The Regulatory Initiatives Grid was launched in December 2024 as part of the government's productivity and competition agenda to boost economic dynamism in Australia's financial sector. Modelled on a similar system in the United Kingdom, the RIG provides a rolling, 24-month forward program of planned regulatory initiatives that will materially impact financial service providers.

This new coordination tool comes in response to industry concerns about the overwhelming volume of uncoordinated financial services regulation. Since the Hayne Royal Commission, there have been 1,175 pages of new laws and regulations introduced into the sector, with 130 different regulatory changes occurring over the same period. The RIG aims to address these concerns by improving transparency, collaboration, and engagement between regulators and the private sector.

Summary:

• Provides clear visibility of regulatory changes that will materially affect financial services providers over a two-year period

• Helps regulators avoid duplication and improves the sequencing and implementation of reforms

• Allows businesses to allocate resources more efficiently when implementing regulation, reducing compliance burden and costs

• Includes initiatives from Treasury, ASIC, APRA, ACCC, RBA, ATO, AUSTRAC and AFSA

[1] https://treasury.gov.au/sites/default/files/2024-12/rig-report-2024.pdf

[2] https://ministers.treasury.gov.au/ministers/jim-chalmers-2022/media-releases/better-coordinated-financial-sector-regulation

[3] https://ministers.treasury.gov.au/ministers/jim-chalmers-2022/media-releases/new-tool-streamline-and-better-coordinate-financial