Regulation Impact Statement Updates

Energy Efficiency Regulations for swimming pool pumps

18th January 2019

COAG Decision Regulation Impact Statement – COAG Energy Council

On 19 December 2018, the Council of Australian Governments Energy Council agreed, based on modelled benefits, that minimum energy performance standards (MEPS) and mandatory labelling would be introduced for swimming pool pumps.

The new regulations would commence with a low level MEPS and mandatory labelling requirement, and are expected to be introduced in 2020 - 12 months after Australian Standard AS 5102.1‑2009...

Single touch payroll for small business employers

Aust Gov

18th January 2019

Regulation Impact Statement – Department of the Treasury

On 28 March 2018, the Government introduced legislation to extend Single Touch Payroll reporting to all employers.

The measure requires small businesses with fewer than 20 employees to use Single Touch Payroll (STP) enabled software to provide digital real-time reporting of their Pay-As-You-Go Withholding tax obligations and superannuation guarantee (SG) contributions to the Australian Taxation Office. The obligation...

Strengthening Superannuation Member Outcomes

Aust Gov

18th January 2019

Independent Review - Australian Prudential Regulation Authority

On 12 December 2018, the Australian Prudential Regulation Authority (APRA) released its prudential framework ‘Strengthening Superannuation Member Outcomes’ for registrable superannuation entity (RSE) licensees.

The package consists of a new Prudential Standard SPS 515 Strategic Planning and Member Outcomes, new guidance in the form of Prudential Practice Guide SPG 515 Strategic and Business Planning and Prudential...

Establishing a Telecommunications Universal Service Guarantee

Aust Gov

12th December 2018

Regulation Impact Statement – Department of Communications and the Arts

On 5 December 2018, the Government announced details of the Universal Service Guarantee (USG).

The USG will use the National Broadband Network (NBN) to ensure all Australian homes and businesses have access to broadband services, and will retain the current Universal Service Obligation (USO) arrangements, using the Telstra copper and wireless networks in rural and remote Australia for the provision of voice...

Extension of licensing relief for Foreign Financial Services Providers

Aust Gov

11th December 2018

Foreign Financial Services Provider (FFSP) relief instruments - Australian Securities and Investment Commission

On 21 September 2018 the Australian Securities and Investment Commission (ASIC) extended the following instruments, without significant amendments, for a period of 12 months until 30 September 2019:

ASIC Corporations (Repeal and Transitional) Instrument 2016/396; ASIC Corporations (Foreign Financial Service Providers—Limited Connection) Instrument 2017/182; and ASIC...

Phoenixing – Restriction of Creditor Voting Rights

Aust Gov

7th December 2018

Regulation Impact Statement - Department of the Treasury

On 05 December 2018, the Government made the Insolvency Practice Rules (Corporations) amendment (Restricting Related Creditor Voting Rights) Rules 2018 to amend the Insolvency Practice Rules 2016 (Rules) to combat illegal phoenixing by limiting the ability of phoenix operators to ‘stack’ votes on certain resolutions at creditors’ meetings.

Illegal phoenixing involves stripping and transferring assets from one company to...

Prohibiting energy market misconduct

Aust Gov

7th December 2018

Regulation Impact Statement - Department of the Treasury

On 5 December 2018, the Government introduced the Treasury Laws Amendment (Prohibiting Energy Market Misconduct) Bill 2018 to establish a legislative framework to address misconduct identified by the Australian Competition and Consumer Commission’s (ACCC) Electricity Price Monitoring Inquiry.

The legislative framework prohibits conduct by electricity corporations which is detrimental to competition or to consumer welfare...

Retailer Reliability Obligation

COAG

30th November 2018

COAG Consultation Regulation Impact Statement – COAG Energy Council

On 30 November 2018, the Energy Security Board, on behalf of the Council of Australian Governments (COAG) Energy Council released an impact assessment of the Retailer Reliability Obligation (RRO) for the National Electricity Market (NEM). This document, along with the Consultation on Retailer Reliability Obligation Legislative Amendments released by the Energy Security Board and the previous COAG Consultation RIS on...

National Consumer Protection Framework for online wagering in Australia

COAG

30th November 2018

COAG Decision Regulation Impact Statement – Commonwealth, state and territory governments

On 26 November 2018, Commonwealth, state and territory governments formally committed to the National Consumer Protection Framework (National Framework) for online wagering in Australia.

The National Framework has been developed in response to the recommendations made in the 2015 Review of Illegal Offshore Wagering. The National Framework provides 10 consumer protection measures, which...

Ticket Reselling

COAG

30th November 2018

Decision Regulation Impact Statement – Legislative and Governance Forum on Consumer Affairs

On 26 October 2018, the Legislative and Governance Forum on Consumer Affairs agreed to apply disclosure requirements to event ticket resale websites.

The proposal requires ticket resale websites to disclose the face value of tickets and the fact that the website is not a primary ticket seller. This will ensure consumers can make an informed decision about whether to buy tickets from...