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18 May 2012
From late 2007, there was an increase in the number of incidents involving laser pointers being directed at aircraft and endangering the safety of the crew and passengers. On 1 July 2008, hand held laser pointers with an accessible emission level above 1 milliwatt were added to the Customs (Prohibited Imports) Regulations) 1956 (the PI Regulations) in an attempt to reduce the incidents involving laser pointers. The effect of this control is that laser pointers are now treated as a weapon as prescribed in PI Regulations.
A Regulation Impact Statement (RIS) was required for the decision to restrict the importation of hand held laser pointers but was not prepared. As a result, a Post-implementation Review (PIR) was required.
The PIR concluded that the reported laser light incidents since the regulation was introduced indicate that there has not been a significant reduction in the number of incidents occurring. In addition, it was noted at the time the control was implemented that it would not have an impact on the number of laser pointers already in the community. However, the PIR noted that it is anticipated that the border control will reduce incidents involving laser pointers in the long term due to the reduction of such items available for sale to the general public. The numbers of high intensity laser pointers detected at the border indicate Customs and Border Protection are detecting more laser pointers each year.
The PIR was prepared by the Australian Customs and Border Protection Service and was assessed as adequate by the Office of Best Practice Regulation.
18 May 2012
On 13 April 2012, the Council of Australian Governments (COAG) announced a set of reforms to the national training system. The reforms were set out in a revised National Agreement for Skills and Workforce Development and a new National Partnership Agreement on Skills Reform (NP). The NP makes a number of regulatory decisions in relation to data collection and the quality of Vocational Education and Training (VET) teaching and training.
The COAG best practice regulation requirements apply to decisions by COAG, ministerial councils or other bodies where there is a reasonable expectation of widespread compliance. Under the COAG requirements a Regulation Impact Statement (RIS) is prepared for the consultation stage and for the decision stage.
As RISs were not prepared for consultation or the decision, the OBPR has assessed the proposal as being non-compliant with the COAG best practice regulation requirements.
18 May 2012
On 8 May 2012, the Treasurer announced, as part of the Budget, that it will provide tax relief for companies by allowing them to carry-back tax losses so they receive a refund against tax previously paid.
This decision aims to boost productivity by helping business invest, innovate and take sensible risks by decreasing the tax bias against riskier projects. It will allow companies (and those entities taxed like companies) to carry back up to $1 million of (revenue) losses each year. Companies will be able to access a one year loss carry-back in 2012-13 (i.e. accessing tax paid in 2011-12), increasing to a two year loss carry-back from 2013-14. This will provide a cash benefit of up to $300,000 a year.
A Regulation Impact Statement was prepared by the Treasury and assessed as adequate by the Office of Best Practice Regulation.
18 May 2012
On 8 May 2012, the Treasurer announced, as part of the Budget, that the Government has decided to mandate coverage of non‑transport liquefied petroleum gas (LPG) and non‑transport liquefied natural gas (LNG) by the carbon pricing mechanism from 1 July 2013. It will also mandate coverage of non‑transport compressed natural gas (CNG) by the carbon pricing mechanism from 1 July 2012. The decisions were made in response to consultation with industry.
Currently, carbon pricing is applied to non-transport gaseous fuels by a range of mechanisms including: increases to excises, increases to customs duties and reductions to fuel tax credits. Coverage by the carbon pricing mechanism in place of these arrangements will reduce compliance costs and enable the gaseous fuels industry to better manage their carbon pricing obligations.
A Regulation Impact Statement was prepared by the Department of Climate Change and Energy Efficiency and assessed as adequate by the Office of Best Practice Regulation.
17 May 2012
The National Waste Policy: Less Waste, More Resources was agreed to by all Australian environment ministers in the Environment Protection and Heritage Council (EPHC) in November 2009 and endorsed by the Council of Australian Governments (COAG) in October 2010. A component of this policy is to explore measures that have the potential to increase packaging resource recovery rates and decrease packaging litter.
Additionally, the policy is aimed at: reducing the need to landfill recyclable packaging materials; reducing the negative amenity, health and environmental impacts of packaging waste and litter in line with community expectations; and promoting a consistent national approach to regulating packaging.
A Consultation Regulation Impact Statement was prepared by the COAG Standing Council on Environment and Water in December 2011 and assessed as adequate by the Office of Best Practice Regulation. In accordance with the COAG Best Practice Regulation requirements, a Decision, or final, Regulation Impact Statement will be completed by the COAG Standing Council on Environment and Water.
14 May 2012
On 7 November 2011, the Australian Securities and Investments Commission (ASIC) published updated guidance (regulatory guide 166) on new financial requirements for responsible entities. The new benchmarks require responsible entities to: maintain a 12 month cash-flow forecast; change the method of calculating Net Tangible Assets (NTA); assess the maximum liability under any personal guarantees provided by the responsible entity; exclude from the calculation of the NTA requirement any eligible undertakings provided by a listed parent entity; introduce an NTA liquidity requirement; and report its NTA requirement.
The updated guidance is aimed at ensuring businesses that act as responsible entities for registered managed investment schemes have adequate financial resources to conduct their business in compliance with the Corporations Act in a responsible manner.
A Regulation Impact Statement was prepared by ASIC and assessed as adequate by the Office of Best Practice Regulation.
11 May 2012
On 30 January 2012, the Australian Securities and Investments Commission (ASIC) published guidance (regulatory guide 232) on agribusiness managed investment schemes. ASIC has developed five benchmarks and disclosure principles for agribusiness schemes that can help retail investors understand the risks, assess the rewards being offered, and decide whether investment in these products is suitable for them. This guidance aims to assist responsible entities in understanding how to disclose against the benchmarks on an ’if not, why not basis’ and apply the disclosure principles.
The benchmarks and disclosure principles cover an entity’s: fee structures; interests in the agribusiness scheme, including those of related parties; annual reporting to members; experts; and appointing and monitoring service providers.
A Regulation Impact Statement was prepared by ASIC and assessed as adequate by the Office of Best Practice Regulation.
11 May 2012
Updating Regulatory Guidance (RG) 45 for mortgage schemes is a part of a series of regulatory guide updates or issues undertaken by the Australian Securities and Investments Commission (ASIC).
This Regulation Impact Statement (RIS) assesses the regulatory impacts of updating RG 45 to include revised benchmarks and disclosure principles and the provision of guidance on how disclosure should be made under those benchmarks and principles. ASIC will update existing product disclosure benchmarks and principles to more appropriately reflect the risks associated with investing in mortgage schemes with a view to facilitate better informed retail investors.
The Australian Securities and Investments Commission prepared a RIS on updating RG 45 for mortgage schemes in March 2012 and was assessed as adequate by the Office of Best Practice Regulation (OBPR).
9 May 2012
On 24 April 2012, the Minister for Infrastructure and Transport announced the decision to offer the protection of Tripartite Deed to the remaining nine federally leased airports on the same terms as the other major airports.
Tripartite Deeds clarify the rights of financiers (who lend money to airport operators) in the event an operator of a federally leased airport goes out of business or loses its operating licence. Under this regime the Commonwealth accepts the risk. This gives financiers confidence to invest and operators certainty to plan for the long term.
The nine airports to be offered these deeds are Parafield, Archerfield, Tennant Creek, Camden, Essendon, Mount Isa, Jandakot, Moorabbin, and Hobart.
A Regulation Impact Statement was required for this decision because of the competition impacts on business. The competition impacts relate to the airports being given a guarantee or benefit by the Commonwealth that is not necessarily provided to other investors in infrastructure, or other sectors in Australia. This decision effectively changes investment decisions in the broader economy as the market risk has been altered.
The Office of Best Practice Regulation has assessed the proposal as being non-compliant with the Australian Government’s best practice regulation requirements.
A post-implementation review is required to be undertaken within one to two years of the implementation of the extension.
2 May 2012
On 24 January 2012, the Australian Securities and Investments Commission (ASIC) published guidance (regulatory guide 231) on investment in infrastructure entities. ASIC has developed nine benchmarks and eleven disclosure principles for infrastructure entities. The objective of these benchmarks and principles is to improve disclosure to retail investors to help these investors understand and assess infrastructure entities to make better informed investment decisions. Regulatory guide 231 aims to assist responsible entities in understanding how to disclose against the benchmarks on an ’if not, why not basis’ and apply the disclosure principles.
The benchmarks cover an entity’s: corporate structure and management; the remuneration of management; the classes of units and shares; substantial related party transactions; cash flow forecasts; base-case financial model; performance against publicly disclosed forecasts for operating assets; distributions—if the entity is a unit trust; and updating the unit price—if the entity is unlisted and a unit trust.
The disclosure principles cover an entity’s: key relationships; management and performance fees; related party transactions; financial ratios; capital expenditure and debt maturities; foreign exchange and interest rate hedging; the entity’s base-case financial model; valuations; distribution policy; withdrawal policy; and portfolio diversification.
A Regulation Impact Statement was prepared by ASIC and assessed as adequate by the Office of Best Practice Regulation.
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Overview. Best Practice Regulation Updates publishes information about regulatory decisions announced by the Australian Government, and by COAG and Ministerial Councils, including Regulation Impact Statements (RIS), the OBPR’s RIS assessments, when a Prime Minister’s exemption has been granted and Post-implementation Reviews.
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