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Impact on large emitters 3 min read The Federal Government has earmarked $280 million in its Budget 2021 for the roll-out of a ‘below baseline’ crediting scheme, which was a key recommendation of an expert review led by Grant King (King Review). Here we briefly considers what this means for large emitters. Background – what is the ‘below baseline’ crediting scheme? One of the key recommendations of the King Review was the creation of a…
In brief 11 min read On 21 April 2021, the PNG Parliament passed the National Energy Authority Act 2020 (NEA Act) and the Electricity Industry (Amendment) Act 2020 (Amending Act) (together the Acts). The Acts will both commence operation in accordance with notices published in the National Gazettes. Once the Acts commence operation, they will provide for the establishment of the National Energy Authority (the Authority), which will be responsible for the regulation of the electricity…
In brief In our latest update, we examine the progress of new and existing rule change requests to the AEMC across the month of April, as well as take a closer look at a new draft determination on system strength frameworks in the NEM. Key takeaways National electricity rules Two new requests: Settlement under low operational demand; NEM settlement under low, zero and negative demand conditions. Two new draft determinations: Fast frequency response market…
Looking ahead to 2025 In March 2019, the COAG Energy Council requested that the Energy Security Board (ESB) consider whether any changes were required to the core National Electricity Market (NEM) framework in order to facilitate the technological shift towards a lower emissions electricity system. The reforms represent a generational shift in the operation of the NEM, which was originally designed in the 1990s to cater for traditional dispatchable energy sources (coal and gas). The…
Relief for Foreign Financial Services Providers (FFSPs) in 2021-22 Federal Budget 4 min read Last night, Australia’s Federal Government handed down the 2021-22 Federal Budget, which sets out a raft of measures aimed at ‘securing Australia’s recovery’ from the COVID-19 pandemic. The measures include plans to encourage global investment in Australia, including to ‘establish a more efficient licensing regime for foreign financial service providers’. It is fair to say that while there have been grumblings…
No significant reform to super 4 min read The 2021-22 Federal Budget delivers a spending bonanza in a possible election year with a focus on aged care, health, women and rebuilding the post-pandemic economy. In contrast, super fund trustees will likely breathe a sigh of relief that there are no new significant reforms to the superannuation system on the Government’s agenda. In particular, while they are no doubt significant changes for impacted members, the key…
New guidance on managing climate risks 11 min read Recently released guidance from the Australian Prudential Regulation Authority (APRA) and two new barrister opinions re-emphasise the need for banks, superannuation trustees, insurers, and other organisations, to respond to, and appropriately manage, financial risks associated with climate change. We examine the impact of these recent developments and outline the key actions to consider. Key takeaways How APRA-regulated entities should manage the financial risks associated with climate…
The ESB’s Post-2025 Market Design Project focuses on a number of key reform options The uptake of small and large-scale renewable energy, and the growth of demand-side technologies, has necessitated a new, fit-for-purpose electricity system that can recognise and respond to the changing energy landscape. At Allens, we are considering the implications of the proposed reforms for our clients and the sector more broadly, and will shortly be publishing further Insights on the implications of,…
In brief 1 min read The Superannuation Guarantee rate is scheduled to increase from 9.5% to 10% on 1 July 2021, although a final decision will be made in the May 2021 Budget. How does it affect you? Unless the Federal Government amends the legislation, employers will be required to contribute an additional 0.5% to employees’ superannuation accounts to satisfy their obligations under the Superannuation Guarantee (Administration) Act 1992 (Cth). Employers should start considering how…
In brief 3 min read The Fair Work Ombudsman (FWO) has issued guidance regarding the recent amendments to casual employment in the Fair Work Act 2009 (Cth). Jump to Key takeaways What does the guidance say? Key takeaways As set out in the guidance, by 27 September 2021, employers (of more than 15 employees) must assess whether any existing casuals employed before 27 March 2021 are eligible to convert to permanent employment. Within 21 days…