The Council of Financial Regulators (CFR) comprises APRA, ASIC, the RBA and Treasury. It aims to facilitate cooperation and collaboration between member agencies, with the ultimate objectives of promoting stability of the Australian financial system and supporting effective and efficient regulation by Australia’s financial regulatory agencies. In doing so, the CFR recognises the benefits of a competitive, efficient and fair financial system.
The CFR provides a forum for:
- identifying important issues and trends in the financial system, with a focus on those that may impinge upon overall financial stability;
- exchanging information and views on financial regulation and assisting with coordination where members' responsibilities overlap;
- harmonising regulatory and reporting requirements, paying close attention to regulatory costs;
- ensuring appropriate coordination among the agencies in planning for and responding to instances of financial instability; and
- coordinating engagement with the work of international institutions, forums and regulators as it relates to financial system stability.
The CFR will draw on the expertise of other non-member government agencies where appropriate for its agenda, and will meet jointly with the ACCC, AUSTRAC and the ATO at least annually to discuss broader financial sector policy.
This modified Charter was adopted on 5 July 2019.