The Standard
Regulation & Policy
The Standard - August 26, 2022
By
Lewis Panther
Senior writer, FINSIA
Published Fri 26 Aug
Welcome to the latest edition of The Standard, with more than 40 important policy, research and regulatory updates, including press releases and speeches.

<p>Catch-up with everything from APRA, ASIC, ATO, to the RBA and New Zealand Regulators.<br />
<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 <span>Māori Access to Capital</span>.</p>
<p> </p>
<h3><span lang="EN-US"><span>FINSIA</span></span><span> </span></h3>
<p><a href="https://www.finsia.com/news-hub/the-standard/volunteers-submission"><span>Volunteers for submission - 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> </p>
<h3><span lang="EN-US"><span>ABS</span></span><span> </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> </p>
<h3><span lang="EN-US"><span>ACCC</span></span><span> </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> </span></a></p>
<p> </p>
<h3><span lang="EN-US"><span>AFCA</span></span><span> </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> </span></a></p>
<p> </p>
<h3><span lang="EN-US"><span>APRA</span></span><span> </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> </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> </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> </span></p>
<h3><span lang="EN-US"><span>ASIC</span></span><span> </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> </span></a></p>
<p> </p>
<h3><span lang="EN-US"><span>ATO</span></span><span> </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> </span></a></p>
<p> </p>
<h3><span lang="EN-US"><span>Climate</span></span><span> </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> </p>
<h3><span lang="EN-US"><span>Cyber Security</span></span><span> </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> </span></a></p>
<p> </p>
<h3><span lang="EN-US"><span>Federal</span></span><span> </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> </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> </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> </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> </span></a></p>
<p lang="EN-US"> </p>
<h3><span lang="EN-US"><span>Media Releases</span></span><span> </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> </span></a></p>
<p> </p>
<h3><span lang="EN-US"><span>New Zealand - Aotearoa</span></span><span> </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&utm_campaign=d73999c95d-EMAIL_CAMPAIGN_2022_08_17_07_52_COPY_11&utm_medium=email&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> </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> </span></a></p>
<p lang="EN-US"> </p>
<h3><span lang="EN-US"><span>Productivity Commission</span></span><span> </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> </span></a></p>
<p> </p>
<h3><span lang="EN-US"><span>RBA</span></span><span> </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>
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