Regulation Impact Statement Updates
Official website for publishing regulatory impact analysis information for regulatory decisions announced by the Australian Government, COAG and COAG Councils.
Relief for changing managed investment scheme constitutions
Remaking sunsetting instrument without significant amendments – Australian Securities and Investments Commission
On 12 September 2019, the Australian Securities and Investments Commission (ASIC) remade Class Order [CO 09/552] Changing scheme constitutions as ASIC Corporations (Changing Scheme Constitutions) Instrument 2019/700. [CO 09/552] was due to sunset on 1 October 2019.
The Corporations Act 2001 section 601GC(1)(a) requires that, for the constitution of a registered...
Safety standard for quad bikes
Independent Review – Australian Competition and Consumer Commission
On 10 October 2019, the Assistant Treasurer made a mandatory safety standard to apply to new and imported second-hand motorised quad bikes (also known as all-terrain vehicles or ATVs), the Consumer Goods (Quad Bikes) Safety Standard 2019.
The safety standard is intended to reduce the high risk of fatality and injury associated with the use of quad bikes. There were at least 128 fatalities during 2011–2018 and...
Clarifying eligibility for origin claims in the Complementary Medicines Sector
COAG Consultation Regulation Impact Statement - Governance Forum on Consumer Affairs (CAF)
On 3 October 2019, the Department of Industry, Innovation and Science released a Council of Australian Government’s Regulation Impact Statement (RIS) for consultation on appropriate Country of Origin Labelling for Australian complementary medicines.
The RIS considers the tension between regulation of certain complementary medicines manufactured in Australia under one Australian Law and...
GOVERNMENT RESPONSE TO THE FINANCIAL SERVICES ROYAL COMMISSION
Independent Review – Department of the Treasury
The Financial Services Royal Commission identified numerous instances where the conduct of members of the banking, superannuation and financial services industry caused considerable detriment to consumers, and that there are systemic roots to much of this conduct. Hence, the Commissioner recommended a broad suite of measures, including regulatory changes, aimed at improving the conduct of the industry and reducing harm to consumers....
Reducing customers’ switching times
COAG Consultation Regulation Impact Statement – Australian Energy Market Commission
On 26 September 2019, the Australian Energy Market Commission (AEMC) released the draft rule determination for the National Electricity Amendment (Reducing customers’ switching times) Rule and National Energy Retail Amendment (Reducing customers’ switching times) Rule (draft determination) to create market processes that provide faster customer transfer process time and increase transparency and...
Developing technology-neutral road rules for driver distraction
COAG Consultation Regulation Impact Statement – National Transport Commission
On 27 June 2019, National Transport Commission released a Consultation Regulation Impact Statement (RIS), Developing Technology-Neutral Road Rules for Driver Distraction. The RIS proposes and explores technology-neutral regulatory options to address driver distraction and analyses their potential impacts. Consultation on the RIS closed on 4 September 2019.
The Office of Best Practice Regulation...
Remaking of sunsetting instrument without significant amendments
Interactive Gambling Regulations 2001 – Department of Communications and the Arts
On 21 September 2019, the Department of Communications and the Arts remade the Interactive Gambling Regulations 2001 made under the Interactive Gambling Act 2001 under section 61BGA, without significant amendment.
Section 7A of the Interactive Gambling Act 2001 prohibits advertisments for interactive gambling.
The Interactive Gambling Regulations 2001 specifies types of advertisements that...
First Home Loan Deposit Scheme
On 12 September 2019, the Assistant Treasurer and Minister for Housing introduced the National Housing Finance and Investment Corporation Amendment Bill 2019 to Parliament. The Bill establishes the First Home Loan Deposit Scheme (FHLDS).
The FHLDS will provide a guarantee on eligible loans equal to the difference between the deposit (of at least 5 per cent) and 20 per cent of the property purchase price, with coverage broadly consistent with a parental guarantee. The FHLDS is intended...
REMAKING THE DEFENCE AND STRATEGIC GOODS LIST (DSGL)
Remaking sunsetting instrument without significant amendments – Department of Defence
On 28 March 2019, the Department of Defence (Defence) remade the Defence and Strategic Goods List 1996, which was due to sunset on 1 April 2019, with only minor amendments. The newly remade Defence and Strategic Goods List 2019 (DSGL) will now sunset on 1 April 2029.
The DSGL lists the military and dual-use goods and technology that are subject to Australian export control regulation. The...
Prohibiting energy market misconduct
Prohibiting energy market misconduct
On 18 September 2019, the Government reintroduced the Treasury Laws Amendment (Prohibiting Energy Market Misconduct) Bill 2019 to establish a legislative framework to address misconduct identified by the Australian Competition and Consumer Commission’s (ACCC) Electricity Price Monitoring Inquiry.
The Bill was previously tabled in December 2018, and was accompanied by a Regulation Impact Statement (RIS) that had been assessed by the OBPR....