Regulation Impact Statement Updates

Anti-money laundering and counter-terrorism financing

4th February 2020

On 17 October 2019, the Government introduced the Anti Money Laundering and Counter Terrorism Financing and Other Legislation Amendment Bill 2019 to Parliament.

The Bill amends the Anti-Money Laundering and Counter‑Terrorism Financing Act 2006 and the Criminal Code 1995, to implement the second phase of reforms in response to the recommendations of the Report on the statutory review of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 and associated Rules and...

Japan Australia Economic Partnership Agreement (JAEPA) Post-Implementation Review

Post-implementation Reviews

3rd February 2020

On April 7 2014, then Prime Minister Tony Abbot and Prime Minister Shinzo Abe announced the conclusion of negotiations on the Japan-Australia Economic Partnership Agreement (JAEPA). This agreement was signed on 8 July 2014, and came into force on 15 January 2015.

A Regulation Impact Statement (RIS) was prepared by the Department of Foreign Affairs and Trade to support the decision to endorse the signing of the JAEPA. As this regulatory change was assessed as being highly significant,...

Bank Credit Risk Management

Aust Gov

30th January 2020

Independent Review – Australian Prudential Regulation Authority

On 12 December 2019, the Australian Prudential Regulation Authority (APRA) released a new prudential standard for banks and other authorised deposit-taking institutions (ADIs), Prudential Standard APS 220 Credit Risk Management, to replace Prudential Standard APS 220 Credit Quality from January 2021.

The standard places a requirement on ADIs to control credit risk by adopting prudent credit risk management policies...

Clarifying eligibility for origin claims in the Complementary Medicines Sector

COAG

24th January 2020

Non-compliance with COAG’s best practice regulation requirements – Legislative and Governance Forum on Consumer Affairs (CAF)

On 12 December 2019, the Legislative and Governance Forum on Consumer Affairs (CAF) agreed interim and on-going measures to allow complementary medicines which meet certain Australian manufacturing eligibility requirements to make an Australian origin claim, and to have access to the Australian Made, Australian Grown (AMAG) logo. Further details can be found in...

Better Targeting the Research and Development (R&D) Tax Incentive

Aust Gov

14th January 2020

Regulation Impact Statement – Department of the Treasury

On 5 December 2019, the Treasurer introduced the Treasury Laws Amendment (Research and Development Tax Incentive) Bill 2019, which implements a revised version of the Better targeting the research and development tax incentive measure announced in the 2018-19 Budget and introduced into the previous Parliament in September 2018.

The 2018 Bill was accompanied by a Regulation Impact Statement (RIS) that had been assessed by...

Addressing prescription opioid use and misuse in Australia

Aust Gov

14th January 2020

Independent Review – Therapeutic Goods Administration

On 12 December 2019, the Therapeutic Goods Administration introduced changes to the regulatory framework for prescription opioids to address prescription opioid use and misuse in Australia.

Changes will include:

Registration of smaller pack sizes for oral immediate-release prescription opioids. Requiring boxed warnings and class statements in the Product Information (PI) documents for all prescription opioids in...

Live sheep exports to, or through, the Middle East – Northern Hemisphere Summer

Aust Gov

2nd January 2020

Regulation Impact Statement for consultation – Department of Agriculture

On 20 December 2019, a Regulation Impact Statement on live sheep exports to, or through, the Middle East during the Northern Hemisphere Summer was released for consultation.

The RIS presents three options to manage the risk of heat stress in live sheep exported to, or through, the Middle East during the Northern Hemisphere Summer. The RIS considers the impacts of the status quo; prohibiting live sheep...

Phasing out certain waste exports

COAG

23rd December 2019

COAG Consultation Regulation Impact Statement

On 20 December 2019, the Department of Environment and Energy released for public consultation a COAG Consultation Regulation Impact Statement (RIS) on phasing out certain waste exports.

On 9 August 2019 at the meeting of the Council of Australian Governments (COAG), Australia’s First Ministers agreed Australia should establish a timetable to ban the export of waste plastic, paper, glass and tyres, while building Australia’s...

Enhancements to Unfair Contract Term Protections

COAG

20th December 2019

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

On 13 December 2019, the Treasury released for public consultation a Regulation Impact Statement (RIS) on Enhancements to Unfair Contract Term Protections.

This consultation RIS invites interested parties to provide feedback on options to enhance the unfair contract term protections for small business, consumers and insurance contracts. Reforms presented in the RIS are designed...

Mandatory Primary Frequency Response

COAG

20th December 2019

COAG Consultation Regulation Impact Statement – Australian Energy Market Commission

On 19 December 2019, the Australian Energy Market Commission (AEMC) released a draft rule determination and accompanying draft rule titled National Electricity Amendment (Mandatory Primary Frequency Response) Rule 2020.

This draft rule requires all scheduled and semi-scheduled generators in the National Electricity Market (NEM) to support the secure operation of the power system by responding...