Published Impact Analyses

Regulation Impact Statement – Department of Agriculture and Water Resources

On 10 August 2017, the Deputy Prime Minister announced a levy for the thoroughbred horse industry consistent with its 2016 election commitment.  The levy will commence on 1 September 2017.

The levy will give the industry greater certainty about investment in priority long-term research and development, targeting better disease control, stronger foals and horse welfare measures.  The Government will match the industry's contributions up to $400,000 per year.

Private Health Insurance (Lifetime Health Cover) Rules – Department of Health

On 27 March 2017, the Department of Health remade the Private Health Insurance (Lifetime Health Cover) Rules 2017 (the Rules).  

The Rules set out administrative matters relating to lifetime health cover, such as the categories of people who are taken to have hospital cover and the provision for suspension of hospital cover.  The Rules set out the notification of information requirements for adult insured persons, adults who apply for hospital cover, and information given by one private health insurer to another.  The Rules also provide for the kinds of conclusive evidence of hospital cover or age.

AusCheck Regulations 2017 – Attorney-General’s Department

On 27 July 2017, the Attorney‑General’s Department (the department) remade the AusCheck Regulations 2007 (the regulations) without significant amendments. On 1 August 2017, the AusCheck Regulations 2007 will be repealed and replaced by the AusCheck Regulations 2017.

The regulations outline the administrative processes that AusCheck will use to carry out its functions of conducting and coordinating background checks for individuals who require access to secure areas of airports, seaports and facilities that handle security sensitive biological agents.

Consistent with the Government’s best practice regulation requirements for sunsetting instruments, the department, after consulting stakeholders, has assessed that the regulations are operating effectively and efficiently.

Post-implementation Review – Department of the Treasury

On 27 June 2012, the Corporations Amendment (Future of Financial Advice) Act 2012 received royal assent. The Treasury was required to prepare a Post-implementation Review (PIR) in relation to five measures introduced as part of the Future of Financial Advice reforms because an adequate Regulation Impact Statement was not prepared at the time. The five measures were:

• a ban on up-front and trailing commissions and like payments for both individual and group risk insurance within superannuation;

• a requirement for advisers to renew client agreement to ongoing advice fees every two years (opt-in);

• a ban on soft dollar benefits over $300;

Regulation impact statement – The Treasury

On 2 December 2016, the Government announced changes to the wine equalisation tax (WET) rebate. On 22 June 2017, the Government introduced the Treasury Laws Amendment (2017 Measures No. 4) Bill 2017 to Parliament.

Class Order for credit union member shares – Australian Securities and Investments Commission

On 11 July 2017, the Australian Securities and Investments Commission (ASIC) remade the Class Order (CO 02/1176) without significant amendment in ASIC Corporations (Credit Union Member Shares) Instrument 2017/616 (the instrument).  

The instrument continues relief to credit unions from holding Australian financial services licences and providing financial disclosure requirements for the provision of financial product advice in relation to the issue of member shares. The instrument also continues relief from the requirement to confirm transactions of member shares under section 1017F of the Corporations Act 2011.

Independent reviews – The Treasury

On 23 November 2016, the then Treasurer introduced the Corporations Amendment (Professional Standards of Financial Advisers) Bill 2016.  

The Bill amends the Corporations Act 2001 to raise the education, training and ethical standards of financial advisers by requiring relevant providers of personal advice to retail clients to hold minimum professional qualifications, and comply with a code of ethics.

Regulation Impact Statement – Department of Employment

On 9 May 2017, the Minister for Employment announced a package of measures to create better opportunities for Indigenous Australians to find work and accelerate progress toward Closing the Gap between employment outcomes for Indigenous and non-Indigenous Australians.

The measures seek to reduce barriers to greater Indigenous employment participation by improving job retention, encouraging youth educational attainment and employment participation, and supporting ex-offenders and parents into the labour market. A key principle of the package is to build the capacity of Indigenous communities, employers and employment service providers to contribute to achieving parity in employment outcomes for Indigenous Australians.

Regulation Impact Statement – Department of Agriculture and Water Resources

On 28 November 2016, the Government announced changes to regulations to introduce a new mandatory melon levy and charge.

The changes commencing on 1 January 2017 will introduce a statutory levy and charge on all melons at a rate of 0.4 of a cent per kilogram for growers who sell more than 20 tonnes of melon a year. The aim of the levy and charge is to secure funding for research and development, and biosecurity preparedness activities.

The Department of Agriculture and Water Resources prepared and certified a Regation Impact Statement (RIS) was prepared, and certified by, the Department of Agriculture and Water Resources. The Office of Best Practice Regulation (OBPR) assessed the RIS as compliant and consistent with best practice.

The RIS estimates the measure will increase total regulatory costs by $1000 a year on average. The OBPR agreed to the estimate.

Regulation Impact Statement – Department of the Treasury

On 12 October 2016, the Government introduced legislation relating to reforms to working holiday makers regulations including:

• applying a 19 per cent income tax rate to working holiday maker taxable income on amounts up to $37,000, with ordinary tax rates for taxable income exceeding this amount; and

• increasing the rate of the departing Australia superannuation payments tax to 95 per cent for working holiday makers, reducing the visa application charge for Subclass 417 (Working Holiday) visas and Subclass 462 (Work and Holiday) visas from $440 to $390, and increasing the passenger movement charge from $55 to $60.