Summary
Australian maritime navigation compass regulations establishing standards for compass manufacture, certification, calibration, and carriage requirements for vessels. Made under the Navigation Act 1912, the instrument prescribes technical specifications, testing protocols, and approval processes for magnetic compasses used in marine navigation.
Reason
While regulatory costs are never trivial, compass standards present genuine safety externalities where individual failures can cause collisions, groundings, or loss of life affecting crew, cargo, other vessels, and rescue services. Unlike many compliance burdens that primarily affect business costs, maritime navigation equipment failures create asymmetric risks where the private incentive to maintain quality may be insufficient. Unlike restrictions on housing, licensing, or resource approval that predominantly burden economic activity without commensurate external benefits, compass standards address a legitimate coordination problem in maritime safety where international uniformity (SOLAS conventions) also reduces compliance complexity for Australian vessel operators trading globally.