The rules for temporary work visas changed (again) on 1 July: An update

The rules for temporary work visas changed (again) on 1 July: An update

Uncategorized
In May, we discussed the Government’s announcement that there would be significant changes to Temporary Work (Skilled) (subclass 457) visas, to be implemented over the next year or so. These changes were subject to robust feedback from industry, particularly with regard to the new occupation lists. In light of this, on 1 July the Government announced some further ‘tweaks’ to the new temporary visa regime. By Dr. Drew Donnelly, Compliance Quarter Today’s article is an update on these new requirements as well as a reminder of other aspects of the new regime that came into force on July 1. Industry feedback on the occupation lists The changes announced in April created two new ‘streams’ for the subclass 457 visa. From that point, subclass 457 visas would only be approved for…
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Expected Credit Loss: The New Way Banks Must Recognise Shifting Credit Risk

Expected Credit Loss: The New Way Banks Must Recognise Shifting Credit Risk

Financial Services
In OTC derivatives trading in Australia – are you playing by the rules? we looked at how new regulatory requirements have been introduced for some financial products (in that case, over-the-counter (OTC) derivatives), in the wake of the global financial crisis. New reporting rules and ‘mandatory clearing’ are intended to make the risks in these trades more transparent. By Dr. Drew Donnelly, Compliance Quarter Similarly, today’s topic concerns new rules intended to increase the transparency in the risk profile of a bank’s (or any other authorised deposit-taking institution’s), loan portfolio. On July 4, the Australian Prudential Regulation Authority (APRA) issued a letter to all Authorised Deposit-Taking Institutions titled Provisions for Regulatory Purposes and AASB 9 Financial Instruments. It sets out how APRA will apply a new ‘expected credit loss’ model…
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Understanding ‘Markets’ in Australian Competition Law: The Recent High Court Decision

Understanding ‘Markets’ in Australian Competition Law: The Recent High Court Decision

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On 14 June 2017, the High Court of Australia delivered its decision in Air New Zealand Ltd v ACCC; Pt Garuda Indonesia Ltd v ACCC [2017] HCA 21. In this case the court confirmed an expansive definition of what it is to be a ‘market in Australia’, in respect of cartel or price-fixing behaviour. By Dr. Drew Donnelly, Compliance Quarter Today we summarise the decision, and suggest what the implications of this expansive approach to ‘markets’ could be. This is the first part of a two-piece series on developments in competition law in Australia.   Background to the case In 2009 and 2010, the Australian Consumer and Competition Commission (ACCC) commenced proceedings against Air New Zealand and Garuda, claiming that they had engaged in price-fixing for surcharges on air cargo. The…
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