Regulation Impact Statement Updates

Establishing a Telecommunications Universal Service Guarantee

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...

Consumers to have access to high-quality, comparable data on life insurance claims and disputes following introduction of new reporting standard for industry

Aust Gov

29th November 2018

Regulation Impact Statement – Australian Prudential Regulation Authority

A 2016 thematic review conducted by the Australian Securities and Investment Commission (ASIC) identified the need for better quality and more consistent and transparent data on life insurance claims and disputes. Previous published data gaps made it difficult for consumers to compare and assess declined claim rates and performance across providers, while insurers themselves were hampered in their ability to...

Treaty between Australia and the Democratic Republic of Timor-Leste Establishing their Maritime Boundaries in the Timor Sea

Aust Gov

29th November 2018

Regulation Impact Statement - Department of Foreign Affairs and Trade

On 28 November 2018, the Government introduced the Timor Sea Maritime Boundaries Treaty Consequential Amendments Bill 2018 and the Passenger Movement Charge Amendment (Timor Sea Maritime Boundaries Treaty) Bill 2018 as the first step towards that implementation of the Treaty between Australia and the Democratic Republic of Timor-Leste Establishing their Maritime Boundaries.

Finalising the implementation of a...

Paper Billing

COAG

29th November 2018

COAG Decision Regulation Impact Statement – Consumer Affairs Australia and New Zealand

On 26 October 2018, Consumer Affairs Ministers discussed options to prevent vulnerable or disadvantaged consumers being charged to receive paper bills. Ministers agreed to encourage businesses to increase the uptake of their existing fee exemption programs.

While many consumers may have the option to transition to digital bills, this is not the case for all consumers. Vulnerable and...