018 the Minister for the Environment and Energy tabled five management plans for 44 Australian Marine Parks in Parliament. The objectives of these plans are to provide for:
A Regulation Impact Statement (RIS) was prepared and certified by the Director of National Parks and has been assessed by the Office of Best Practice Regulation (OBPR) as compliant with the Government’s requirements and consistent with best practice.
The RIS has estimated that these management plans will reduce regulatory burden by $0.137 million per year. OBPR has agreed to this estimate.
The Council of Australian Governments (COAG) has agreed to the permanent exemption of the New South Wales (NSW) Container Deposit Scheme (CDS) from mutual recognition arrangements – implemented through the Mutual Recognition Amendment (NSW Container Deposit Scheme) Regulations 2017 and Trans‑Tasman Mutual Recognition (NSW Container Deposit Scheme) Regulations 2017.
In the 2017 Federal Budget, the Government announced changes to the Disability Employment Services (DES) Program, coming into effect on 1 July 2018.
Through the DES program the Australian Government invests around $800 million each year to assist people with disability, injury or health conditions to find and retain sustainable employment.
In response to recent decline in disability employment participation rates, changes will be made to the DES program. These changes aim to provide participants with more choice and control and are supported by financial arrangements that will better take into account the difficulty in achieving an employment outcome.
A Regulation Impact Statement (RIS) was prepared by the Department of Social Services and was assessed as compliant and consistent with best practice by the Office of Best Practice Regulation (OBPR).
On 6 March 2018, the Australian Prudential Regulation Authority (APRA) remade Prudential Standard LPS 230 Reinsurance (LPS 230) under subsection 230A(1) of the Life Insurance Act 1995, without significant amendment.