On the pulse
ASIC remakes incidental retail cover legislative instrument – see media release.
ASIC to review superannuation investment requirements – see media release.
ASIC takes action against a further 28 SMSF auditors – see media release.
ASIC cracking down on non-lodgement of financial reports – see media release.
New data reinforces ASIC’s focus on consumer and retail investor protection – see media release.
ASIC steps up action to protect consumers from online investment scams – see media release.
ASIC urges life insurers to spearhead improvements to direct sales practices – see media release.
APRA publishes updates to FAQs on Superannuation Data Reporting – see media release.
APRA release notes on Superannuation CEO Roundtable - July 2025 – see media release.
APRA publishes 2025–2026 Corporate Plan – see corporate plan.
Treasury Council on Federal Financial Relations meeting – see media release.
G+T Insight – Epic wins cases against Apple and Google in Australia – Andrew Low, Elizabeth Avery, Louise Klamka, Haidee Leung, Amelia McKellar, Manus Chauhan and Chris Goutama (13 August 2025).
G+T Insight – Who should pay to safeguard our energy supply? – Geoff Petersen and Michal Magat (14 August 2025).
G+T Insight – The Competitive Edge Podcast – Moya Dodd and Matt Rubinstein (15 August 2025).
G+T Insight – Europe’s new Space Act has extra-territorial effect: what Australian space businesses need to know – Lesley Sutton and Luke Standen (18 August 2025).
G+T Insight – What employees want from AI (besides not taking their jobs) – Dianne Banks, Peter Waters and Jack Jelbart (18 August 2025).
G+T Insight – High Court delivers sweet victory to brand owners in PepsiCo royalty fight – Julian Cheng, Mark Goldsmith and Claudia Robinson (19 August 2025).
G+T Insight – Brewing at the ACCC: First matters listed on the Acquisitions Register are agreements for lease – Elizabeth Avery, Jeremy Jose and Simon Muys (20 August 2025).
G+T Insight – High Court clarifies redeployment obligations for redundant employees – Dianne Banks, Tom Brett, Zoe Gannon and Rick Ruffolo (21 August 2025).
G+T Insight – Social sector spotlight - August 2025 – Darren Fittler, Elizabeth Lathlean, Darrell Bagang and Neha Sharma (21 August 2025).
ASIC
ASIC remakes incidental retail cover legislative instrument
ASIC has remade a legislative instrument (ASIC Corporations (Amendment) Instrument 2025/456) that exempts insurers and brokers from certain retail client obligations under the Corporations Act, specifically when incidental retail cover is provided in wholesale insurance contracts.
The ASIC Corporations (Incidental Retail Cover) Instrument 2022/716, which was scheduled to end on 16 August 2025, will be extended for a period of five years.
ASIC assessed that the instrument was generally operating effectively and efficiently and will continue to monitor the instrument’s appropriateness.
See ASIC media release.
ASIC to review superannuation investment requirements
ASIC has commenced a targeted review that may help boost investment in property by Australia’s superannuation funds.
The review will focus on requirements to disclose stamp duty payments in Regulatory Guide 97 Disclosing fees and costs in PDSs and periodic statements. Concerns have been raised that the disclosure impacts performance test results and discourages investment in property by superannuation funds.
See ASIC media release.
ASIC takes action against a further 28 SMSF auditors
During the second half of the 2024–2025 financial year, ASIC acted against the registration of 28 approved self-managed superannuation fund auditors – see ASIC media release.
ASIC cracking down on non-lodgement of financial reports
ASIC has launched a broader surveillance of the non-lodgement of financial reports by large proprietary companies in response to high levels of non-compliance by certain large proprietary companies.
As background, the financial report lodgement exemption for certain large proprietary companies (or ‘grandfathered companies’) was removed in 2022 and, since then, previously grandfathered companies have been required to lodge their financial reports with ASIC. However, ASIC found that more than half of all previously grandfathered companies failed to lodge financial reports in the fiscal years ending in 2023 or 2024.
ASIC stated it would use its full range of enforcement and compliance tools in response to non-lodgement. Therefore, companies are advised to proactively review their financial reporting obligations and address any instances of non-compliance before ASIC begins its surveillance. ASIC expects the surveillance to be completed in Q1 of 2026.
See ASIC media release.
New data reinforces ASIC’s focus on consumer and retail investor protection
ASIC is also repeating its warning to Australians to make informed investment decisions after new data revealed a sharp rise in the number of complaints affecting retail investors.
Newly released figures highlight ASIC received 7,561 reports of misconduct from 1 January 2025 to 30 June 2025, raising 11,060 issues. Of this, 5,909 reported issues fell into the financial services and retail investor category, which includes credit issues, licence obligations and other conduct related to advice, insurance and misleading and deceptive or unconscionable behaviour.
See ASIC media release.
ASIC steps up action to protect consumers from online investment scams
ASIC’s investment scam website takedown capability is being expanded to include social media ads in an escalation of the regulator’s fight to protect Australians.
ASIC’s latest enforcement and regulatory update also reveals more than 14,000 investment scam and phishing websites have been removed since the takedown capability began two years ago. ASIC continues to remove an average of 130 malicious sites every week.
See ASIC media release.
ASIC urges life insurers to spearhead improvements to direct sales practices
ASIC is calling on life insurance companies to step up their product, sales and complaints handling practices as they look to expand direct sales to customers.
In a detailed letter to industry outlining concerns and urging action following a review of direct sales practices, ASIC has listed four key recommendations to improve compliance and benefit consumers.
These included strengthening product design, improving sales practices and treating complaints as valuable business intelligence to help improve customer experiences.
See ASIC media release and also ASIC letter to CEOs of life companies.
APRA
APRA publishes updates to FAQs on Superannuation Data Reporting
APRA has added 32 frequently asked questions (FAQs) – see media release.
APRA release notes on Superannuation CEO Roundtable - July 2025
This roundtable focused on the recent cyber incidents impacting several superannuation entities – see APRA media release.
APRA publishes 2025–2026 Corporate Plan
APRA published its latest Corporate Plan aimed at preserving the safety and stability of banks, insurers, superannuation trustees and the broader financial system.
The plan outlines APRA’s strategic priorities over the next four years as well as its policy, supervision and data priorities for the coming 12 to 18 months.
The 2025-2026 Corporate Plan has been built on four key strategic objectives: maintaining financial and operational resilience, responding to significant and emerging risks, getting the regulatory balance right and improving APRA’s organisational effectiveness.
Among APRA’s top strategic priorities in the plan are:
Strengthening cyber resilience across APRA’s regulated industries given the recent escalation of attacks. This includes monitoring for emerging risks specifically associated with the adoption of artificial intelligence and in the context of geopolitical tensions.
Assessing the degree to which regulated entities are complying with APRA’s new prudential standard on operational risk management, CPS 230.
Updating APRA’s prudential standards for governance.
Publishing the results of APRA’s inaugural System Stress Test, designed to evaluate risks arising from interconnectedness between the banking and superannuation sectors.
Intensifying scrutiny of superannuation fund expenditure and reviewing the investment governance and member outcomes of major platform providers.
Releasing the results of APRA’s Climate Vulnerability Assessment for the general insurance sector.
This latest plan also contains a heightened focus on ensuring APRA strikes the right balance between financial safety and considerations such as competition, efficiency and productivity. Initiatives include consulting on the formalisation of a third tier of proportionality in the prudential framework for banking, promoting access to more affordable reinsurance for general insurers and removing duplicative or unnecessary regulatory requirements.
See APRA corporate plan.
Legislation and proposed legislation
Treasury Council on Federal Financial Relations meeting
Treasurers agreed to work together to advance four priority areas of economic reform:
Faster approvals for major projects, with a focus on national priority infrastructure.
Better regulation, by reducing regulatory burdens and overlap, to make it easier for businesses to grow, invest and hire.
Boosting competition, by implementing the next phase of National Competition Policy reforms.
Building more homes faster, by breaking down barriers to housing supply and speeding up approvals and reducing regulatory burden on builders.
See Treasury media release.
G+T articles
G+T Insight – Epic wins cases against Apple and Google in Australia – provides an overview of these cases which found misuse of market power in breach of s 24 of the CCA – Andrew Low, Elizabeth Avery, Louise Klamka, Haidee Leung, Amelia McKellar, Manus Chauhan and Chris Goutama (13 August 2025).
G+T Insight – Who should pay to safeguard our energy supply? – provides an overview of the limits to our current energy model and urges federal intervention – Geoff Petersen and Michal Magat (14 August 2025).
G+T Insight – The Competitive Edge Podcast – discusses the latest matters, trends and insights in Australia and around the world – Moya Dodd and Matt Rubinstein (15 August 2025).
G+T Insight – Europe’s new Space Act has extra-territorial effect: what Australian space businesses need to know – Lesley Sutton and Luke Standen (18 August 2025).
G+T Insight – What employees want from AI (besides not taking their jobs) – Dianne Banks, Peter Waters and Jack Jelbart (18 August 2025).
G+T Insight – High Court delivers sweet victory to brand owners in PepsiCo royalty fight – provides an overview of PepsiCo decision and its impact on any multinational group that sells products while licensing brand/intellectual property into Australia – Julian Cheng, Mark Goldsmith and Claudia Robinson (19 August 2025).
G+T Insight – Brewing at the ACCC: First matters listed on the Acquisitions Register are agreements for lease – provides an overview of the new mandatory and suspensory merger regime having its first two matters listed on the Acquisitions Register – Elizabeth Avery, Jeremy Jose and Simon Muys (20 August 2025).
G+T Insight – High Court clarifies redeployment obligations for redundant employees – provides an overview of the significant decision that clarified the scope of the Fair Work Commission’s inquiry when considering unfair dismissal – Dianne Banks, Tom Brett, Zoe Gannon and Rick Ruffolo (21 August 2025).
G+T Insight – Social sector spotlight - August 2025 – Darren Fittler, Elizabeth Lathlean, Darrell Bagang and Neha Sharma (21 August 2025).
Calendar dates
29 August 2025 – Deadline for submissions to ASIC consultation on remaking MIS relief instrument on exercise of pricing discretions (ASIC Corporations (Managed Investment Product Consideration) Instrument 2015/847).
29 August 2025 – Deadline for submissions to Treasury consultation on Sustainable investment product labelling.
5 September 2025 – Deadline for submissions to ASIC consultation on proposed update to RG 181 AFS licensing: Managing conflicts of interest.
31 March 2026 – Amended AML/CTF obligations commence for existing reporting entities.
31 March 2026 – Tranche 2 entities may enrol as reporting entities with AUSTRAC.
1 July 2026 – Mandatory climate-related financial disclosures for Group 2 entities apply in respect of financial years starting on or after this date.
13 July 2026 – Key CDR obligations commence for non-bank lenders.
1 July 2027 – Mandatory climate-related financial disclosures for Group 3 entities apply in respect of financial years starting on or after this date.