Regulator seeks consultation on economic data

Change to ADI reporting proposed as part of work to modernise finance sector data

Regulator seeks consultation on economic data


By Melanie Mingas

The prudential regulator is seeking consultation from interested stakeholders, ahead of proposed changes to the way it collects data on the financial services industry.

APRA, along with the Australian Bureau of Statistics (ABS) and the Reserve Bank of Australia (RBA), previously pooled data for what was known as the Domestic Books collection. Under the proposed changes, the three bodies will now administer the Economic and Financial Statistics (EFS).

The EFS will consist of quarterly data collected from ADIs, including banks, building societies and credit unions, and registered financial corporations, and will be used to compile key macroeconomic indicators for Australia.

These are intended for analysis and policy purposes by economic policy makers, and to meet Australia’s international reporting obligations. According to APRA, “this has been a large scale and complex project, involving considerable collaboration between the three agencies and the industry.”

Ahead of the proposed changes, APRA has initiated an open consultation, with written submissions requested by 18 June 2019. Further information can be found on APRA’s website.


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