Safety, Rehabilitation and Compensation Act 1988
Part VIII
TRANSPACIFIC INDUSTRIES PTY LTD
NOTICE OF EXTENSION AND VARIATION OF LICENCE
Notice No 15 of 2014
Transpacific Industries Pty Ltd, ABN 40 010 745 383 (the Licensee), was declared to be eligible to be granted a licence under Part VIII of the Safety, Rehabilitation and Compensation Act 1988 (the SRC Act) by legislative instrument dated 16 October 2007, registered as F2007L04172 on the Federal Register of Legislative Instruments on 23 October 2007.
The Safety, Rehabilitation and Compensation Commission (the Commission), acting under sections 103 and 104 of the SRC Act, granted a licence to Transpacific Industries Pty Ltd on 18 June 2008 with a commencement date of 1 July 2008 at 12.01am (Australian Eastern Standard Time) and a cessation date of midnight (Australian Eastern Standard Time) on 30 June 2010.
This grant was notified by Notice No. 35 of 2008 in Commonwealth Gazette No. GN25 on 25 June 2008.
The Licence was subsequently extended and varied by the Commission on:
- 21 June 2010 by Notice No. 7 of 2010, Commonwealth Gazette No. GN25 on 30 June 2010.
Prior to this extension, the Licence had a cessation time and date of midnight (Australian Eastern Standard Time) on 30 June 2014.
The Commission, acting under subsection 105(1) of the SRC Act, extends the term of the abovementioned Licence for the period commencing 1 July 2014 at 12:01am (Australian Eastern Standard Time) and a cessation time of midnight (Australian Eastern Standard Time) on 30 June 2018.
The Commission, acting under subsection 108D(2) of the SRC Act, varies the conditions of the abovementioned Licence as set out below.
Substitute “Occupational Health and Safety Act 1991 (OHS Act)” with “Work Health and Safety Act 2011 (WHS Act)” in clause 8 and substitute all subsequent references to the “OHS Act” and “OHS” with the “WHS Act” and “WHS” respectively.
Under Specific Conditions – remove paragraph 21 relating to Asbestos Removal.
Prudential Condition 4.2(c) is replaced by the following.
(c) obtained from a corporation that is authorised by the Australian Prudential Regulatory Authority (APRA) to carry on:
(i) banking business in Australia under the Banking Act 1959 (Cth) and has an issuer credit rating of or equivalent to a Standard and Poor’s AA- or better; or
(ii) insurance business in Australia under the Insurance Act 1973 (Cth) and has an issuer credit rating of or equivalent to a Standard and Poor's AA- or better and a financial strength rating of or equivalent to a Standard and Poor’s AA- or better.
The variations take effect at 12.01am on 1 July 2014 (Australian Eastern Standard Time).
Dated the 25th day of June 2014.
Barry Sherriff
Chairperson
Safety, Rehabilitation and Compensation Commission
Overview
The Safety, Rehabilitation and Compensation Act 1988 was enacted to address the need for a comprehensive framework for the provision of safety, rehabilitation, and compensation in the workplace, particularly in industries with high occupational risks. The Act was introduced by the Commonwealth Parliament, aiming to provide a robust system for the management of workplace injuries and related claims, ensuring that workers receive appropriate support and compensation. The Act establishes a Commission responsible for licensing and regulating entities involved in safety, rehabilitation, and compensation services. This legislative instrument extends and varies the licence granted to Transpacific Industries Pty Ltd, reflecting changes in regulatory requirements and updating references to align with the current legislative framework, particularly the shift from the Occupational Health and Safety Act 1991 to the Work Health and Safety Act 2011. The policy objective remains to ensure the continued provision of high-quality safety, rehabilitation, and compensation services within the updated legal and regulatory environment.
Scope and Application
The Safety, Rehabilitation and Compensation Act 1988, as amended by Notice No 15 of 2014, pertains specifically to Transpacific Industries Pty Ltd, a company with an Australian Business Number (ABN) of 40 010 745 383. The Act applies to the company’s operations and activities under the licence granted by the Safety, Rehabilitation and Compensation Commission. The geographic and jurisdictional reach of this Act is at the Commonwealth level, impacting the company's national operations. The Act extends and varies the conditions of the licence granted to the company, altering the previously established terms to incorporate new regulatory requirements and standards. The Act's application is subject to modifications through subordinate instruments, ensuring that the company’s compliance with occupational health and safety laws is updated to align with the Work Health and Safety Act 2011. The variations also include financial prudence requirements, mandating that certain financial products must be sourced from institutions authorised by the Australian Prudential Regulatory Authority (APRA) with specified credit ratings. This extension and variation of the licence, effective from 1 July 2014, ensure that Transpacific Industries Pty Ltd continues to operate under updated regulatory frameworks, enhancing safety and compliance standards.
Key Provisions
The Safety, Rehabilitation and Compensation Act 1988 (SRC Act) contains various provisions governing the operations of Transpacific Industries Pty Ltd under a specific licence. Section 103 of the SRC Act allows the Safety, Rehabilitation and Compensation Commission to grant a licence to an entity, such as Transpacific Industries Pty Ltd, while Section 104 specifies the terms and conditions that may be imposed. The initial licence granted to Transpacific Industries Pty Ltd commenced on 1 July 2008 and was set to cease on 30 June 2010, as outlined in Section 105 of the SRC Act. The licence was extended by the Commission on 21 June 2010, with a new cessation date of 30 June 2014, and further extended and varied by Notice No. 15 of 2014, which took effect from 1 July 2014 to 30 June 2018.
The obligations and requirements imposed by the SRC Act on Transpacific Industries Pty Ltd include compliance with the specified conditions of the licence. These conditions can be amended by the Commission to ensure that the licence remains relevant and effective. For instance, the Act allows for the substitution of references from the Occupational Health and Safety Act 1991 to the Work Health and Safety Act 2011, as well as the removal of certain conditions such as those relating to Asbestos Removal. Additionally, the financial requirements of the licence have been revised to ensure that any financial guarantees provided must be from a corporation authorised by the Australian Prudential Regulatory Authority and holding specific credit ratings.
Under the SRC Act, breaches of the licence conditions can lead to serious consequences. Section 126 of the SRC Act outlines that failure to comply with the terms of the licence can result in penalties. These penalties may include fines or other sanctions as prescribed by the Act, reflecting the seriousness of non-compliance with occupational safety and rehabilitation requirements. The exact penalties for specific breaches are not detailed in the notice but are generally severe enough to ensure adherence to the stipulated conditions. This legislative framework ensures that Transpacific Industries Pty Ltd operates within a regulated environment that prioritises safety, rehabilitation, and compensation for affected parties.