Published Impact Analyses

Regulation Impact Statement – Department of the Treasury

On 24 November 2016, the Government introduced the Corporations Amendment (Crowd-sourced Funding) Bill 2016. The Bill establishes a regulatory framework to facilitate crowd-sourced funding by small, unlisted public companies. The crowd-sourced funding (CSF) regime includes:

• eligibility requirements for a company to fundraise via CSF, including disclosure requirements for CSF offers;

• obligations of a CSF intermediary in facilitating CSF offers;

• the process for making CSF offers;

• rules relating to defective disclosure as part of a CSF offer;

• investor protection provisions; and

Regulation Impact Statement for consultation – Department of Communications and the Arts

On 12 December 2016, the Department of Communications and the Arts released draft legislation for a package of reforms for the telecommunications industry. One part of the package proposes to implement a funding arrangement, the Regional Broadband Scheme (the Scheme), to provide ongoing funding for NBN Co Ltd’s (nbn’s) fixed wireless and satellite services (the non-commercial services) in regional areas.

Regulation Impact Statement – Department of Communications and the Arts

On 2 December 2016 the Minister made the Carrier Licence Conditions (Networks supplying Superfast Carriage Services to Residential Customers) Declaration 2014 (Amendment No. 1 of 2016) (the Declaration).

The Declaration extends to 30 June 2018. It was first made in 2014 to impose functional separation and wholesale supply obligations on certain new superfast networks with a view to supporting competition. The Declaration also includes new reporting measures to improve transparency.

Regulation Impact Statement – Department of Employment

On 13 October 2016 the Government introduced the Seafarers and Other Legislation Amendment Bill 2016, Seafarers Safety and Compensation Levies Bill 2016 and the Seafarers Safety and Compensation Levies Collection Bill 2016.

The Bills would clarify the coverage of the Seacare scheme, update the scheme’s work health and safety and workers’ compensation arrangements and provide more efficient and effective governance of the scheme.

A Regulation Impact Statement (RIS) was prepared and certified by the Department of Employment and has been assessed as compliant and best practice by the Office of Best Practice Regulation (OBPR).

The RIS estimates that the preferred option will have an annual average regulatory cost of $0.095 million per year, and identifies regulatory offsets.

Sunsetting Instrument – Department of Employment

The Independent Contractors Regulations 2007 were scheduled to sunset on 1 April 2017 in accordance with the Legislative Instruments Act 2003. On 8 December 2016, the regulations were repealed and replaced by the Independent Contractors Regulation 2016.

The Independent Contractors Act 2006 and the accompanying regulations protect the freedom of contractors to enter into contracting arrangements.

COAG Decision Regulation Impact Statement – Council of Australian Governments

On 2 May 2014, the Council of Australian Governments (COAG) agreed that all governments would investigate ways the model Work Health and Safety (WHS) laws could be improved.

The Decision RIS considers four areas of the WHS laws identified by COAG for investigation: director’s liability, roles and functions of union officials and health and safety representatives under the model WHS laws, model Codes of Practice, and whether the current WHS system reflects best practice.

Attorney General’s Department

On 21 November 2016, the Attorney General’s Department wrote to the Office of Best Practice Regulation (OBPR) advising that the authority to certify Regulation Impact Statements (RISs) will be delegated to Senior Executive Service (SES) level officers in the department.

This is consistent with arrangements to improve flexibility in the RIS process by allowing agencies to delegate the certification authority to any Senior Executive Services (SES) level officers.

To ensure transparency, the certification to delegate authority has been published on the OBPR website, and can be found below.

COAG Consultation Regulation Impact Statement – COAG Energy Council

On 24 November 2016, the Council of Australian Governments (COAG) Energy Council released a Regulation Impact Statement (RIS) for consultation examining ways to improve the energy efficiency of residential and commercial lighting in Australia and New Zealand.

The Consultation RIS examines the adequacy of existing regulations on incandescent and halogen lamps, self-ballasted compact fluorescent lamps, double-capped fluorescent lamps and ballasts for fluorescent lamps. Additionally, it considers placing mandatory minimum energy performance requirements on light emitting diode (LED) lamp technology and non-integrated commercial luminaires.

The consultation period closes on 24 February 2017.

Regulation Impact Statement- Australian Prudential Regulation Authority

On 17 October 2016, the Australian Prudential Regulation Authority (APRA) released the financial prudential standard for margining and risk mitigation for non-centrally cleared derivatives.

Regulation Impact Statement – The Treasury

On 12 October 2016, the Treasurer introduced the Register of Foreign Ownership of Agricultural Land Amendment (Water) Bill 2016. The bill would establish a Register of Foreign Ownership of Water Entitlements.

A Regulation Impact Statement (RIS) was prepared and certified by the Treasury under the Australian Government’s best practice regulation requirements. The Office of Best Practice Regulation (OBPR) assessed the RIS as compliant and consistent with best practice.

The RIS estimates the measure will increase regulatory costs by $0.1 million per year. The OBPR agreed to the estimate.