Policy Updates — November 2025 #1

CDR survey by Treasury

Treasury has released a survey seeking insights and evidence on how the Consumer Data Right (CDR) is delivering measurable benefits to consumers and the wider economy.

The survey focuses on how the CDR helps save time and money, improves efficiency, security and trust compared to other data-sharing methods, and drives broader ecosystem outcomes such as innovation, competition and opportunities for startups. Treasury is particularly interested in examples demonstrating the CDR’s value in enhancing financial wellbeing, data accuracy and overall market efficiency. 

FinTech Australia is strongly encouraging members to participate and will also be submitting its own response. 

Responses are due by 7 November 2025, however Treasury has been granting extensions. FinTech Australia intends to respond. Please contact our Policy Team if you wish to provide feedback.

Streamlining the foreign investment framework

Treasury is consulting on measures to take a more risk-based approach to Foreign Investment Review Board clearance. This involves moving to a notification-based rather than an approval-based pathway for low risk investments. It also involves introducing enforceable conditions and enforceable undertakings to ensure investments are in the national interest.

The consultation closes on 12 December 2025. FinTech Australia intends to make a submission. Please contact our Policy Team if you wish to provide feedback.

Proposal for a more accessible pathway to IRB accreditation for banks

APRA is consulting on reforms to create a simpler, streamlined pathway for banks to become accredited to use the internal ratings-based (IRB) approach to calculating credit risk-weighted assets.

The IRB method is one of two approaches banks can use to calculate risk-weighted assets, which determines the amount of regulatory capital they need to hold for credit risk. It can provide a small financial benefit to banks by marginally reducing their capital requirements.

The consultation closes on 19 December 2025. FinTech Australia does not intend to make a submission. Please contact our Policy Team if you wish to provide feedback. 

Consolidation of financial reporting bodies

Treasury is consulting on merging the Australian Accounting Standards Board, Auditing and Assurance Standards Board and Financial Reporting Council. The new body will be called External Reporting Australia.

The consultation closes on 27 November 2025. FinTech Australia does not intend to make a submission. Please contact our Policy Team if you wish to provide feedback. 

Payment systems modernisation – draft regulations

Treasury is consulting on draft regulations. The draft Regulations implement the Government’s payments system reforms by enabling the Minister to designate “special” payment systems and appoint regulators (ACCC, APRA, ASIC and AUSTRAC) with powers to oversee them. They permit information-sharing, grant civil liability protection for good-faith actions, and confirm that certain existing card and ATM systems are not financial products under corporations law.

The consultation closes on 11 November 2025. FinTech Australia does not intend to make a submission. Please contact our Policy Team if you wish to provide feedback.

Proposed changes to capital framework for annuity products

APRA consulting on reforms to its capital framework for annuity products. This follows a previous consultation in June and July 2025.

The consultation closes on 17 December 2025. FinTech Australia does not intend to make a submission. Please contact our Policy Team if you wish to provide feedback.

Proposal to remake derivative clearing rules

ASIC is consulting on remaking the ASIC Derivative Transaction Rules (Clearing) 2015, which are scheduled to sunset on 1 April 2026. This will support the continued operation of Australia’s over-the-counter derivatives central clearing regime

The consultation closes on 28 November 2025. FinTech Australia does not intend to make a submission. Please contact our Policy Team if you wish to provide feedback.

OTHER NEWS

• Payday superannuation laws: the Government has passed its payday super reforms through the Parliament. The reform takes effect from 1 July 2026.

• APRA Prudential Standard CPS 230 Operational Risk Management: APRA has indicated that it will be consulting on targeted amendments to CPS 230 to address challenges faced by non-traditional service providers (eg payment schemes or clearing and settlement facilities).

• Enhanced regulatory sandbox: The Government has appointed an independent reviewer assess the enhanced regulatory sandbox. The reviewer’s report will be due in six months. A consultation is expected to be launched imminently.

• ASIC breach reporting: ASIC has launched a new data dashboard for breach reporting (ie reportable situations), creating transparency for breach reports made by individual AFS and credit licensees.

• OAIC data breach reporting: the OAIC (Office of the Australian Information Commissioner) has launched a new interactive dashboard providing deidentified data around notifiable data breaches. It has been created to help reporting entities, media and the public understand the volume and type of data breaches notified to the OAIC.

• Lending: ARCA is implementing changes to its Principles of Reciprocity and Data Exchange. This is in response to a report from an independent report. The details are located here and a summary of the proposed changes can be found here.

• Banks, insurers and superannuation trustees: APRA has revised its proposals to update its prudential standards and guidance on governance for banks, insurers and superannuation trustees.

• Climate-related financial disclosures: the AASB has released educational materials on applying AASB Standard 2 regarding compulsory climate-related financial disclosures.

• Capital markets: ASIC has released the findings of its major investigation into Australia's capital markets. The report highlights the rapid growth of private capital in Australia, driven by superannuation and demand for long-term investment options, alongside a decline in public listings. While private markets offer benefits, ASIC flags transparency, valuation, and investor-protection gaps, especially for retail participation. Significant data limitations hinder effective oversight. Over the next 12–18 months, ASIC will intensify surveillance, pursue reforms to strengthen disclosure and data reporting, and work to modernise public markets and maintain market integrity across the system.

• Capital markets: Cboe has announced that it plans to sell its Australian operations.

 WE ARE WORKING ON SUBMISSIONS TO THESE CONSULTATIONS

1. Treasury’s survey regarding the CDR;

2. Streamlining the foreign investment framework; and

3. Treasury’s exposure draft on payment service provider licensing.

WE RECENTLY MADE SUBMISSIONS TO THESE CONSULTATIONS

1. Treasury's exposure draft on digital asset & tokenised custody platforms licensing (with the assistance of our policy partner, Gadens);

2. ASIC’s regulatory simplification project (with the assistance of our policy partner, King & Wood Mallesons);

3. Treasury’s targeted consultation on changes to the CDR (public release pending);

4. Department of Industry, Science and Resources issues papers connected to the Strategic Examination of Research and Development (with the assistance of our policy partner, DLA Piper).

See other FinTech Australia submissions on our website.

Members interested in contributing to any of the submissions should reach out to our Policy Team.

FinTech Australia regularly makes submissions to consultations across a wide range of policy and regulatory issues. Communications about how to get involved in these processes are circulated through our distribution lists for members. If you would like to be added to a distribution list for this, please contact our Policy Team.