Regulation Impact Statement Updates
Official website for publishing regulatory impact analysis information for regulatory decisions announced by the Australian Government, COAG and COAG Councils.
Automatic Fire Suppression Systems for Covered Balconies in Residential Buildings
COAG Decision Regulation Impact Statement – The Australian Building Codes Board
On 1 March 2017, the Australian Building Codes Board released the final Decision Regulation Impact Statement (RIS) which considers options to mandate automatic fire suppressions systems for covered balconies over 25 meters in effective height.
The issue in question is the risk to the safety of building occupants from a fire igniting on a balcony of a residential building, where the interior is...
Application of Temperature Control Requirements for Heated Water
Regulation Impact Statement for Consultation – Australian Building Codes Board
In March 2017, the Australian Buildings Codes Board (ABCB) released a Council of Australian Governments (COAG) Consultation Regulation Impact Statement (RIS) which considers whether current requirements for temperature control when replacing water heaters in private residences can be improved to further reduce the risk of scalding injuries and fatalities.
The Consultation RIS has been assessed by the...
Diverted Profits Tax
Regulation Impact Statement – Department of the Treasury
On 9 February 2017, the Government introduced the Diverted Profits Tax Bill 2017. The bill introduces a 40 per cent tax on diverted profits to encourage greater compliance by large multinational enterprises with their tax obligations in Australia.
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...
Remaking Of Sunsetting Instrument Without Significant Amendments
Australian Securities and Investments Commission
The Australian Securities and Investments Commission (ASIC) is remaking its Class Order [CO 03/217] Differential fees, which is scheduled to sunset on 1 April 2017, without significant amendments.
Under equal treatment requirements set out in Section 601FC(1)(d) of the Corporations Act 2001, responsible entities are prohibited from charging different fees to members of the same class. Subject to certain conditions, [CO 03/217]...
National Disability Insurance Scheme Quality and Safeguarding Framework
COAG Decision Regulation Impact Statement – COAG Disability Reform Council
On 9 December 2016, the Council of Australian Governments (COAG) endorsed a 2 September 2016 decision of the COAG Disability Reform Council to adopt a national quality and safeguarding framework to apply to providers of supports under the National Disability Insurance Scheme (NDIS).
The framework is intended to provide a level of consumer protection for participants in the NDIS and includes:an...
Changes to the National Quality Framework for Early Childhood Education and Care
COAG Decision Regulation Impact Statement – COAG Education Council
In January 2017, the COAG Education Council endorsed changes to the National Quality Framework (NQF) for Early Childhood Education and Care (ECEC) arising from the 2014 National Quality Agenda Review.
The most significant changes proposed are:A simplified and more transparent assessment and rating process for all services, which includes a revised National Quality Standard. Measures to improve...
Basel III Liquidity Requirements
Implementing the Net Stable Funding Ratio – Regulation Impact Statement – Australian Prudential Regulation Authority
On 20 December 2016, the Australian Prudential Regulation Authority (APRA) released the final revised Prudential Standard APS 210 Liquidity (APS 210) and Prudential Practice Guide APG 210 Liquidity (APG 210) which incorporates, among other things, the Net Stable Funding Ratio (NSFR) requirements for some authorised deposit-taking institutions (ADIs).
Explosives Regulation in Australia
COAG Decision Regulation Impact Statement – Safe Work Australia
In October 2016, a majority of Work Health and Safety ministers agreed to progress the development of nationally consistent approaches to four areas within existing explosives regulation. These four areas are the definition of explosives, the licensing framework, notification processes, and the explosives authorisation process.
A Decision Regulation Impact Statement (RIS) was prepared by Safe Work Australia and...
Prudential Standard APS 120: Securitisation
Independent Review – Australian Prudential Regulation Authority
On 10 November 2016, the Australian Prudential Regulation Authority (APRA) released its final revised standard on securitisation.
Securitisation involves selling a ‘pool’ of assets (typically loans) to a special purpose vehicle, which then obtains funding for these assets from the capital markets. As with loans and other exposures, Authorised Deposit-taking Institutions (ADIs) that choose to hold exposures to...
AASB 1058 Income of Not-for-Profit Entities
Independent Review – Australian Accounting Standards Board
On 9 December 2016, the Australian Accounting Standards Board (AASB) released AASB Standard 1058 Income of Not-for-Profit Entities.
The new Standard, which will come into effect on 30 June 2020, makes two major changes to improve the accuracy of not-for-profits’ reporting of their financial position.
Currently, not-for-profits report revenue as income when it is received and expenses when they are incurred. But...