15 February 2024 - APRA publishes Chair John Lonsdale’s Opening Statement to the Senate Economics Legislation Committee

The Australian Prudential Regulation Authority (APRA) has published Chair John Lonsdale’s Opening Statement to the Senate Economics Legislation Committee.

“APRA recently released their latest Policy and Supervision Priorities, which provides a six-month view on APRA’s key focus areas for banking, insurance and superannuation.

It emphasises:

• operational and cyber resilience, reflecting the growing reliance on digital technologies by entities and the community;
• embedding lessons learned from last year’s global banking turmoil through targeted changes to the prudential framework for authorised deposit-taking institutions;
• lifting superannuation trustees’ practices on retirement incomes, implementing recommendations from the Financial Regulator Assessment Authority (FRAA) review, enhancing transparency and aligning APRA’s heatmaps with the performance test; and
• across insurance, continuing to balance financial sustainability with the need to enhance affordability and availability.”