Regulation Impact Statement Updates
Official website for publishing regulatory impact analysis information for regulatory decisions announced by the Australian Government, COAG and COAG Councils.
Remaking of Sunsetting Instrument Without Significant Amendments
Approved Occupational Clothing Guidelines – The Treasury
On 7 August 2017, the Minister for Revenue and Financial Services remade the legislative instrument Approved Occupational Clothing Guidelines, made under Division 34 of the Income Tax Assessment Act 1997, without significant amendment.
Division 34 sets out the rules and regulatory requirements for determining the tax deductibility for expenses on non-compulsory uniforms. Under Division 34, the design of a non-compulsory...
Coastal Shipping Regulation Amendments
Regulation Impact Statement – Department of Infrastructure and Regional Development
On 13 September 2017, the Government introduced the Coastal Trading (Revitalising Australian Shipping) Amendment Bill 2017, which is intended to reduce the regulatory burden of the existing Coastal Trading (Revitalising Australian Shipping) Act 2012 and expand coverage to certain additional activities, while maintaining its objectives.
The regulatory regime aims to ensure safe, secure and...
Remaking of Sunsetting Instruments Without Amendments
Australian Securities and Investments Commission
The Australian Securities and Investments Commission remade, without significant amendment, the ASIC Class Order CO 03/1063, ASIC Class Order CO 11/926, and ASIC Credit (Financial Counselling Agencies) Instrument 2015/992.
ASIC CO 03/1063 exempted financial counselling agencies from the requirement to hold an Australian financial services licence when providing certain types of financial product advice as part of their financial...
New Financial Sector Dispute Resolution and Complaints Framework
Independent Review – Department of the Treasury
On 14 September 2017, the Government introduced the Treasury Laws Amendment (Putting Consumers First – Establishment of the Australian Financial Complaints Authority) Bill 2017.
The Bill establishes a new external dispute resolution framework for the financial sector, including the creation of a ‘one-stop shop’ for all financial disputes (including superannuation disputes) – the Australian Financial Complaints Authority (AFCA...
Crowd Sourced Equity Funding for Proprietary Companies
Regulation Impact Statement – Department of the Treasury
On 14 September 2017 the Government introduced the Corporations Amendment (Crowd-sourced Funding for Proprietary Companies) Bill 2017 to Parliament.
The Bill amends the Corporations Act 2001 to extend the crowd-sourced equity funding framework to proprietary companies building on the Corporations Amendment (Crowd-sourced Funding) Act 2017 which implements the crowd-sourced equity funding framework for public companies....
Improvements to Agricultural Export Legislation
Regulation Impact Statement for Consultation – Department of Agriculture and Water Resources
On 25 August 2017, the Minister for Agriculture and Water Resources released for consultation a Regulation Impact Statement (RIS) on proposed reforms to agricultural export legislation, along with a consultation draft of the Export Control Bill.
The proposed reforms are intended to make the export legislative framework easier to understand, administer and use, and will help safeguard...
Replacement of Australian Recognised Trade Certificate Program
Regulation Impact Statement – Department of Education and Training
On 22 June 2017, the Government introduced legislation to repeal the Tradespersons’ Rights Regulation Act 1946 (TRR Act), the principal legislation underpinning the Australian Recognised Trade Certificate Program (ARTC Program). This was the final stage of replacing the ARTC Program with the Trades Recognition Service (TRS), originally agreed to in 2013 by the former Government and first recommended in 1998.
Anti-money laundering and counter-terrorism financing
Regulation impact statement – Attorney-General’s Department
On 17 August 2017, the Government introduced the Anti-Money Laundering and Counter-Terrorism Financing Amendment Bill 2017 to Parliament.
The Bill amends the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 and the Financial Transaction Reports Act 1988 to implement the first phase of recommendations arising from the Report on the statutory review of the Anti-Money Laundering and Counter-Terrorism...
Water trigger legislation
Post implementation review – Department of the Environment and Energy
On 1 March 2013, the then Prime Minister granted an exemption from Regulation Impact Statement (RIS) requirements due to exceptional circumstances in relation to options for amending the Environment Protection and Biodiversity Act 1999 to allow for the assessment of the impacts of coal seam gas and large coal mining developments on water resources (water trigger resources).
A post-implementation review (PIR)...
Thoroughbred Horse Breeding Levy
Regulation Impact Statement – Department of Agriculture and Water Resources
On 10 August 2017, the Deputy Prime Minister announced a levy for the thoroughbred horse industry consistent with its 2016 election commitment. The levy will commence on 1 September 2017.
The levy will give the industry greater certainty about investment in priority long-term research and development, targeting better disease control, stronger foals and horse welfare measures. The Government will...