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The Albanese government has released an updated Regulatory Initiatives Grid (RIG), aimed at mapping out upcoming reforms and regulatory changes impacting the financial sector.
First launched in December 2024, the RIG’s second edition was introduced by Assistant Treasurer and Minister for Financial Services Daniel Mulino and is designed to improve how industry and regulators engage.
Following feedback from stakeholders and participants at the Economic Reform Roundtable, the government said the latest RIG would better align reform timelines and improve co-ordination between financial regulators.
Treasury said it had consulted on the design of the RIG, including holding two roundtables with Finance Industry Council of Australia (FICA) members.
What’s in the regulatory roadmap?
The RIG gives a clearer picture of upcoming policies, legislation, and initiatives across the finance sector.
A key change is that regulators are required to avoid overlapping consultations, sequence related reforms more effectively, and cut duplication by sharing data between agencies.
Several programs exploring possible future reforms are highlighted in the grid, including the Retail Deposit and Home Loan Price inquiry, which aims to help Australians switch to better mortgage deals and get higher interest rates on their savings accounts.
Other initiatives include the Compensation Scheme of Last Resort (CSLR) and ongoing work to finalise cost estimates for the 2026–27 annual levy.
A review into Consumer Data Right (CDR) rules is also in the RIG, tasked with simplifying the consumer consent process. The review is proceeding in stages between 14 July 2025 and 11 November 2025.
Industry heaps praise on roadmap
The Customer Owned Banking Association (COBA) welcomed the Albanese government’s move to strengthen co-ordination through the RIG, saying it would help smaller banks manage the growing complexity of regulation.
“We thank the Government for listening to our concerns. Greater coordination among regulators will reduce duplication and ease compliance pressures for smaller banks, ultimately creating a more dynamic and diverse banking landscape for Australian consumers,” COBA CEO Michael Lawrence said.
“The volume and overlap of recent regulation have had a magnified impact on smaller financial institutions like customer-owned banks. Better coordination will ensure major reforms are properly spaced out, allowing customer-owned banks to more effectively plan, prepare, and allocate resources.”
The Australian Banking Association (ABA) said the government’s updated RIG could bring relief from overlapping compliance requirements.
ABA CEO Simon Birmingham said the grid was a practical step forward in improving how regulators and industry work together to improve outcomes for customers.
“Regulation is essential in maintaining a strong and safe financial system, however unnecessary duplication and complexity diverts time away from focusing on customers,” Birmingham said.
“If implemented well the grid can be a common-sense initiative that ensures banks have more certainty and can better plan and coordinate regulatory proposals.
“The Grid is particularly critical to Australia’s smaller and medium-sized banks, giving them better visibility of regulation so they can focus on innovating and better serving their customers.”
[Related: Industry pushes back on open banking exemption for small lenders]
