Regulatory Bodies in Australia
Regulatory Bodies in Australia: Also known as regulatory agency, regulatory authority or regulator, is a public authority or government agency responsible for exercising autonomous authority over some area of human activity in a regulatory or supervisory capacity. An independent regulatory agency is a regulatory agency that is independent from other branches or arms of the government.
Regulatory agencies deal in the areas of administrative law, regulatory law, secondary legislation, and rulemaking. The existence of independent regulatory agencies is justified by the complexity of certain regulatory and supervisory tasks that require expertise, the need for rapid implementation of public authority in certain sectors and the drawbacks of political interference. Some independent regulatory agencies perform investigations or audits and other may fine the relevant parties and order certain measures.
List of Regulatory Bodies in Australia
1. Australian Prudential Regulation Authority (APRA)
Category: Regulatory Bodies in Australia
The Australian Prudential Regulation Authority (APRA) is a statutory authority of the Australian Government and the prudential regulator of the Australian financial services industry. It oversees banks, credit unions, building societies, general insurance and reinsurance companies, life insurance, private health insurance, friendly societies and most members of the superannuation industry. APRA is funded largely by the industries that it supervises. It was established on 1 July 1998.
For more information please visit: apra.gov.au/Pages/default.aspx
2. Fair Work Australia
Category: Regulatory Bodies in Australia
Fair Work Australia known as Fair Work Commission (FWC), is the Australian industrial relations tribunal created by the Fair Work Act 2009 as part of the Rudd Government’s reforms to industrial relations in Australia. Operations commenced on 1 July 2009 as the successor of the Australian Industrial Relations Commission. Bernadette O’Neill is its current general manager.
It’s functions include the setting and varying industrial awards, minimum wage fixation, dispute resolution, the approval of enterprise agreements and handling claims for unfair dismissal. It is the successor body to the Australian Industrial Relations Commission, though it also performs functions previously performed by the Workplace Authority and the Australian Fair Pay Commission.
For more information please visit: fwc.gov.au
3. Food Standards Australia New Zealand (FSANZ)
Category: Regulatory Bodies in Australia
Food Standards Australia New Zealand (FSANZ) is the governmental body responsible for developing food standards for Australia and New Zealand. FSANZ develops food standards after consulting with other government agencies and stakeholders. The recommendations made by the body are open and accountable and based upon a rigorous scientific assessment of risk to public health and safety.
For more information please visit: foodstandards.gov.au/Pages/default.aspx
4. Foreign Investment Review Board (FIRB)
Category: Regulatory Bodies in Australia
The Australian Foreign Investment Review Board (FIRB), “examines proposals by foreign persons to invest in Australia and makes recommendations to the Treasurer on those subject to the Foreign Acquisitions and Takeovers Act 1975 and Australia’s foreign investment policy. The FIRB is independent but is assisted by the executive to the treasury.”
For more information please visit: firb.gov.au
5. Racing Victoria Limited
Category: Regulatory Bodies in Australia
Racing Victoria Limited, as the governing principal racing authority, has responsibilities to develop, encourage, promote and manage the conduct of Thoroughbred horseracing in the State of Victoria, Australia. It assumed this responsibility, from the Victoria Racing Club, on 19 December 2001. It was established with the support of Country Racing Victoria, Melbourne Racing Club, Moonee Valley Racing Club, Victoria Racing Club, other racing industry bodies and the Victorian State Government.
For more information please visit: rv.racing.com
6. The Australian Accounting Standards Board (AASB)
Category: Regulatory Bodies in Australia
The Australian Accounting Standards Board (AASB) is an Australian Government agency that develops and maintains financial reporting standards applicable to entities in the private and public sectors of the Australian economy. Also the AASB contributes to the development of global financial reporting standards and facilitates the participation of the Australian community in global standard setting. The AASB’s functions and powers are set out in the Australian Securities and Investments Commission Act 2001.
For more information please visit: aasb.gov.au
7. Dairy Food Safety Victoria (DFSV)
Category: Regulatory Bodies in Australia
Dairy Food Safety Victoria (DFSV) is responsible for regulating the Victorian dairy industry to safeguard public health. Derives its regulatory powers from the Dairy Act 2000 (Vic) and the Food Act 1984 (Vic). DFSV is committed to continuously improving its information and services. Feedback from licensees and other stakeholders is an important mechanism for identifying opportunities to innovate and improve our service delivery.
For more information please visit: dairysafe.vic.gov.au
8. Fair Work Building & Construction (FWBC)
Category: Regulatory Bodies in Australia
Fair Work Building & Construction (FWBC) was an Australian Government agency established by the Fair Work (Building Industry) Act 2012. FWBC commenced operations on 1 June 2012, replacing its predecessor, the Office of the Australian Building and Construction Commissioner. FWBC was replaced by the Australian Building and Construction Commission on 2nd December 2016. FWBC was responsible for enforcing industrial relations laws in Australia’s building and construction industry through the provision of education, assistance and advice.
For more information please visit:
9. Australian Maritime Safety Authority
Category: Regulatory Bodies in Australia
Australian Maritime Safety Authority (AMSA) is responsible on behalf of the Commonwealth Government of Australia, for the regulation and safety oversight of Australia’s shipping fleet and management of Australia’s international maritime obligations. AMSA is funded largely through levies on the shipping industry. The authority has a jurisdiction over Australia’s exclusive economic zone which covers an area of 11,000,000 square kilometres (4,200,000 sq mi).
For more information please visit: amsa.gov.au
10. NSW Maritime
Category: Regulatory Bodies in Australia
NSW Maritime was an agency in the Government of New South Wales, Australia. NSW Maritime was the State Government Authority responsible for marine safety, regulation of commercial and recreational boating and oversight of port operations. The Authority was also responsible for property management of submerged lands in Sydney Harbour, Newcastle Harbour, Botany Bay and Port Kembla and for providing strategic advice on ports and maritime matters to the NSW Government.
For more information please visit: rms.nsw.gov.au/maritime/index.html
11. Private Health Insurance Administration Council (PHIAC)
Category: Regulatory Bodies in Australia
The Private Health Insurance Administration Council (PHIAC) was the independent prudential regulator of the private health insurance industry (the PHI industry) in Australia during the 2014 and 2015 year. PHIAC was established in 1989 and continued to exist under section 264-1 of the Private Health Insurance Act 2007 (PHI Act) as a statutory authority reporting to the Minister for Health, the Hon Peter Dutton MP (to December 2014) and the Hon. Sussan Ley MP (the Minister) until 30 June 2015. During this time, PHIAC was also subject to guidance from the Minister for Finance, the Hon Mathias Cormann.
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