Chalmers Shifts Regulatory Focus Towards Growth
Synopsis
The Treasurer has updated guidance for APRA and ASIC as part of the government's broader productivity and regulatory reform agenda.
Key Highlights
- Treasurer Jim Chalmers has revised the Statements of Expectations for APRA and ASIC, for the first time since 2021.
- The new guidance puts more balance on growth and productivity along with financial stability.
- The changes follow the government’s work through its Economic Reform Roundtable and broader red tape reforms.
Treasurer Jim Chalmers has issued the Statements of Expectations for APRA and ASIC for the first time since 2021, instructing Australia’s two main financial regulators to focus more on promoting productivity and economic growth while still protecting stability in the financial system.
The update, Chalmers says, is trying to rebalance growth policy versus productivity policy versus financial stability and consumer protection and market integrity.
Part of Broader Productivity Push
The updated Statements of Expectations are part of the Albanese government’s push to return productivity to growth, which has stalled since the onset of COVID-19. The amendments also come on the heels of last year’s Economic Reform Roundtable, which resulted in more than $10.2 billion in annual regulatory reduction.
Chalmers said the government expects regulators to support growth through proportionate, risk-based regulation while protecting consumers and guarding the integrity of Australia’s financial system. “This is about enabling our financial regulators to unlock more productivity and more growth in our economy,” he said.
Source: Capital Brief
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