The Council of Financial Regulators has published a Better Regulation Roadmap implementation plan, alongside an Australian Prudential Regulation Authority and Australian Securities and Investments Commission package of actions on data collection and sharing, setting out a coordinated regulatory efficiency agenda for the financial sector. The roadmap covers the wider CFR Plus group of agencies and is framed around improving efficiency without compromising financial stability, consumer protection and market integrity. It includes more than 50 commitments made through the 2025 Economic Reform Roundtable, grouped under simplification and removal of duplication, digital and data capability, and improved government engagement, consultation or guidance. For regulated firms, the main practical themes are lower reporting friction, clearer supervisory expectations and more streamlined processes across prudential, conduct, payments, anti-money laundering and foreign investment areas. The data work focuses on stronger cross-regulator planning, annual supervisory workplans, more transparent and targeted data requests, reduced duplication and inconsistencies in collections, and reviews of existing collections. Agency measures include APRA migrating reporting to a more efficient platform with estimated long-run savings of about AUD 6 million a year, simplifying bank licensing and governance requirements, ASIC halving internal dispute resolution reporting for small banks from two reports a year to one and reducing thematic surveillance data requests, AUSTRAC redesigning compliance reporting and consulting on reporting and enrolment changes, the Reserve Bank of Australia removing redundant securities lending reporting and progressing payments reforms, and Treasury reviewing foreign investment delegations, conditions and legislation. Implementation timeframes run from 2024-25 to beyond 2026-27, with some register and reporting projects extending to 2029-30. Relevant initiatives will be included in the Regulatory Initiatives Grid where they materially affect the sector. Regulators will continue engaging with industry as the data program is implemented, while the Australian Taxation Office, Australian Competition and Consumer Commission and AUSTRAC consider comparable approaches, and CFR Plus is reviewing industry feedback on legislative changes to inform advice to government.
Council of Financial Regulators2026-05-12
Australia's Council of Financial Regulators publishes better regulation roadmap with more than 50 commitments and APRA ASIC data reforms
The Council of Financial Regulators has published a Better Regulation Roadmap for the financial sector, combining an implementation plan with more than 50 commitments across CFR Plus agencies and a separate APRA-ASIC package to streamline data collection and sharing. The measures focus on cutting duplicate reporting, improving digital and data processes, and simplifying guidance, licensing and other regulatory requirements. Relevant initiatives will feed into the Regulatory Initiatives Grid, while legislative reform feedback is being reviewed for advice to government.