Jim Chalmers tells APRA, ASIC to prioritise growth
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The news: Treasurer Jim Chalmers has instructed Australia’s financial regulators to give more weight to economic growth when setting and enforcing policy.
In a press release, Chalmers said APRA and ASIC had been issued new Statements of Expectations with more emphasis on promoting growth. The guidance aims to strike a new balance between supporting productivity and safeguarding the financial system.
The context: The move is part of a broader push by the Albanese government to revive productivity growth, which has slumped since the Covid pandemic. Last year’s Economic Reform Roundtable led to a regulatory overhaul aimed at reducing the compliance burden by $10.2 billion each year.
What he said: “This is all about enabling our financial regulators to unlock more productivity and more growth in our economy,” Chalmers said.
“We’re making it clear through these Statements of Expectations that we expect the regulators to support growth and productivity through proportionate, risk-based regulation while continuing to promote financial stability, consumer protection and market integrity.”
The source: Statement from Jim Chalmers
