The Australian government is establishing a Financial Innovation Committee to strengthen collaboration among policymakers, regulators, and industry, with a focus on identifying and prioritizing opportunities to support innovation across the financial system.
“The Financial Innovation Committee will strengthen collaboration between Government and industry across Australia’s financial system and help to identify where greater cooperation can support innovation and improve policy, regulatory and market outcomes,” said Daniel Mulino, Assistant Treasurer and Minister for Financial Services. It will include up to nine industry leaders and experts alongside representatives from the Treasury, Reserve Bank of Australia, Australian Prudential Regulation Authority, and Australian Securities and Investments Commission.
The Committee will share insights on emerging technologies, market developments, and industry capability needs. It will also explore opportunities for greater regulatory coordination, joint regulatory sandboxes, standards development, and other measures to support financial innovation.
“Innovation needs the development of new products, services, business models and ways of working that improve outcomes and productivity,” Mulino added. “The Committee is an opportunity to make sure innovation delivers better outcomes for consumers, businesses and our economy.”
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