Australian Treasurer Jim Chalmers has issued new statements of expectations for both the Australian Prudential Regulation Authority (APRA) and the Australian Securities and Investments Commission (ASIC), directing the regulators to give greater weight to economic growth when exercising their powers, as reported by the Sydney Morning Herald.
Chalmers framed the move as a recalibration rather than a retreat from oversight. “This is all about enabling our financial regulators to unlock more productivity and more growth in our economy,” he said. “We’re striking the right balance between supporting productivity and investment, reducing the regulatory burden on businesses, promoting stability, and safeguarding our financial system and markets.”
The expectations build on a $10 billion productivity package announced in the budget and follow last year’s economic reform roundtable. They also follow reforms announced by Chalmers in May, which aimed to reduce regulatory burden and compliance costs. The government estimates that the broader regulatory reform agenda will save the financial sector $780 million a year.
Previous statements of expectations for the agencies date back to 2023 for APRA and 2021 for ASIC.
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