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Banking, Government Federal

House Economics Committee to focus on financial sector competition in upcoming APRA hearing

House of Representatives 2 mins read

The Australian Prudential Regulation Authority (APRA) will appear at a House of Representatives Standing Committee on Economics public hearing on 2 June 2023.

APRA will be discussing the Review of the APRA Annual Report 2022 as well as giving evidence to the Inquiry into promoting economic dynamism, competition and business formation.

Chair Dr Daniel Mulino MP said that with the committee investigating issues including competition, business formation and productivity, APRA’s perspective on how these issues play out in Australia’s financial system would be invaluable.

‘APRA must balance the benefits of efficiency, competition, contestability and competitive neutrality with financial stability — something that can be challenging to do as new technologies are introduced at rapid pace and great scale.

‘Australia is a world leader in FinTech, and APRA plays a critical role in balancing risk with the opportunities, such as broader consumer choice, that these technologies provide.’

The committee will also be discussing the wider activities of APRA as part of its review of the agency’s 2021-22 Annual Report.

‘APRA is an essential pillar of our regulatory environment. Strong and proactive prudential supervision and the promotion of financial system stability is one of the reasons Australia’s financial system is one of the safest in the world,’ Dr Mulino said.

‘Superannuation, insurance and banking are central elements of Australians’ lives — and understanding the challenges facing APRA in these areas is of continual interest.’

More details about the inquiries and upcoming public hearings are available on the committee’s website.

Public hearing details

Date : 2 June 2023
Time : 9.00am to 11.30am
Location : Committee Room 1R3, Parliament House, Canberra

The public hearing will also be broadcast live at aph.gov.au/live.

Media inquiries

Committee Chair
02 6277 4311
Daniel.Mulino.MP@aph.gov.au

For background information

Committee Secretariat
02 6277 4587
economics.reps@aph.gov.au

For more information about this committee, visit its website. On the site, you can make a submission to the inquiry, read other submissions, and get details for upcoming public hearings. You can also track the committee and receive email updates by clicking on the blue ‘Track Committee’ button in the bottom right-hand side of the page.



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