The Albanese Government has today released a new tool to better streamline and coordinate regulation in the financial sector to help build a more competitive, dynamic and productive economy.
We want to make it simpler and easier to do business in Australia and that’s what our new Regulatory Initiatives Grid (RIG) will help achieve in the financial services sector.
It complements our other efforts to better target regulation across the economy, including through the biggest overhaul to merger settings in 50 years and our changes to strengthen and streamline the foreign investment regime.
The RIG will provide clear visibility of regulatory changes that will materially affect financial service providers over the next two years and help these businesses engage with the Government and regulators more effectively.
It will help regulators avoid duplication and help improve the sequencing and implementation of reforms.
The RIG houses a forward program of key initiatives from agencies including the Australian Securities and Investments Commission (ASIC), the Australian Prudential Regulation Authority (APRA), the Australian Competition and Consumer Commission (ACCC), the Reserve Bank of Australia (RBA), the Australian Taxation Office (ATO), Australian Transaction Reports and Analysis Centre (AUSTRAC) and the Australian Financial Security Authority (AFSA).
It will particularly support smaller financial sector businesses navigate upcoming changes to the regulatory environment and help them plan with a greater level of confidence and certainty.
More confidence and certainty will encourage competition and improve productivity in the financial services sector.
The RIG will be updated twice a year and include information from a range of financial sector regulators. To incorporate feedback on this first edition, the second edition of the RIG will be published in the second half of next year.
It is available in three formats: a RIG Report, an interactive dashboard, and an Excel workbook.
We thank the Customer Owned Banking Association, the Australian Banking Association, and the many other members of the Finance Industry Council of Australia and all the other stakeholders for working so closely with the Government to develop this resource.
Treasury has consulted on the design of the RIG since May, including holding two roundtables with FICA members.
We look forward to continuing our engagement to ensure the RIG remains a helpful tool for financial sector stakeholders.
This release marks an important step forward as we continue to build a financial system that is stronger and more resilient, dynamic, competitive, and fit for the future.
The RIG is available on the Treasury RIG webpage.