Finance in Focus Portal
Treasury opening statement to the Economics Legislation Committee
In an address to the Economics Legislation Committee, Treasury Secretary Dr Steven Kennedy outlined key challenges facing the global and Australian economies, including weak global growth, trade tensions, and domestic cost-of-living pressures.
Consumer Price Index rises 2.5 per cent
Australia’s monthly Consumer Price Index (CPI) indicator rose 2.5 per cent in the year to January 2025, unchanged from December, according to the Australian Bureau of Statistics (ABS).
RBA and Productivity Commission warn of weak productivity growth
Reserve Bank of Australia (RBA) economist Michael Plumb has warned that weak productivity growth is limiting Australia’s economic potential, with labour productivity barely improving since 2016. While the RBA expects a recovery to one per cent growth in the medium term, past projections have not materialised, raising concerns about long-term economic stagnation.
OAIC opening statement to the Legal and Constitutional Affairs Legislation Committee
Australian Information Commissioner Elizabeth Tydd has outlined the Office of the Australian Information Commissioner's (OAIC) efforts to modernise regulation while managing rising case volumes. Speaking to the Legal and Constitutional Affairs Legislation Committee, she highlighted inquiries into connected vehicle privacy risks, a new Children’s Online Privacy Code, and improved Freedom of Information (FOI) data reporting.
ACCC at 2nd Annual Sustainability Reporting Summit
At the 2nd Annual Sustainability Reporting Summit, ACCC Deputy Chair Mick Keogh reaffirmed the regulator’s focus on tackling misleading environmental claims and ensuring fair competition. Keogh emphasised that new climate reporting rules will drive transparency and protect businesses making genuine sustainability investments.
AAA reports a dip in hybrid vehicle sales
Hybrid vehicles continued to outsell battery electric vehicles (BEVs) in late 2024, despite a decline in market share, according to new data from the Australian Automobile Association (AAA) EV Index. Hybrids accounted for 14.83 per cent of new car sales in the December quarter, down from 16.70 per cent in September, while BEVs rose to 7.42 per cent from 6.59 per cent.
FCA releases Research Note on the role of AI in credit decisions
New research from the UK’s Financial Conduct Authority (FCA) explores how different methods of explaining AI-assisted credit decisions impact consumers’ ability to identify errors. The study found that while transparency boosts confidence, too much information can sometimes make it harder for consumers to challenge mistakes.
ACCC announces 2025-26 compliance and enforcement priorities
Australian Competition & Consumer Commission (ACCC) Chair Gina Cass-Gottlieb delivered the keynote speech at the Committee for Economic Development Australia (CEDA), Thursday 20 February 2025, on the ACCC’s compliance and enforcement priorities for 2025-26.
RBA lowers interest rates
The Reserve Bank of Australia (RBA) has announced a cut to the official cash rate, reducing it by 0.25 per cent to 4.1 per cent. This decision marks the first rate cut in over four years and comes as a response to the easing inflationary pressures in the Australian economy. In the December quarter, underlying inflation was 3.2 per cent.
Government bans foreign purchases of established homes
The Government has announced new measures to address housing market pressures by banning foreign investors from purchasing established homes for at least two years and cracking down on land banking.
APRA proposes updated approach to HELP debts
The Australian Prudential Regulation Authority (APRA) has announced a consultation on proposed changes to how banks treat Higher Education Loan Program (HELP) debt repayments when assessing home loan applications.
ASIC proposes further relief for licensees under reportable situations regime
The Australian Securities and Investments Commission (ASIC) has proposed additional relief measures to help Australian financial services and credit licensees comply with the reportable situations regime. This initiative aims to reduce the reporting burden on the industry while ensuring that ASIC continues to receive high-value regulatory reports.
Review of Australia's four major banks 2023-2024
The House Standing Committee on Economics has published its report into the Review of Australia's four major banks 2023-2024.
APRA simplifies prudential framework for cloud outsourcing and ad hoc credit reporting collection
The Australian Prudential Regulation Authority (APRA) has confirmed two steps towards simplifying the prudential framework. APRA has withdrawn the 2018 Information Paper ‘Outsourcing Involving Cloud Computing Services’ due to the upcoming Prudential Standard CPS 230 Operational Risk Management (CPS 230).
Coalition financial services policy platform – key reforms
CreditorWatch releases January Business Risk Index
CreditorWatch has released the January results for its Business Risk Index (BRI), which indicates positive signs for Australian businesses at the end of 2024 and early 2025.
Brighte updates on Electrify 2515
AFIA associate member Brighte has provided an update of their Electrify 2515 Community Pilot, an initiative to electrify 500 homes in the Illawarra region. Brighte has reached initial milestones, with applications now being processed for a further 50 homes.
Allens Insight: AI
To assist businesses to make informed decisions about which AI tools to use and for what purposes, international commercial law firm and AFIA Associate Member Allens have conducted an in-depth analysis of the terms and conditions (T&Cs) applicable to a range of commonly used, off-the-shelf generative AI tools from an intellectual property perspective.
In other news
Government instructs APRA to relax HECS considerations in mortgage serviceability tests
The government has announced changes to lending guidelines for Australians with Higher Education Loan Program (HELP) debts, to more easily secure a mortgage.
APRA has confirmed it will begin consulting on changes to the treatment of HELP debts in serviceability requirements and debt reporting. ASIC will also move to adjust its responsible lending guidance.