Regulation Impact Statement Updates
Official website for publishing regulatory impact analysis information for regulatory decisions announced by the Australian Government, COAG and COAG Councils.
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...
Youth Employment Package
Regulation Impact Statement – Department of Employment
The Government announced the Youth Employment Package in the 2016-2017 Budget.
The core of the package is a new Youth Jobs PaTH (Prepare – Trial – Hire) programme comprising employability skills training; work experience through an Australian Government supported internship; and a Youth Bonus wage subsidy providing an incentive to employers to hire eligible work ready young people. The Government introduced the Social...
Regulation Impact Statement – Department of Health
On 20 December 2016, the Therapeutic Goods Administration (TGA) within the Department of Health announced that products containing codeine will be available by prescription only. The change will commence on 1 February 2018.
The change in scheduling of products containing codeine from over-the-counter medicines (Schedule 2 and Schedule 3) to prescription medicines (Schedule 4) will mean that people who wish to use painkiller...
Duty Free Allowances – Cigarettes and Tobacco
Post-implementation Review – Treasury
In the 2012-13 Budget, the then Treasurer announced a reduction in the inbound duty-free allowance for cigarettes and tobacco from 250 cigarettes or 250 grams of tobacco to 50 cigarettes or 50 grams of other tobacco products, effective from 1 September 2012.
A Regulation Impact Statement was required at the time the decision was made, but exceptional circumstances were granted by the then Prime Minister. Consequently a post-implementation...
Managing the risks associated with lead in the workplace
COAG Decision Regulation Impact Statement
On 17 January 2017, Safe Work Australia announced the majority of state, territory and Commonwealth Ministers responsible for work health and safety supported the implementation of the preferred option in the Decision Regulation Impact Statement (RIS) through model work health and safety legislation.
This Decision RIS is the result of Safe Work Australia’s review of the current toxicological information and overseas trends in the...
Proposed vehicle emissions standards
Regulation Impact Statement for consultation – Department of Infrastructure and Regional Development
On 20 December 2016, the Minister for Urban Infrastructure and the Minister for the Environment and Energy announced proposals to implement new vehicle fuel efficiency standards for light vehicles and higher air pollution standards for cars, trucks and buses.
The proposals have been assessed by the Office of Best Practice Regulation (OBPR) as likely to have substantial impacts...
Changes to the Fair Work Act 2009
Post-Implementation Review – Department of Employment
In February 2013 and March 2013, the then Government announced a number of changes to the Fair Work Act 2009. A Regulation Impact Statement (RIS) was required for the changes, but the then Prime Minister granted an exemption to the Department from the RIS requirements on the basis of exceptional circumstances. As a result, under the Government’s best practice requirements, the Department of Employment was required to complete a...
Crowd Sourced Equity Funding
Regulation Impact Statement – Department of the Treasury
On 24 November 2016, the Government introduced the Corporations Amendment (Crowd-sourced Funding) Bill 2016. The Bill establishes a regulatory framework to facilitate crowd-sourced funding by small, unlisted public companies. The crowd-sourced funding (CSF) regime includes:eligibility requirements for a company to fundraise via CSF, including disclosure requirements for CSF offers; obligations of a CSF intermediary in...
Regional Broadband Scheme
Regulation Impact Statement for consultation – Department of Communications and the Arts
On 12 December 2016, the Department of Communications and the Arts released draft legislation for a package of reforms for the telecommunications industry. One part of the package proposes to implement a funding arrangement, the Regional Broadband Scheme (the Scheme), to provide ongoing funding for NBN Co Ltd’s (nbn’s) fixed wireless and satellite services (the non-commercial services) in regional...