EXPLANATORY STATEMENT
Issued by the authority of the
Minister for Employment and Workplace Relations
Safety, Rehabilitation and Compensation Act 1988
Section 100
The Safety, Rehabilitation and Compensation Act 1988 (the Act) establishes the Commonwealth workers’ compensation and rehabilitation scheme.
The Commonwealth workers’ compensation scheme applies to the Commonwealth, Commonwealth authorities and eligible corporations. Commonwealth authorities and eligible corporations are eligible to apply the Safety, Rehabilitation and Compensation Commission (the Commission) to become licensed to self-insure under the Act.
An ‘eligible corporation’ is a corporation that has been declared to be such by the Minister for Employment and Workplace Relations under section 100 of the Act. Section 100 of the Act provides that if the Minister is satisfied it would be desirable
for the Act to apply to employees of a corporation that:
(a) is, but is about to cease to be, a Commonwealth authority; or
(b) was previously a Commonwealth authority; or
(c) is carrying on business in competition with a Commonwealth authority or with another corporation that was previously a Commonwealth authority;
the Minister may, by notice in writing, declare the corporation to be eligible to be granted a licence under Part VIII.
Five subsidiary corporations of the Commonwealth Bank of Australia Ltd, namely Commonwealth Securities Limited (ComSec) (ABN 60 067 254 399), Colonial Services Pty Ltd (ABN 70 075 733 023), Commonwealth Insurance Ltd (ABN 96 067 524 216), Colonial First State Property Management Pty Ltd (ABN 96 101 504 045) and Avanteos Pty Ltd (ABN 99 066 862 977) have requested that the Minister declare them eligible corporations under section 100 of the Act to enable them to self insure their workers’ compensation liabilities under the Act.
Applications for declarations under section 100 of the Act are assessed against the following principles:
(a) the likely impact on employees of the applicant;
(b) the likely impact on the applicant;
(c) the likely impact on the operation of the Commonwealth workers’ compensation scheme; and
(d) the likely impact on the operation of the States and Territory schemes.
Having assessed the applications against the principles, the Minister is satisfied that it would be desirable for the Act to apply to the employees of each of these five corporations.
The notice declares that each of the corporations is eligible to be granted a licence under Part VIII of the Act.
Wider consultation was not undertaken as the applicant corporations are the only bodies affected by the declaration and the declaration was made at the request of these corporations.
An assessment was made under new guidelines issued by the Office of Best Practice Regulation, which indicated that a Regulation Impact Statement was not required for this declaration.
This Notice is a legislative instrument for the purposes of the Legislative Instruments Act 2003 by virtue of being a disallowable instrument under section 121 of the Safety, Rehabilitation and Compensation Act 1988.
This declaration takes effect on the day after registration on the Federal Register of
Legislative Instruments.