The Treasurer has announced that the Government has completed its initial consultation on its December 2006 discussion paper Streamlining Prudential Regulation: Response to ‘Rethinking Regulation’,
which canvassed options to simplify and streamline prudential
regulation in response to issues raised by the Taskforce on Reducing
Regulatory Burdens.

In relation to
reviewing APRA’s administrative decisions, in light of
industry comments (especially following the AXA litigation), the Government has decided to introduce a
court-based process for decisions to disqualify individuals under
APRA‑administered legislation, similar to the disqualification
framework used by the Australian Securities and Investments
Commission. The Government will consult further with industry on the
implementation of this measure and on options for removing Ministerial
consent from, and expanding the availability of, merits review for
APRA’s decisions.

The Government will continue to progress the other proposals canvassed in Response to ‘Rethinking  Regulation’,
with the aim of having legislation ready for introduction in the Winter
2007 sittings. The Government expects to be able to consult on draft
legislation shortly.