On 19 December 2025, the Albanese Government published, as part of its Better Targeted Super Concessions policy, the Treasury Laws Amendment (Better Targeted Superannuation Concessions) Bill 2025 and the Superannuation (Better Targeted Superannuation Concessions) Imposition Bill 2025. Together these Bills reduce the tax concessions for people with total super balances over $3 million by imposing
Penny Limperis
ASIC updates RG 181 AFS Licensing: Managing Conflicts of Interest
By Liz Hastilow, Tim Sutton, Penny Limperis & Merren Taylor on
On 16 December 2025, the Australian Securities and Investments Commission (ASIC) updated Regulatory Guide 181 AFS Licensing: Managing Conflicts of Interest (RG 181) following an earlier consultation process (CP 385).
Background
Section 912A(1)(aa) of the Corporations Act 2001 (the Act) provides that Australian financial services (AFS) licensees must…
ASIC updates guidance on product disclosure statements
By Liz Hastilow, Tim Sutton, Penny Limperis & Sam Smith on
On 3 December 2025, the Australian Securities and Investments Commission (ASIC) updated Regulatory Guide 168 Product Disclosure Statements: Disclosure and other obligations (RG 168) following consultation with industry.
Background
RG 168 provides guidance on preparing product disclosure statements (PDS) that comply with the requirements in the Corporations Act 2001…
ASIC updates its guidance on digital disclosures
By Liz Hastilow, Tim Sutton, Penny Limperis & Sam Smith on
On 3 December 2025, the Australian Securities and Investments Commission (ASIC) updated Regulatory Guide 221 Facilitating digital financial services disclosures (RG 221).
RG 221 explains ASIC’s approach to provisions in Parts 7.7 and 7.9 of the Corporations Act 2001 (Cth) (Corporations Act), the use of digital delivery of financial…
ASIC Commissioner speech – Time to get on with business
By Liz Hastilow, Tim Sutton, Penny Limperis & Sam Smith on
On 5 December 2025, the Australian Securities and Investments Commission (ASIC) published a speech by Commissioner Kate O’Rourke at the 2025 Small Business Association of Australia International Small Business Summit. The speech is entitled ‘Time to get on with business’.
In her speech Commissioner O’Rourke outlines ASIC’s program to ease regulatory burdens…
APRA finalises changes to phase out Additional Tier 1 capital instruments
On 4 December, the Australian Prudential Regulation Authority (APRA) released a letter that responds to submissions to its consultation on amendments to its prudential and reporting frameworks to facilitate the phase out of Additional Tier 1 (AT1) capital instruments – also known as hybrid bonds – as eligible regulatory capital for…
APRA consults on formalising a three-tiered approach to proportionality in banking prudential framework
By Liz Hastilow, Tim Sutton & Penny Limperis on
On 5 December 2025, the Australian Prudential Regulation Authority (APRA) published a Discussion Paper ‘A more proportionate banking prudential framework’.
Background
The Discussion Paper is part of the Council of Financial Regulators’ Review into Small and Medium-sized Banks and APRA’s commitment earlier this year to make the Australian banking prudential framework…
ASIC invites feedback on stamp duty and portfolio holdings transparency
On 28 November 2025, the Australian Securities and Investments Commission (ASIC) initiated consultations on proposed changes to stamp duty and portfolio holdings disclosure requirements.
Background
The proposals are a result of ASIC’s targeted review of superannuation investment disclosure requirements announced in August 2025. As part of this review, ASIC established a Working Group…
ASIC to update RG 234
By Liz Hastilow, Tim Sutton & Penny Limperis on
On 27 November 2025, the Australian Securities and Investments Commission (ASIC) announced proposals to update Regulatory Guide 234 Advertising financial products and services (including credit): Good practice guidance (RG 234).
Background
RG 234 provides guidance to help relevant entities comply with their legal obligations to not make false or misleading statements…
APRA to limit high debt-to-income home loans
By Liz Hastilow, Tim Sutton & Penny Limperis on
On 27 November 2025, the Australian Prudential Regulation Authority (APRA) announced that it was limiting high debt-to-income (DTI) home lending.
APRA is taking this action to pre-emptively contain a build-up of housing-related vulnerabilities in the financial system. While overall bank lending standards remain sound, APRA has noticed a pick-up in some…