Regulation Impact Statement Updates
Official website for publishing regulatory impact analysis information for regulatory decisions announced by the Australian Government, COAG and COAG Councils.
Extractive Industries Transparency Initiative
Regulation Impact Statement – Department of Industry, Innovation and Science
On 6 May 2016, the Government announced that Australia would join the Extractive Industries Transparency Initiative (EITI), an international standard for increased transparency and accountability in the oil, gas and mining sectors.
The EITI provides a global standard for extractive industry companies to publish what they pay to governments, and for governments to disclose what they receive, in the form of taxes, royalties and other statutory payments.
Under the Australian Government’s preferred model for implementing the EITI, large entities will be required to report payments above a pre-determined payment threshold, with industry coverage varying in inverse proportion to the threshold. However, government bodies will report all aggregated payments received. This approach recognises that Australia already has robust reporting mechanisms and compliance arrangements that apply to the extractive industries. As such, it proposes to focus on gaps and localised opportunities for enhanced transparency and effectiveness, rather than examining and reconciling all individual payment data, given Australia’s particular circumstances.
A Regulation Impact Statement (RIS) was prepared by the Department of Industry, Innovation and Science and was assessed as compliant and consistent with best practice by the Office of Best Practice Regulation.
The RIS estimates the proposals will increase regulatory burden by $120,000 per annum. The OBPR agreed to the regulatory costs and offsets.