Published Impact Analyses

Independent Review – Australian Competition and Consumer Commission (ACCC)

On 14 October 2016, the Australian Competition and Consumer Commission (ACCC) released its draft decision to extend declaration of the wholesale ADSL service for five years. The declaration means that the ACCC can set the price and other conditions that apply to Telstra in the supply of the wholesale ADSL service to other retail internet providers.

The draft decision notes that Telstra has a dominant position in supplying fixed-line ADSL broadband services and that the declaration will be in the long term interests of broadband consumers.

Post Implementation Review – Department of Education and Training

On 1 January 2014, the Australian Education Regulation 2013 came into effect, as subordinate legislation to the Australian Education Act 2013. The Act and the Regulation provide for Commonwealth funding to government and non-government schools.

While the conditions and requirements for funding remained largely unchanged from the previous legislative framework, the introduction of the new legislation included the following new requirements:

• prepare implementation plans; and
• put in place processes and procedures for enhancing principal and teacher performance and professional development.

A Regulation Impact Statements (RIS) was required for the new measures in accordance with the Government’s regulation requirements at that time. However, a compliant RIS was not provided, triggering the requirement to undertake a post-implementation review (PIR).

Australian Prudential Regulation Authority

The Australian Prudential Regulation Authority (APRA) remade Reporting Standards for Registered Financial Corporations (RFCs) under the Financial Sector (Collection of Data) Act 2001 (FSCODA) without amendments, on 23 September and 27 September 2016.

The Reporting Standards under FSCODA allow APRA to collect data about business activities of the RFCs, which is primarily used by Reserve Bank of Australia (RBA) and the Australian Bureau of Statistics (ABS) in performing their functions including producing publicly available reports.

Consistent with the Australian Government’s best practice regulation requirements for sunsetting instruments, APRA has assessed the operation of the Reporting Standards in consultation with affected stakeholders and has certified they are operating effectively and efficiently.

Regulation Impact Statement – Department of Education and Training

On 13 October 2016 the Government introduced the VET Student Loans Bill 2016 which proposes reforms to the Government’s Vocational Education and Training income contingent loan scheme. Proposed measures include:

Regulation Impact Statement – Australian Securities and Investments Commission

On 28 September 2016, the Australian Securities and Investments Commission (ASIC) released new guidance outlining the remaking of Class Order [CO 02/184], which provides conditional relief from the fundraising, managed investment, debenture and licencing provisions of the Corporations Act 2001 to charities and schools that wish to raise funds to assist them meet their objectives.

The Class Order was originally introduced to assist charitable entities and schools to achieve their fundraising objectives. The new Class Order imposes restrictions on short-term and at-call investments to limit reported incidents where investors were engaged in an unexpected level of risk as a result of some charitable entities pursuing higher risk ventures.

Regulation Impact Statement (RIS) – Department of the Treasury

On 1 September 2016, the Government introduced the Treasury Laws Amendment (Enterprise Tax Plan) Bill 2016. The bill reduces corporate tax rates, increases the small business income tax offset for unincorporated small businesses, and increases the small business annual turnover threshold from $2 million to $10 million.

The RIS prepared by the Treasury was compliant, but not consistent with best practice under the Government’s RIS requirements because:

Independent Review – The Treasury

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.

Australian Securities and Investments Commission

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.

Australian Securities and Investments Commission

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.

Australian Securities and Investments Commission

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).