19 June 2014
On 13 May 2014, as part of revenue measures announced in the Australian Government’s 2014-15 Budget, the Government announced changes to levies for the mushroom industry to commence on 1 July 2014.
The mushroom industry’s perception is that greater funding is required in order to avoid underinvestment in industry-wide research and development (R&D) and for marketing. [...]
Continue reading Regulation for Mushroom Levy Increase – Regulation Impact Statement – Department of Agriculture
19 June 2014
On 3 June 2014, the Minister for Agriculture released for consultation an exposure draft mandatory port access code of conduct for bulk wheat exports and an associated Regulation Impact Statement (RIS).
The RIS examines options for improving access to port terminals for bulk wheat exporters. One option is the introduction of a mandatory code of conduct [...]
Continue reading Mandatory Code of Conduct for Grain Export Terminals (Bulk Wheat Exports) – Regulation Impact Statement for consultation – Department of Agriculture
6 June 2014
Compulsory superannuation is intended to address myopia – the tendency of people to not save adequately for retirement because it is too far into their future for them to make adequate provision for their needs.
Since 1992, employers have been required to make superannuation contribution for their eligible employees, at a rate set by the Superannuation [...]
Continue reading Changing the Schedule for Increasing the Superannuation Guarantee – Regulation Impact Statement – Department of the Treasury
27 May 2014
Regulatory Impact Statement – Attorney-General’s Department.
On 6 May 2014, the Attorney-General’s Department released a Regulation Impact Statement for consultation examining a proposal to ban the importation of substances which mimic the effects of illicit drugs. These substances are also known as new psychoactive substances.
The Attorney-General’s Department has raised concerns that new psychoactive substances are not [...]
Continue reading Proposal to ban the importation of substances which mimic the effects of illicit drugs
21 May 2014
On 30 January 2014, the Australian Prudential Regulation Authority (APRA) announced changes to the prudential and reporting standards for authorised deposit-taking institutions (ADIs). The changes primarily relate to liquidity requirements – that is, the amount of high-quality, liquid assets held by ADIs to provide a buffer during periods of prolonged liquidity stress in capital markets.
Continue reading Implementing Basel III liquidity reforms in Australia – Details-stage Regulation Impact Statement – Australian Prudential Regulation Authority
15 May 2014
On 28 April 2014, the Treasurer announced the signing of an intergovernmental agreement (IGA) between Australia and the United States regarding the United States’ Foreign Account Tax Compliance Act (FATCA).
FATCA aims to prevent US tax evasion by detecting untaxed income and assets held by US taxpayers in financial institutions outside the US. FATCA will commence [...]
Continue reading Implementation of the United States Foreign Account Tax Compliance Act in Australia – Regulation Impact Statement – Department of the Treasury
13 May 2014
On 2 April 2014, the Minister for Small Business released for consultation an exposure draft of amendments to the Franchising Code of Conduct (‘the Code’) and relevant provisions in the Competition and Consumer Act 2010 (‘the CCA’). The amendments build upon the recommendations of the independent review of the Code by Alan Wein in 2013.
Continue reading Proposed Changes to the Franchising Code of Conduct – Details-stage Regulation Impact Statement
9 May 2014
On 27 March 2014, the Minister for Defence introduced to Parliament the Defence Legislation Amendment (Woomera Prohibited Area) Bill 2014 to establish a framework for the management of non-Defence use of the Woomera Prohibited Area (WPA) in co-existence with the primary Department of Defence (Defence) use. The framework is the final stage of implementation of [...]
Continue reading Management Arrangements for the Woomera Prohibited Area – Single-stage Regulation Impact Statement – Department of Defence
17 April 2014
On 7 March 2014, the Reserve Bank of Australia (RBA) decided in principle to vary the ‘Access Regimes’ for the Mastercard and Visa systems in Australia and to remove the prudential oversight framework.
To issue a Mastercard or Visa card in Australia you need to be an Authorised Deposit-taking Institution (ADI). While a specialised ADI category [...]
Continue reading Payment Card Access Regimes – Details-stage Regulation Impact Statement – Reserve Bank of Australia
15 April 2014
On 8 April 2014, Australia’s Minister for Trade and Investment Andrew Robb and his South Korean counterpart, the Minister for Trade, Industry and Energy Yoon Sang-jick, formally signed the Korea-Australia Free Trade Agreement (KAFTA) in Seoul.
The Office of Best Practice Regulation (OBPR) assessed the agreement as likely to have a measurable impact on substantial sectors [...]
Continue reading Korea-Australia Free Trade Agreement – Regulation Impact Statement – Department of Foreign Affairs and Trade