The Standard - August 26, 2022

<p>Catch-up with everything from APRA, ASIC, ATO, to the RBA and New Zealand Regulators.<br /> &nbsp;<br /> In this edition, we highlight how FINSIA is partnering with the Australian Accounting Standards Board to give members a preview of the new <span>AASB Standards Portal</span> and an opportunity to provide feedback on the beta release of the portal.<br /> <br /> We also have a call-out for New Zealand members to contribute to a submission by the RBNZ over&nbsp;<span>Māori Access to Capital</span>.</p> <p>&nbsp;</p> <h3><span lang="EN-US"><span>FINSIA</span></span><span>&nbsp;</span></h3> <p><a href="https://www.finsia.com/news-hub/the-standard/volunteers-submission"><span>Volunteers for submission -&nbsp; Improved access to capital for Māori</span></a></p> <p><a href="https://standards.aasb.gov.au/">AASB launches Digital Standards Portal for public beta testing</a></p> <p>&nbsp;</p> <h3><span lang="EN-US"><span>ABS</span></span><span>&nbsp;</span></h3> <p><a href="https://www.abs.gov.au/statistics/research/introducing-monthly-consumer-price-index-cpi-indicator-australia "><span lang="EN-US"><span>Inflation data goes monthly</span></span><span> </span></a></p> <p><a href="https://www.abs.gov.au/media-centre/media-releases/unemployment-rate-falls-34 "><span lang="EN-US"><span>Unemployment rate falls to 3.4%</span></span><span> </span></a></p> <p>&nbsp;</p> <h3><span lang="EN-US"><span>ACCC</span></span><span>&nbsp;</span></h3> <p><a href="https://www.accc.gov.au/media-release/google-llc-to-pay-60-million-for-misleading-representations "><span lang="EN-US"><span>Google LLC to pay $60 million for misleading representations</span></span><span> </span></a></p> <p><a href="https://www.accc.gov.au/media-release/googles-acquisition-of-mandiant-not-opposed "><span lang="EN-US"><span>Google's acquisition of Mandiant not opposed</span></span><span> </span></a></p> <p><a href="https://www.accc.gov.au/media-release/accc-warning-of-suspicious-messages-as-%E2%80%9Chi-mum%E2%80%9D-scams-spike "><span lang="EN-US"><span>Warning of suspicious </span><span>messages</span><span> as “Hi Mum” scams spike</span></span><span>&nbsp;</span></a></p> <p>&nbsp;</p> <h3><span lang="EN-US"><span>AFCA</span></span><span>&nbsp;</span></h3> <p><a href="https://www.afca.org.au/news/media-releases/small-businesses-send-3490-complaints-to-afca-in-2021-22 "><span lang="EN-US"><span>Small businesses send 3,490 complaints to AFCA in 2021-22</span></span><span>&nbsp;</span></a></p> <p>&nbsp;</p> <h3><span lang="EN-US"><span>APRA</span></span><span>&nbsp;</span></h3> <p><a href="https://www.apra.gov.au/news-and-publications/apra%E2%80%99s-latest-corporate-plan-continues-focus-on-%E2%80%9Cprotected-today-prepared-for "><span lang="EN-US"><span>APRA’s latest Corporate Plan continues </span><span>focus</span><span> on “protected today, prepared for tomorrow”</span></span><span>&nbsp;</span></a></p> <p><a href="https://www.apra.gov.au/sites/default/files/2022-08/NongHyup%20Bank%20banking%20authorisation.pdf "><span lang="EN-US"><span>New bank </span><span>license</span><span> for Korean bank</span></span><span>&nbsp;</span></a></p> <p><a href="https://www.apra.gov.au/news-and-publications/apra-releases-updated-faqs-on-economic-and-financial-statistics "><span lang="EN-US"><span>Updated</span><span> FAQs on the Economic and Financial Statistics</span></span><span> </span></a></p> <p><span>&nbsp;</span></p> <h3><span lang="EN-US"><span>ASIC</span></span><span>&nbsp;</span></h3> <p><a href="https://asic.gov.au/about-asic/news-centre/find-a-media-release/2022-releases/22-227mr-asic-s-priorities-for-2022-26/ "><span lang="EN-US"><span>Top Priorities for 2022–26</span></span><span> </span></a></p> <p><a href="https://asic.gov.au/about-asic/news-centre/find-a-media-release/2022-releases/22-214mr-asic-s-approach-to-breach-reporting-implementation-of-reportable-situations-regime/ "><span lang="EN-US"><span>Approach to breach reporting: implementation of reportable situations regime</span></span><span> </span></a></p> <p><a href="https://asic.gov.au/about-asic/news-centre/find-a-media-release/2022-releases/22-213mr-asic-s-surveillance-of-internal-dispute-resolution-in-superannuation-identifies-concerns/ "><span lang="EN-US"><span>Surveillance of internal dispute resolution in superannuation identifies concerns</span></span><span> </span></a></p> <p><a href="https://asic.gov.au/about-asic/news-centre/find-a-media-release/2022-releases/22-215mr-asic-releases-research-about-investment-behaviour/ "><span lang="EN-US"><span>Research </span><span>about</span><span> investment </span><span>behaviour</span></span><span> </span></a></p> <p><a href="https://asic.gov.au/about-asic/news-centre/find-a-media-release/2022-releases/22-231mr-asic-update-compensation-for-financial-advice-related-misconduct-as-at-30-june-2022/ "><span lang="EN-US"><span>Fees for no service compensation </span><span>hits</span><span> $3.6 billion</span></span><span>&nbsp;</span></a></p> <p>&nbsp;</p> <h3><span lang="EN-US"><span>ATO</span></span><span>&nbsp;</span></h3> <p><a href="https://www.ato.gov.au/About-ATO/Research-and-statistics/In-detail/Taxation-statistics/Taxation-statistics-2019-20/ "><span lang="EN-US"><span>Taxation statistics 2019–20</span></span><span> </span></a></p> <p><a href="https://www.anao.gov.au/work/performance-audit/australian-taxation-office-engagement-tax-practitioners "><span lang="EN-US"><span>Australian Taxation Office’s Engagement with Tax Practitioners</span></span><span> </span></a></p> <p><a href="https://www.ato.gov.au/Media-centre/Media-releases/-Save-time-and-money---more-and-more-businesses-making-the-switch-to-eInvoicing/ "><span lang="EN-US"><span>‘Save time and money’: more and more businesses making the switch to </span><span>eInvoicing</span></span><span>&nbsp;</span></a></p> <p>&nbsp;</p> <h3><span lang="EN-US"><span>Climate</span></span><span>&nbsp;</span></h3> <p><a href="https://www.climatechangeauthority.gov.au/news/media-release-climate-change-authority-releases-review-international-offsets "><span lang="EN-US"><span>Climate Change Authority </span><span>releases</span><span> Review of International Offsets</span></span></a></p> <p>&nbsp;</p> <h3><span lang="EN-US"><span>Cyber Security</span></span><span>&nbsp;</span></h3> <p><a href="https://ministers.treasury.gov.au/ministers/jim-chalmers-2022/media-releases/work-underway-crypto-asset-reforms "><span lang="EN-US"><span>Work underway on crypto asset reforms</span></span><span>&nbsp;</span></a></p> <p>&nbsp;</p> <h3><span lang="EN-US"><span>Federal</span></span><span>&nbsp;</span></h3> <p><a href="https://www.abs.gov.au/media-centre/media-releases/strong-growth-energy-industry-turnover-continues "><span lang="EN-US"><span>Strong growth in energy industry turnover continues</span></span><span> </span></a></p> <p><a href="https://treasury.gov.au/consultation/c2022-308005 "><span lang="EN-US"><span>Shadow Economy Procurement Connected Policy</span></span><span> </span></a></p> <p><a href="https://ministers.treasury.gov.au/ministers/jim-chalmers-2022/media-releases/release-jobs-and-skills-summit-issues-paper "><span lang="EN-US"><span>Release of Jobs and Skills Summit issues paper</span></span><span> </span></a></p> <p><a href="https://ministers.treasury.gov.au/ministers/jim-chalmers-2022/media-releases/commonwealth-grants-commission-appointments "><span lang="EN-US"><span>New appointments to Commonwealth Grants Commission</span></span><span>&nbsp;</span></a></p> <p lang="EN-US"><a href="https://ministers.treasury.gov.au/ministers/stephen-jones-2022/media-releases/extending-cdr-non-bank-lenders "><span lang="EN-US"><span>Extending CDR to non-bank lenders</span></span><span><span> </span></span></a></p> <p lang="EN-US"><a href="https://ministers.treasury.gov.au/ministers/stephen-jones-2022/media-releases/improving-corporations-and-financial-services-law "><span lang="EN-US"><span>Improving Corporations and Financial Services Law</span></span><span>&nbsp;</span></a></p> <p lang="EN-US"><a href="https://ministers.treasury.gov.au/ministers/stephen-jones-2022/media-releases/consultation-open-financial-adviser-education-standards "><span lang="EN-US"><span>Consultation open on financial adviser education standards</span></span><span>&nbsp;</span></a></p> <p lang="EN-US"><a href="https://ministers.treasury.gov.au/ministers/jim-chalmers-2022/media-releases/public-consultation-begins-multinational-tax-integrity "><span lang="EN-US"><span>Public consultation begins on Multinational Tax Integrity and Transparency</span></span><span>&nbsp;</span></a></p> <p lang="EN-US">&nbsp;</p> <h3><span lang="EN-US"><span>Media Releases</span></span><span>&nbsp;</span></h3> <p><a href="https://www.nra.net.au/unnecessary-high-transaction-fees-hurting-retailers-and-consumers/ "><span lang="EN-US"><span>NRA - Unnecessary high transaction fees hurting retailers and consumers</span></span><span>&nbsp;</span></a></p> <p>&nbsp;</p> <h3><span lang="EN-US"><span>New Zealand - Aotearoa</span></span><span>&nbsp;</span></h3> <p><a href="https://www.rbnz.govt.nz/hub/news/2022/08/feedback-sought-on-improving-maori-access-to-capital "><span lang="EN-US"><span>Feedback sought on improving Māori access to capital</span></span><span> </span></a></p> <p><a href="https://comcom.govt.nz/news-and-media/media-releases/2022/investigations-show-commissions-commitment-to-acting-on-non-notified-mergers "><span lang="EN-US"><span>Investigations show Commission’s commitment to acting on non-notified merger</span></span><span> </span></a></p> <p><a href="https://www.beehive.govt.nz/release/overseas-investors-converting-farms-forests-must-show-benefit-new-zealand "><span lang="EN-US"><span>Overseas investors converting farms to forests must show benefit to New Zealand</span></span><span> </span></a></p> <p><a href="https://www.rbnz.govt.nz/hub/research/additional-research/monetary-policy-tools-and-the-rbnz-balance-sheet?utm_source=Reserve+Bank+of+New+Zealand&amp;utm_campaign=d73999c95d-EMAIL_CAMPAIGN_2022_08_17_07_52_COPY_11&amp;utm_medium=email&amp;utm_term=0_c0c0e9bb78-d73999c95d-454560957 "><span lang="EN-US"><span>Monetary Policy Tools and the RBNZ Balance Sheet</span></span><span> </span></a></p> <p><a href="https://www.rbnz.govt.nz/hub/news/2022/08/feedback-sought-on-policy-for-branches-of-overseas-banks "><span lang="EN-US"><span>Feedback sought on policy for branches of overseas banks</span></span><span>&nbsp;</span></a></p> <p><a href="https://www.beehive.govt.nz/release/major-grocery-shake-drive-cheaper-prices "><span lang="EN-US"><span>Major grocery shape-up to drive cheaper prices</span></span><span> </span></a></p> <p lang="EN-US"><a href="https://www.fma.govt.nz/news/all-releases/media-releases/annual-corporate-plan-2022-2023/ "><span lang="EN-US"><span>FMA sets sights on fairer financial system</span></span><span>&nbsp;</span></a></p> <p lang="EN-US">&nbsp;</p> <h3><span lang="EN-US"><span>Productivity Commission</span></span><span>&nbsp;</span></h3> <p><a href="https://www.pc.gov.au/inquiries/current/productivity/productivity-interim2-data-digital#media-release "><span lang="EN-US"><span>Australia’s data and digital dividend</span></span><span>&nbsp;</span></a></p> <p>&nbsp;</p> <h3><span lang="EN-US"><span>RBA</span></span><span>&nbsp;</span></h3> <p><a href="https://www.rba.gov.au/media-releases/2022/mr-22-23.html "><span lang="EN-US"><span>Reserve Bank and Digital Finance Cooperative Research Centre to Explore Use Cases for CBDC</span></span><span> </span></a></p> <p><a href="https://www.rba.gov.au/monetary-policy/rba-board-minutes/2022/2022-08-02.html">Minutes of the Monetary Policy Meeting - August 2</a></p> <p><a href="https://www.rba.gov.au/media-releases/2022/mr-22-25.html "><span lang="EN-US"><span>Academic and private sector panel for Reserve Bank</span></span><span> </span></a></p> <p><a href="https://www.rba.gov.au/speeches/2022/sp-so-2022-08-24.html "><span lang="EN-US"><span>Critical for market participants and regulators to act on climate now.</span></span><span> </span></a></p>