Official website for Published Impact Analyses for decisions announced by the Australian Government, Ministerial Forums and National Standard Setting Bodies.
The Transport Canberra and City Services Directorate (TCCS) of the Australian Capital Territory (ACT) Government has released for public consultation a Council of Australian Governments (COAG) regulation impact statement (RIS) examining permanent exemption from mutual recognition arrangements for the ACT Container Deposit Scheme (CDS).
On 18 November 2017, the Minister for Urban Infrastructure approved the Australian Design Rule 33/01 – Brake Systems for Motorcycles and Mopeds. Advanced braking systems (such as Anti-lock Braking Systems (ABS) and Combined Braking Systems (CBS) will be required to be fitted to new bikes from November 2019.
The option to mandate ABS/CBS is estimated to deliver net benefits of $1.62 billion over 35 years due mainly to the number of lives saved (587) and reduced road trauma.
In the 2017-18 Budget, the Government announced that it would extend the $20,000 instant asset write-off by 12 months to 30 June 2018 for small businesses with aggregated annual turnover less than $10 million.
The Treasury Laws Amendment (Accelerated Depreciation for Small Business Entities) Bill 2017 was introduced on 25 May 2017.
The Bill amends the Income Tax Assessment Act 1997, the Income Tax (Transitional Provisions) Act 1997 and the Tax Laws Amendment (Small Business Measures No. 2) Act 2015 to implement the 2017-18 Budget announcement.
An independent review was prepared and certified by the Treasury as meeting the standards of a RIS. The Office of Best Practice Regulation (OBPR) does not assess the quality of independent reviews.
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.