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Consultation on Exposure Draft Legislation

Media Releases

Date : 30 January 2020

Author: The Hon Josh Frydenberg MP

THE HON JOSH FRYDENBERG MP
Treasurer

MEDIA RELEASE

31 January 2020

TAKING ACTION ON THE BANKING, SUPERANNUATION & FINANCIAL SERVICES ROYAL COMMISSION – CONSULTATION ON EXPOSURE DRAFT LEGISLATION

The Coalition Government has today released for consultation draft legislation to implement 22 recommendations and two additional commitments from the Banking, Superannuation & Financial Services Royal Commission to enhance protections for consumers and small businesses and to strengthen the role of financial regulators.

In the Government’s response to Commissioner Hayne’s Final report, released on 4 February 2019, we committed to taking action on all 76 Royal Commission recommendations and, in a number of important areas, going further. Of the 76 recommendations for reform, 54 were directed to the Government, 12 to the regulators and 10 to the industry.

In addition to the 54 recommendations directed to the Government, the Government announced a further 18 commitments to address issues raised in the Final Report. We are on track to meet the accelerated timetable outlined in our implementation roadmap which committed that, excluding the reviews to be conducted in 2022:

– by the end of 2019, more than 20 commitments, around one third, will be implemented or with legislation before the Parliament;

– by mid-2020, more than 50 commitments, close to 90 per cent, will have been implemented or have legislation before the Parliament; and

– by the end of 2020, remaining Royal Commission recommendations requiring legislation will have been introduced.

Through our actions today and over the past 12 months since the Final Report was released, the Government has implemented 16 commitments, has legislation before parliament to implement another 8 and has substantially progressed a further 35 which have been, or are currently being, consulted on ahead of their introduction.

Specifically, the draft legislation released today implements:

The Government’s measures will also strengthen and enhance the regulatory regimes for the Australian Securities and Investments Commission (ASIC) and the Australian Prudential Regulation Authority (APRA) by implementing:

The exposure draft materials are available on the Treasury’s website.

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