The Council serves as the primary coordinating group for Australia’s financial regulatory agencies, with its core purpose being to uphold financial system stability and ensure regulation is both effective and efficient. It brings together APRA, ASIC, the Australian Treasury, and the Reserve Bank of Australia.

Regulatory Reform Initiatives

The Council reviewed the progress made on actions intended to strengthen competition, following the CFR Review of Small and Medium-Sized Banks. The ACCC also participated in these discussions. The Council acknowledged ongoing efforts, which include industry consultations and policy work aimed at increasing proportionality in regulatory requirements, reducing reporting obligations, and simplifying licensing processes. They also considered the Treasurer’s request for the CFR and other regulatory bodies—including the ACCC, ATO, AUSTRAC, and AFSA—to collaborate on developing a roadmap to enhance regulation across the financial system. Council agencies are jointly pursuing a major reform program designed to boost efficiency without undermining financial stability. They discussed the next steps needed to coordinate and sequence regulatory reform projects, such as finding ways to streamline and standardise data collection and determining which legislative reforms should be prioritised. The Council committed to ongoing engagement with industry stakeholders as these initiatives progress, and to releasing a detailed roadmap for improved regulation in December. This roadmap will outline more than 50 commitments arising from the economic reform roundtable, aimed at reducing regulatory burdens over the next two years.