Regulation Impact Statement Updates

Private Health Insurance Reform

17th May 2018

Regulation Impact Statement – Department of Health

On 28 March 2018, the Government introduced three Bills into the Parliament as part of implementing reforms to private health insurance announced by the Government on 13 October 2017.

The Private Health Insurance Legislation Amendment Bill 2018, the A New Tax System (Medicare Levy Surcharge – Fringe Benefits) Amendment (Excess Levels For Private Health Insurance Polices) Bill 2018 and the Medicare Levy Amendment (Excess Levels...

Comprehensive and Progressive Agreement for Trans-Pacific Partnership (TPP-11)

Aust Gov

14th May 2018

Independent Review (RIS-like process) – Department of Foreign Affairs and Trade

On 26 March 2018 the Government tabled the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (TPP-11). The TPP-11 Agreement incorporates the provisions of the Trans-Pacific Partnership (TPP) Agreement by reference, with the exception of a limited set of provisions which are suspended. The original TPP is a regional trade agreement between twelve countries, including Australia. However,...

Counterparty credit risk for Authorised Deposit-taking Institutions

Aust Gov

14th May 2018

Independent Review – Australian Prudential Regulation Authority

On 23 April 2018, the Australian Prudential Regulation Authority (APRA) released its revised prudential framework for counterparty credit risk for authorised deposit-taking institutions (ADI).

The revised Prudential Standard APS 112 Capital Adequacy: Standardised Approach to Credit Risk (APS 112) and Prudential Standard APS 180: Capital Adequacy: Counterparty Credit Risk (APS 180) implement the Basel Committee’s...

Lighting

COAG

14th May 2018

COAG Decision Regulation Impact Statement – COAG Energy Council

On 20 April 2018, the COAG Energy Council agreed to further improve lighting energy efficiency regulation by phasing out inefficient halogen light bulbs in Australia and introducing minimum standards for LED light bulbs in Australia and New Zealand in line with European Union (EU) standards.

The phase out will remove remaining incandescent light bulbs and a range of halogen light bulbs from the Australian market,...

Remaking of Sunsetting Instrument Without Significant Amendments

Aust Gov

20th April 2018

Aircraft Noise Regulations – Department of Infrastructure, Regional Development and Cities

On 29 March 2017, the Department of Infrastructure, Regional Development and Cities (the Department) remade the Air Navigation (Aircraft Noise) Regulations 1984, which were due to sunset on 1 April 2018, as the Air Navigation (Aircraft Noise) Regulations 2018, with only minor amendments.

The regulations prescribe the noise certification requirements that apply to aircraft for operation...

Remaking of Sunsetting Instrument Without Significant Amendments

Aust Gov

13th April 2018

Australian Grape and Wine Authority Regulations 1981 – Department of Agriculture and Water Resources

On 1 April 2018 the Department of Agriculture and Water Resources remade the Australian Grape and Wine Authority Regulations 1981 as the Wine Australia Regulations 2018 (the regulations) without significant amendment.

The regulations prescribe certain requirements relating to the export, presentation and labelling of wine, including the registration and use of geographic...

Consumer guarantee framework amendments

COAG

12th April 2018

COAG Consultation Regulation Impact Statement – Legislative and Governance Forum on Consumer Affairs

On 9 March 2018, the Australian Government Department of the Treasury released a Consultation Regulation Impact Statement (RIS) on behalf of Consumer Affairs Australia and New Zealand. The RIS explores possible options to amend the consumer guarantees within the Australian Consumer Law (ACL).

The ACL consumer guarantees regime provides a broad, principles-based system of...

REMAKING OF SUNSETTING INSTRUMENT WITHOUT SIGNIFICANT AMENDMENTS

Aust Gov

11th April 2018

Social Security (Assurances of Support) (FAHCSIA) Determination 2007

On 1 April 2018, the above mentioned determination was scheduled to sunset. However, the Department of Social Services decided to remake this Determination with minor amendments.

The remake of the Social Security (Assurances of Support) Determination 2018 will continue to specify requirements for Assurance of Support under the Social Security Act 1991. An Assurance of Support is an undertaking by an individual...

Residential mortgage reporting requirements for Authorised Deposit-taking Institutions

Aust Gov

10th April 2018

Regulation Impact Statement – Australian Prudential Regulation Authority

On 5 February 2018, the Australian Prudential Regulation Authority (APRA) released its new Reporting Standard ARS 223.0 Residential Mortgage Lending (ARS223.0) for authorised deposit-taking institutions (ADIs)

ARS 223.0 is a new reporting standard that requires all locally incorporated ADIs providing residential mortgage lending to report information on portfolio stock and new lending activity each quarter...

Remaking of sunsetting instrument without significant amendments

Aust Gov

10th April 2018

Banking exemption No 1 of 2018

On 21 March 2018, the Australian Prudential Regulation Authority (APRA) remade the Banking (Exemption) Order No. 82 in the Banking exemption No 1 of 2018.

The Banking exemption No 1 of 2018 provides a class exemption to enable overseas banks to raise funds in Australia by issuing securities without the need for prior APRA approval. These banks are required to disclose that the banks issuing these securities are not authorised under Banking Act...