Regulation Impact Statement Updates

Due to truly urgent and unforeseen events related to the spread of COVID-19, the Prime Minister has granted an exemption from the need to complete regulatory impact analysis in the form of Regulation Impact Statements (RISs) for all urgent and unforeseen Australian Government measures made in response to COVID-19. Australian Government Departments and Portfolio Agencies are encouraged to contact the Office of Best Practice Regulation to confirm applicability, as this exemption may not apply...

Improvements to the authorised maximum daily quantity (AMDQ) for the Victorian Declared Wholesale Gas Market (DWGM)

COAG

COAG Decision Regulation Impact Statement – Australian Energy Market Commission

On 12 March 2020, the Australian Energy Market Commission (AEMC) released a final rule determination that amends the National Gas Rules to replace the current authorised maximum daily quantity (AMDQ) regime in the Victorian declared wholesale gas market (DWGM) with a new entry and exit capacity certificates regime. These certificates can be purchased by market participants at an auction run by AEMO to gain...

Simplified wholesale pricing arrangements for the Victorian Declared Wholesale Gas Market (DWGM)

COAG

requiring that when the Australian Energy Market Operator (AEMO) produces pricing schedules, which determine market prices, it takes into account transmission...

COAG Decision Regulation Impact Statement – Australian Energy Market Commission

On 12 March 2020, the Australian Energy Market Commission (AEMC) released a final rule determination that amends the National Gas Rules to simplify wholesale pricing in relation to the Victorian Declared Wholesale Gas Market (DWGM) by:

Changes to home care subsidy payment administration

Independent Review – Department of Health

On 27 February 2020, the Government introduced the Aged Care Legislation Amendment (Improved Home Care Payment Administration No. 1) Bill 2020.

The purpose of the Bill is to change the payment of home care subsidy to approved providers from being paid in advance to being paid in arrears. Payment of subsidy in arrears is intended to introduce a more contemporary business practice into home care subsidy payment arrangements and bring...

Optimisation of arrangements in the 3400-3575 MHz band

Independent Review – Australian Communications and Media Authority

On 28 November 2019, the Australian Communications and Media Authority (ACMA) announced its plans to optimise arrangements for the 3400-3575 MHz band.

Over time the current arrangements have resulted in a fragmented use of spectrum in this band. Defragmentation is expected to result in a more efficient use of the spectrum while reducing network deployment costs. The optimisation will also enable ACMA to make...

Standardised Measurement Approach to Bank Operational Risk

Independent Review – Australian Prudential Regulation Authority

On 17 January 2020, the Australian Prudential Regulation Authority (APRA) determined Prudential Standard APS 115 Capital Adequacy: Standardised Measurement Approach to Operational Risk to replace the existing prudential standard for authorised deposit-taking institutions (ADIs) — which includes banks — on Advanced Measurement Approaches to Operational Risk effective from 1 January 2021. The new standard will also replace...

Mobile porting fraud

Regulation Impact Statement – Australian Communications and Media Authority (ACMA)

On 28 February, the ACMA announced new measures to fight mobile number fraud.

Mobile number portability allows customers to change their telecommunications provider without changing their mobile phone number. Scammers have used stolen identity information to fraudulently port mobile numbers, enabling them to complete security verification for linked accounts such as banking or social media....

Wind-up of Eligible Rollover Funds

Independent Review – The Treasury

On 6 February 2020, the Government introduced Treasury Laws Amendment (Reuniting More Superannuation) Bill 2020, which seeks to facilitate the closure of Eligible Rollover Funds (ERFs) by 30 June 2021 and enable the Commissioner of Taxation to reunite amounts he or she receives from ERFs with a superannuation fund member's active account.

An ERF is a fund that is eligible to receive benefits rolled over from another superannuation fund without...

Short Term Forward Market for electricity derivatives

COAG