Regulation Impact Statement Updates

Prohibiting energy market misconduct

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...

Gift Card Expiry Dates

COAG

29th November 2018

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

The Legislative and Governance Forum on Consumer Affairs has endorsed an Australian Government proposal to amend the Australian Consumer Law to regulate the expiry period for retail gift cards and vouchers. The Treasury Laws Amendment (Gift Cards) Act 2018 has been passed by the Parliament and was given Royal Assent on 26 October 2018. It will apply to gift cards supplied on or after 1 November...

Consumer Guarantees

COAG

29th 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 amendments to the consumer guarantees framework within the Australian Consumer Law (ACL).

The amendments arise from a review of the ACL that found the ACL to be generally beneficial and fit-for-purpose, but there were some ongoing difficulties with the operation of the consumer guarantee provisions....

Tax treatment of stapled structures

Aust Gov

28th November 2018

Regulation Impact Statement – Department of the Treasury

On 20 September 2018, the Government introduced legislation to protect the integrity of Australia’s corporate tax system by addressing risks posed by stapled structures and similar arrangements. The package implements the measures announced in the then Treasurer’s press release of 27 March 2018 (with respect to the staples integrity measures) and addresses the Government’s previous announcements on managed investment trusts (...