Prices Surveillance Authority (Remuneration and Allowances) Regulations (Repeal)

Overview

The Prices Surveillance Authority (Remuneration and Allowances) Regulations (Repeal) 1995 No. 332 was enacted to address the obsolescence of the Prices Surveillance Authority (PSA) within the framework of Australian economic regulation. This repeal was necessitated by the Competition Policy Reform Act 1995 (CPR Act), which introduced significant changes to the Prices Surveillance Act 1983 by replacing the PSA and the Trade Practices Commission (TPC) with the Australian Competition and Consumer Commission (ACCC). The objective of the CPR Act was to streamline and modernise Australia's competition and consumer policy, and as a result, the previous remuneration and allowances regulations under the PSA became redundant. The Regulations (Repeal) were issued by authority of the Assistant Treasurer and took effect on the same date as the commencement of Part 3 of the CPR Act, thereby ensuring a seamless transition in regulatory oversight.

Scope and Application

The Prices Surveillance Authority (Remuneration and Allowances) Regulations (Repeal) 1995 No. 332 serves to repeal the existing regulations under the Prices Surveillance Act 1983, in light of the broader changes brought about by the Competition Policy Reform Act 1995. This repeal is necessitated by the restructuring of the Prices Surveillance Authority, which, along with the Trade Practices Commission, has been replaced by the Australian Competition and Consumer Commission. As such, the regulations that previously governed the remuneration and allowances of the Prices Surveillance Authority are now obsolete and are formally repealed by this Statutory Rule. This repeal reflects the transitional changes in regulatory oversight and authority, ensuring that outdated legislative provisions are removed to align with the new administrative framework established by the CPR Act. The repeal took effect on the date Part 3 of the CPR Act commenced, ensuring a smooth transition in regulatory governance.

Key Provisions

The main operative sections of the Prices Surveillance Authority (Remuneration and Allowances) Regulations (Repeal) 1995 No. 332 are encapsulated in the Explanatory Statement, which accompanies the Statutory Rules 1995 No. 332. This document articulates the rationale and legal basis for repealing the Prices Surveillance Authority (Remuneration and Allowances) Regulations. The repeal is authorised under subsection 45(1) of the Prices Surveillance Act 1983 (the Principal Act), which empowers the Governor-General to make Regulations for the purposes of the Act. The Competition Policy Reform Act 1995 (CPR Act) plays a pivotal role in this repeal, as it makes substantial amendments to both the Principal Act and the Trade Practices Act 1974, effectively replacing the Trade Practices Commission (TPC) and the Prices Surveillance Authority (PSA) with the Australian Competition and Consumer Commission (ACCC). The Prices Surveillance Authority (Remuneration and Allowances) Regulations (Repeal) thus reflect the legislative changes necessitated by the CPR Act, rendering the existing remuneration and allowances regulations redundant. The Prices Surveillance Authority (Remuneration and Allowances) Regulations (Repeal) impose specific obligations and requirements on entities governed by the Prices Surveillance Act 1983. These obligations are primarily focused on the administrative and structural changes resulting from the enactment of the Competition Policy Reform Act 1995. The repeal of the remuneration and allowances regulations signifies that any provisions previously outlined in those regulations are no longer in effect, as the new legislative framework now falls under the purview of the Australian Competition and Consumer Commission (ACCC). Entities subject to the Prices Surveillance Act must therefore align their practices with the new regulatory environment, ensuring compliance with the ACCC’s guidelines and directives. This transition underscores the importance of adapting to legislative changes to maintain regulatory compliance and operational efficacy. The Prices Surveillance Authority (Remuneration and Allowances) Regulations (Repeal) do not explicitly outline specific offences, penalties, or consequences for breach, as the primary focus is on the repeal of existing regulations. However, it is implicit that any failure to comply with the new regulatory framework established by the Competition Policy Reform Act 1995 could result in legal ramifications under the broader provisions of the Prices Surveillance Act 1983 and other relevant Acts. The Australian Competition and Consumer Commission (ACCC) would have the authority to enforce compliance, which could include imposing penalties for non-compliance. Although the specific penalties are not detailed in the repeal regulations, they would be governed by the overarching legislative provisions that the ACCC administers. These could encompass a range of sanctions, from fines to more severe penalties, depending on the nature and severity of the breach.