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Consultation (Treasury)
Measuring what matters
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The Treasury invites views on Budget Statement #4: Measuring What Matters and the adoption and development of a Measuring What Matters Statement in 2023.
The Budget Statement’s goal is:
In 2023, the Government will release a new stand-alone Measuring What Matters Statement tailored to Australia. Treasury will continue to research and consult experts and other stakeholders on what the Statement should measure, how the Statement should link to other frameworks and goals – including at the state and territory level – and how the Statement should be communicated.
The 2023 Measuring What Matters Statement will be an important next step in facilitating a more informed and inclusive policy dialogue on how to improve the quality of life of all Australians. Treasury looks forward to working with stakeholders and experts on this important project.
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Consultation closes
31 January 2023 (and opened 25 October 2022).
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Enquiry (PJC, Corporations and Financial Services)
Inquiry into ASIC's capacity and capability to respond to reports of alleged misconduct (PJCCFS)
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Australian Securities and Investments Commission investigation and enforcement (SERC)
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The Parliamentary Joint Committee on Corporations and Financial Services has commenced an inquiry into the capacity and capability of the Australian Securities and Investments Commission (ASIC) to undertake proportionate investigation and enforcement action arising from reports of alleged misconduct.
An Enquiry, which is identical but for one additional item in the Terms of Reference of the PJC Enquiry, is also being conducted by the Senate Economics References Committee, Senator Bragg (the Chair of this Committee, who is also a Member of the PJC, Corporations and Financial Services Committee) having garnered the votes to conduct an enquiry.
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On 27 October 2022, the Committee began an inquiry into ASIC’s capacity and capability to respond to reports of alleged misconduct.
The committee currently intends to table a report in both Houses of the Parliament by the
last sitting day in June 2024.
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Consultation (APRA)
Transfer planning in superannuation: proposed enhancements
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On 10 November 2022, APRA released a discussion paper seeking feedback from superannuation trustees and other industry stakeholders on a series of measures to enhance planning by superannuation trustees in the event they need to transfer members out of – or into – their fund.
The prudential framework enhancements include new requirements for trustees to be prepared for a transfer of members and an update of the transfer planning guidance contained in Prudential Practice Guide SPG 227 Successor Fund Transfers and Wind-ups to strengthen and simplify the guidance.
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Consultation closes
10 March 2023 (and opened 10 November 2022).
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Consultation (APRA)
Financial resources for risk events in superannuation
This is “Part 2” of the Strengthening Financial Resilience in Superannuation Consultation.
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On 14 November 2022, in response to significant industry evolution, supervisory insights and industry feedback, APRA released a discussion paper that proposes to replace the existing Prudential Standard SPS 114 Operational Risk Financial Requirement (SPS 114) with enhanced obligations for trustees (to quote the Paper: “with materially reshaped requirements”).
This consultation relates, specifically, to the modification of SPS 114 (and SPG 114) – which supports SPS 515 - and is prompted by the changing environment and responses to the first ‘round’ of Consultation.
The proposed enhancements include widening the scope of permitted use of financial resources held to manage operational risks, reducing barriers to efficient use of these resources, and requiring trustees to adopt a more sophisticated risk-based approach to determining how much to hold.
The most-significant proposal is that RSE licensees would now, using a modified reserving policy, be permitted to address potential problems before they adversely affect members.
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Consultation closes
17 March 2023 (and opened 14 November 2022).
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Consultation (Treasury)
Further improvements to Corporations and Financial Services Law
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The Government has released exposure draft legislation to reduce the complexity of Australia’s corporations and financial services laws by making these laws more adaptive, efficient, and navigable within existing policy settings.
Simplifying these laws will benefit industry and consumers and is critical to maintaining a strong financial sector.
The draft legislation:
- implements a further 2 recommendations made by the Australian Law Reform Commission (ALRC) in Interim Report A of its Inquiry into the Legislative Framework for Corporations and Financial Services Regulation relating to improving navigability and readability of the law, to:
- create a single glossary of defined terms in section 9 of the Corporations Act 2001 (Corporations Act), and
- ‘unfreeze’ the Acts Interpretation Act 1901 (AIA) as it applies to the Corporations Act and Australian Securities and Investments Commission Act 2001 so the most current version of the AIA applies to both Acts.
- partially implements 3 recommendations from the ALRC’s Interim Report B to:
- repeal definitions that are no longer used, cross-references to repealed provisions and other redundant provisions
- amend the law to address unclear or incorrect provisions, and
- simplify unnecessarily complex provisions, with a particular focus on terms defined as having more than one meaning and definitions containing substantive obligations.
The legislation further builds on the amendments to simplify the corporations and financial services law contained in the Treasury Laws Amendment (Modernising Business Communications and Other Measures) Bill 2022, which Government introduced to Parliament on 23 November 2022.
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Consultation closes
15 January 2023 (and opened 12 December 2022).
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Consultation (Treasury)
Climate-related financial disclosure
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This consultation paper seeks initial views on key considerations for the design and implementation of the Government’s commitment to standardised, internationally‑aligned requirements for disclosure of climate‑related financial risks and opportunities in Australia.
Views are also sought on other matters relevant to this commitment, such as necessary changes to ensure Australia’s financial reporting bodies are appropriately positioned for the expansion of international standard‑setting priorities on climate and sustainability reporting. Interested parties are invited to provide views by 17 February 2023.
Submissions in response to this consultation will be used to inform a specific design proposal for further consultation in 2023. At that time, views will be sought on more detailed proposals for the new reporting requirements, their implementation and sequencing.
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Consultation closes
17 February 2023 (and opened 12 December 2022).
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Consultation & Exposure Draft (Treasury)
Empowering the AASB to deliver sustainability standards
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The Exposure Draft Legislation seeks to amend parts of the Australian Securities and Investment Commission Act 2001 that will empower the Australian Accounting Standards Board (AASB) to deliver sustainability standards to meet the Government’s commitment.
Currently, the AASB does not have a specific function to make sustainability standards.
The Bill (or at least the ED of it) creates the possibility of including international sustainability standards in the Australian Accounting Standards. This allows “the AASB to establish, in the first instance, non-binding reporting requirements for sustainability that will, as far as is practicable, align with significant international developments, specifically the standards under development by the ISSB.”
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While the Consultation and Exposure period ends on 16 December 2022, it is expected that there will, in future, be more significant & consequential changes to the AASB standards themselves.
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