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Australian and International Regulatory Bodies

A regulatory body is responsible for practicing independent authority over particular

areas of human commotion in a regulatory capacity. A regulatory body functions in the

transparency of decision making, consultation procedures, requirements that managers follow,

principles that encourage non-arbitrary and the responsive decisions and arrangements for

review of organizational decisions by the courts or supplementary bodies. Regulatory bodies

are present in all the fields of life; medical, financial systems, bank regulation, minerals, tele-

communication, customer protection and many more. Some examples of regulatory bodies are;

Royal Pharmaceutical Society of Great Britain, Office of Fair Trading, Human Fertilization&

Embryology Authority, General Social Care Council, Bar Standards Board, Advertising Standards

Authority, Australian Bureau of Statistics, Reserve Bank of Australia and many others (MONASH

UNIVERSITY, n.p).

There are many international and Australian regulatory bodies working in the world;

they play an important role in every day’s work. Australian Prudential Regulation Authority

(APRA) is one of the Australian regulatory bodies, among the four independent agencies that

look for the financial system of the country. APRA has the responsibility to look for the financial

assistance and stability of the country. Its chief role is to preserve the veracity of Australia’s

retirement income policy and make the institutions form an effective and competitive financial

system (APRA, pp.4). The Australian Bureau of Statistics (ABS) is national statistical agency of

Australia. The agency’s role is to conduct the census every five year of Population and Housing.

Australian Competition and Consumer Commission (ACCC) is a national consumer law

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champion and a regulatory body in Australia. It regulates national infrastructure and monitor

the industries with limited competition to strengthen the market processes. Their role is to

ensure compliance, transparency, fair trading and fair outcomes. Australian Taxation Office is a

regulatory and a statutory agency for the government. It has the responsibility for the

administration of the superannuation legislation and the Australian federal taxation system.

Another independent Australian government body known as Australian Securities &

Investments Commission act as Australia's corporate regulator. Its chief role is the

enforcement and regulation of financial services laws to protect the investors, customers, and

creditors of Australia. Food Standards Australia New Zealand is a bi-national governmental

body that is responsible for developing quality food standards in both the countries. It’s role is

to implement standard codes in food items which lists requirements like the additives, labeling,

food safety, and GM foods.

Regulatory bodies are effective for the stability of its concerned department; they

ensure efficiency and competence. Australian Customs Service is an agency that ensures the

protection of the country from illegal and harmful goods. It centers on catching illicit drugs and

other potential harmful items from entering. Its effectiveness can be measured by the fact that

it has worked with another independent body, the DAFF (Department of Agriculture, Fisheries

and Forestry), to improve proficiency and competence in administrating bio-security functions

and common border protection. Australian Industrial Relations Commission works effectively

by providing administrative support and timely services to facilitate the clients. They work with

accountability and comply with a regulatory framework.

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Australian Customs Service regulates the import in the country; there are a number of

items which are restricted to tariff as per the Australian’s government policy. The types of

goods that have the tariff restriction on their import are discussed below:

Vegetable products

Animals or their products

Mineral products

Chemicals, rubber and plastic products

Wood, charcoal, skin, hides etc

Textile items

Base metal articles

All types of vehicles

Footwear, umbrellas, stones, jewelry, pearls etc

Arms and ammunition

Ceramics or glassware products

Miscellaneous manufactured products (Australian government, n.p)

Several other materials are also involved in this list but only few of them have been

discussed. The list of goods that are restricted due to quota in import are as follows:

Cheese items

Curd products

Motor vehicles

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Quota and tariff rates are prescribed as to increase the efficiency of the dealings in

Australia. Tariff and quota restrictions have a great impact on the international business as they

are the biggest barriers in the way of free trade agreements. Today many countries are having

free trade agreements but these types of restrictions are becoming the hurdles.

Works Cited

Regulation in Australia - Government Bodies. MONASH University. n.p. n.d. Web.

<http://www.buseco.monash.edu.au/blt/monashreg/national/govtbodies.html>

Australian Prudential Regulation Authority. APRA. Pp.4. n.d. web.

<

http://www.apra.gov.au/AboutAPRA/Publications/Documents/APRA_CB_022012_ex_o

nline.pdf>

Tariff. Australian Gonvernment. n.p. n.d. Web. < http://customs.gov.au/faq/Tariff.asp>