Last Name-1

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 days 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 Australias retirement income policy and make the institutions

Last Name-2

form

an

effective

and

competitive

financial

system

(APRA,

pp.4).

The Australian Bureau of Statistics (ABS) is national statistical agency of

Australia. The agencys role is to conduct the census every five year of
Population and Housing. Australian Competition and Consumer Commission
(ACCC) is a national consumer law 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. Its 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

Last Name-3

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.
Australian Customs Service regulates the import in the country;
there are a number of items which are restricted to tariff as per the
Australians 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:

Last Name-4

Cheese items
Curd products
Motor vehicles
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/govtbodie

s.html>
Australian Prudential Regulation Authority. APRA. Pp.4. n.d. web.
<http://www.apra.gov.au/AboutAPRA/Publications/Documents/APRA_CB

_022012_ex_online.pdf>
Tariff. Australian Gonvernment. n.p. n.d. Web. <
http://customs.gov.au/faq/Tariff.asp>