The federal government has launched a Regulatory Initiatives Grid (RIG) in an effort to streamline and coordinate the regulation of the Australian financial sector.
The RIG has been implemented to provide greater transparency with regard to regulatory changes affecting the financial sector and promote better engagement between industry stakeholders, regulators and the government over the next two years.
With regard to regulation, the government is looking to the grid to improve the sequencing and implementation of reforms and eliminate any duplication that may arise during the process.
The RIG will incorporate a forward program from a variety of regulatory bodies, including the Australian Securities and Investments Commission, Australian Prudential Regulation Authority, Australian Competition and Consumer Commission, Reserve Bank of Australia, ATO, Australian Transaction Reports and Analysis Centre and Australian Financial Security Authority.
“[The RIG] 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,” Financial Services Minister Stephen Jones noted.
“More confidence and certainty will encourage competition and improve productivity in the financial services sector.”
The RIG will be updated twice a year, with the second edition of the grid planned for release in the back half of 2025 to allow it to incorporate any feedback received from the initial stages of the measure.
Access to the RIG will be provided via a dedicated report, an interactive dashboard and an Excel spreadsheet.
In announcing the measure, Jones acknowledged the organisation’s involved in its development.
“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,” he said.
“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.”