Regulation Impact Statement Updates

Reforms to raise the professional standard of financial advisers

28th July 2017

Independent reviews – The Treasury

On 23 November 2016, the then Treasurer introduced the Corporations Amendment (Professional Standards of Financial Advisers) Bill 2016.

The Bill amends the Corporations Act 2001 to raise the education, training and ethical standards of financial advisers by requiring relevant providers of personal advice to retail clients to hold minimum professional qualifications, and comply with a code of ethics.

The Parliamentary Joint Committee...

2017-18 Indigenous Employment Measures

Aust Gov

24th July 2017

Regulation Impact Statement – Department of Employment

On 9 May 2017, the Minister for Employment announced a package of measures to create better opportunities for Indigenous Australians to find work and accelerate progress toward Closing the Gap between employment outcomes for Indigenous and non-Indigenous Australians.

The measures seek to reduce barriers to greater Indigenous employment participation by improving job retention, encouraging youth educational attainment and...

Regulation to Establish Levy and Charges on Melons

Aust Gov

20th July 2017

Regulation Impact Statement – Department of Agriculture and Water Resources

On 28 November 2016, the Government announced changes to regulations to introduce a new mandatory melon levy and charge.

The changes commencing on 1 January 2017 will introduce a statutory levy and charge on all melons at a rate of 0.4 of a cent per kilogram for growers who sell more than 20 tonnes of melon a year. The aim of the levy and charge is to secure funding for research and development, and...

Working Holiday Makers

Aust Gov

18th July 2017

Regulation Impact Statement – Department of the Treasury

On 12 October 2016, the Government introduced legislation relating to reforms to working holiday makers regulations including:

applying a 19 per cent income tax rate to working holiday maker taxable income on amounts up to $37,000, with ordinary tax rates for taxable income exceeding this amount; and increasing the rate of the departing Australia superannuation payments tax to 95 per cent for working holiday makers,...

Horticulture Code of Conduct

Aust Gov

27th June 2017

Independent Review - Department of Agriculture and Water Resources

On 31 March 2017, the Deputy Prime Minister and Minister for Agriculture and Water Resources announced a new Horticulture Code of Conduct to take effect on 1 April 2017.

The Government requested an independent review be held in response to concerns raised on the effectiveness of the mandatory Trade Practices (Horticulture Code of Conduct) Regulations 2006 (Horticulture Code) on 3 June 2015. Such concerns...

National Injury Insurance Scheme: Motor Vehicle Accidents

COAG

22nd June 2017

COAG Decision Regulation Impact Statement – Standing Council on Federal Financial Relations

In March 2017, the Australian States and Territories agreed to implement a National Injury Insurance Scheme (NIIS) for people who have been catastrophically injured in motor vehicle accidents. The States and Territories further agreed to impose an agreed set of minimum benchmarks for these schemes.

The NIIS works alongside the National Disability Insurance Scheme (NDIS). It is intended...

Major Bank Levy

Aust Gov

20th June 2017

Regulation Impact Statement – Department of the Treasury

On 30 May 2017 the Treasurer introduced the Major Bank Levy Bill 2017.

The bill will introduce a levy on authorised deposit‑taking institutions (ADIs) with total liabilities of greater than $100 billion. The levy is imposed at a rate of 0.015 per cent on certain liabilities of the ADI that are reported to the Australian Prudential Regulation Authority on a quarterly basis. The levy will come into effect from 1 July 2017,...

New South Wales Container Deposit Scheme

COAG

15th June 2017

Consultation Regulation Impact Statement

The New South Wales Environment Protection Authority (EPA) has released for public consultation a Council of Australian Governments (COAG) regulation impact statement (RIS) examining permanent exemption from mutual recognition arrangements for the NSW Container Deposit Scheme (CDS).

The NSW CDS laws impose certain requirements on the sale of beverages that are not required in other jurisdictions or New Zealand that do not have a CDS. As...

Tea Tree Oil Levy

Aust Gov

7th June 2017

Regulation Impact Statement – Department of Agriculture and Water Resources

In the 2017/18 Budget the Government announced a levy on the tea tree oil industry consistent with its 2016 election commitment.

The levy will ensure all tea tree oil producers invest equitably in research and development (R&D), and provide industry with greater certainty about future R&D funding for investment in longer-term projects. It also provides the industry with a mechanism to...

Changes to My Health Record System

Aust Gov

1st June 2017

Regulation Impact Statement - Department of Health

The Government announced changes to its My Health Record system as part of the 2017-18 Budget. The My Health Record system will change to an opt-out model.

As a result of these changes, every Australian will have a My Health Record unless they prefer not to. Transition to opt-out participation will bring forward benefits to patients and medical service providers many years sooner than the current opt-in arrangements.

The...