Official website for Published Impact Analyses for decisions announced by the Australian Government, Ministerial Forums and National Standard Setting Bodies.
On 11 February 2016, the then Minister for Small Business and Assistant Treasurer introduced a bill into Parliament that restricts the commissions that financial advisers receive when selling life insurance products.
The changes are intended to better align the interests of financial advisers and consumers.
The Australian Securities and Investments Commission (ASIC) remade Class Order 02/281 ASX Dematerialised securities traded on Austraclear without significant amendments, on 19 September 2016.
The purpose of Class Order 02/281 is to ensure the equal legislative treatment of e-notes (including electronic certificates of deposit) and e-bills traded on Austraclear Limited to that of their respective paper-based equivalents, promissory notes (including certificates of deposit) and bills of exchange.
Consistent with the Australian Government’s best practice regulation requirements for sunsetting instruments, ASIC has assessed the operation of the Class Order in consultation with affected stakeholders and has certified that it is operating effectively and efficiently.
On 22 September 2016, The Australian Securities and Investments Commission (ASIC) extended seven Class Orders for Foreign Financial Services Providers (FFSPs), collectively known as the FFSP Instruments, without significant amendments for a period of 24 months to allow sufficient time for ASIC to consider all relevant findings from external reviews and inquiries on the settings of the relief provided by these Class Orders.
The Australian Securities and Investments Commission (ASIC) remade seven Class Orders as one instrument, the ASIC Corporations (Serviced Apartment and Like Schemes) Instrument 2016/869, without significant amendments, on 19 September 2016.
Class Order 99/463, Class Order 02/185, Class Order 02/245, Class Order 02/303, Class Order 02/304, Class Order 02/305 and Class Order 07/189 collectively provide conditional relief to the serviced strata and management rights scheme operators, from complying with the managed investments and associated provisions contained within the Corporations Act 2001 (Corporations Act).
The Do Not Call Register Regulations 2006 are being remade without significant amendment. The regulations are made under the Legislative Instruments Act 2003 and are scheduled to sunset on 1 April 2017.
The Do Not Call Register is a secure database where individuals and some organisations can register, check or remove their Australian telephone number to opt out of receiving most unsolicited telemarketing calls.
The Department of Communications and the Arts has certified that the instrument in consultation with affected stakeholders is operating effectively and efficiently. In accordance with the Government’s best practice regulation requirements where a Department has certified that an instrument is operating effectively and efficiently a Regulation Impact Statement is not required for the instrument to be remade.
On 22 August 2016 the Deputy Prime Minister and Minister for Agriculture and Water Resources announced the commencement of a public consultation process on proposed reforms to the regulation of imported food. A Regulation Impact Statement (RIS) has been prepared by the Department of Agriculture and Water Resources for consultation. The RIS was subject to an early assessment by the Office of Best Practice Regulation. The preferred option in the RIS would include changes to primary (and consequential subordinate) legislation to: mandate evidence of supply chain assurance for certain foods; broaden emergency powers; increase powers to monitor for new and emerging risks; recognise a foreign country’s food safety regulatory system; and harmonise the Imported Food Control Act 1992 with domestic food legislation where applicable – including requiring traceability.
On 31 August 2016, the Government introduced the Customs Tariff Amendment (Tobacco) Bill 2016 and the Excise Tariff Amendment (Tobacco) Bill 2016. The bills increase the rate of excise-equivalent customs duty on tobacco and tobacco products through a series of four annual increases of 12.5 per cent, commencing on 1 September 2017. A Regulation Impact Statement (RIS) was prepared and certified by the Treasury, and was assessed as compliant and consistent with best practice by the Office of Best Practice Regulation (OBPR). The RIS estimates the regulatory cost at $300,000 a year. The OBPR has agreed to the increase in regulatory cost.