The Treasury Laws Amendment (Reserve Bank Reforms) Bill 2023 was passed by both Houses of Parliament and received Royal Assent on 29 November 2024.
The Bill amends the Reserve Bank Act and the Banking Act to implement the Government’s response
Australia’s Federal Parliament has finished sitting for 2024. Its final 2024 sittings were from 18 to 28 November when it passed 45 Bills. It is expected to resume on 4 February 2025 before a Commonwealth election which is due before
ASIC has announced its enforcement priorities in 2025 and its approach to breach self-reporting.
ASIC will focus on:
In Commissioner Initiated Investigation into Bunnings Group Ltd (Privacy) [2024] AICmr 230 Privacy Commissioner Carly Kind has found Bunnings Group Limited breached Australians’ privacy by collecting their personal and sensitive information through a facial recognition technology system (FRT).
Bunnings has
Treasury has released the Australian Government’s Cheques Transition Plan which sets out the next steps to ensure an orderly and planned shift away from the use of cheques by 2030. Background.
It provides a 2‑step timeline for ceasing issuance
The Australian Prudential Regulation Authority (APRA) has published the findings of its second climate risk self-assessment survey into how regulated entities identify, manage and disclose the financial risks of climate change and align their practices with the Prudential Practice Guide
Treasury has released a supplementary consultation paper containing proposals to amend the Australian Consumer Law to add a general prohibition that is principles‑based and specific prohibitions targeting certain unfair practices including subscription traps, drip pricing, and dynamic pricing.
Background.
The Australian Government has introduced the Scams Prevention Framework Bill 2024 into the House of Representatives. Background.
The Bill establishes a legislative framework called the Scams Prevention Framework (SPF) in a new Part IVF to the Competition and Consumer
ASIC has released a draft regulatory guide on the sustainability reporting regime for consultation. Background here and here.
From 1 January 2025, large Australian businesses, financial institutions and registrable superannuation entities will need to prepare annual statutory sustainability reports
AFCA has published details of systemic issues identified by it in the second half of the 2023-24 financial year that it has reported to ASIC, APRA and other regulators such as the Office of the Australian Information Commissioner.
It listed