The Albanese Government is putting productivity and economic growth at the heart of its expectations for the Australian Financial Security Authority, with a renewed focus on reducing unnecessary regulatory burdens, unlocking investment and helping Australians return to economic participation.
A new Statement of Expectations, released today, sets out how the Australian Financial Security Authority can better support businesses and individuals while maintaining financial stability, market integrity and strong consumer protections.
The Statement calls on the Australian Financial Security Authority to take a more intelligence‑led approach to regulation, using data to identify emerging risks, harms and inefficiencies, target regulatory effort where it is most needed, and better identify vulnerable populations.
It also directs greater attention to the costs of dealing with the regulatory system, particularly for small businesses and new entrants.
The Australian Financial Security Authority is expected to reduce unnecessary administrative barriers, within the law, and make it easier for people to return to economic participation.
The Statement also calls for better co‑ordination between regulators, including lawful information sharing and streamlined data requests, alongside greater transparency about upcoming regulatory initiatives through the Regulatory Initiatives Grid.
The updated expectations reflect the Government's determination to make regulation work better for the economy.
The new Statement of Expectations is available on the Treasury website.
Quotes attributable to Assistant Minister for Productivity, Competition, Charities and Treasury, Andrew Leigh MP
"Good regulation protects Australians and gives businesses confidence to invest.
"We want the Australian Financial Security Authority to focus its regulatory effort where it delivers the greatest benefit, reduce unnecessary burdens on businesses and help more Australians return to economic participation.
"Regulators have an important role to play in Australia's productivity challenge. These new expectations make clear that supporting investment and economic growth must sit alongside protecting the integrity of our personal insolvency and personal property securities systems."
