Statement by the Council of Financial Regulators – April 2025

The Council of Financial Regulators (the Council) met on Wednesday, 9 April, to share insights over recent developments in financial markets and the global economy. The Australian Treasurer attended the meeting, and the Australian Competition & Consumer Commission (ACCC) was also invited to join the Council discussion.

The Council is the main coordinating body for Australia's financial regulators, with the ultimate objective of promoting the stability of the financial system and supporting effective and efficient regulation. It brings together the Australian Prudential Regulation Authority (APRA), the Australian Securities and Investments Commission (ASIC), the Australian Treasury and the Reserve Bank of Australia (RBA).

Market developments

Council members are closely monitoring developments in the Australian financial system alongside recent international economic developments. In discussing the evolving outlook, the Council expected that a period of uncertainty would likely persist for some time. The Council noted there had been an increase in global financial market volatility, but that the Australian financial system was strong and resilient. Australian banks have maintained strong levels of capital and liquidity.

Council members agreed to continue their close cooperation in monitoring conditions in the Australian financial system.

Cyber and operational resilience

The Council was updated on the latest information on the recent cyber-attacks at certain superannuation funds. The Council noted the importance of all superannuation funds maintaining strong information security controls, including implementing multifactor authentications to protect member accounts and proactively engaging with members to advise them about any measures being taken. The Council agreed to continue their close coordination on the matter, and their close engagement with the Government and superannuation trustees.

Council of Financial Regulators

The Council of Financial Regulators (the Council) is the coordinating body for Australia's main financial regulatory agencies. There are four members: the Australian Prudential Regulation Authority (APRA), the Australian Securities and Investments Commission (ASIC), the Australian Treasury and the Reserve Bank of Australia (RBA). The Reserve Bank Governor chairs the Council and the RBA provides secretariat support. It is a non-statutory body, without regulatory or policy decision-making powers. Those powers reside with its members.

The Council's objectives are to promote stability of the Australian financial system and support effective and efficient regulation by Australia's financial regulatory agencies. In doing so, the Council recognises the benefits of a competitive, efficient and fair financial system. The Council operates as a forum for cooperation and coordination among member agencies. It meets each quarter, or more often if required.