Sydney, 17 October 2025: The Customer Owned Banking Association (COBA) has welcomed the Albanese Government’s move to strengthen coordination through the second edition of the Regulatory Initiatives Grid (RIG).
The updated RIG, announced by Assistant Treasurer and Minister for Financial Services Daniel Mulino, introduces new principles to better sequence reforms, reduce duplication, and streamline data collection. This update is a change COBA has long called for to help smaller banks manage the growing complexity of regulation.
“We thank the Government for listening to our concerns. Greater coordination among regulators will reduce duplication and ease compliance pressures for smaller banks, ultimately creating a more dynamic and diverse banking landscape for Australian consumers,” COBA CEO Michael Lawrence said.
The Government first announced a regulatory grid in March 2024 following years of advocacy by COBA. Launched as a pilot in December 2024, the RIG was widely considered a positive step towards greater transparency.
Since then, COBA has continued to call for stronger coordination between agencies to better plan and sequence their regulatory projects. The updated Grid builds on that foundation by embedding mechanisms to improve coordination and reduce overlapping consultations.
As acknowledged in the Council of Financial Regulators’ Review into Smaller and Medium-sized Banks issues paper last year, there has been an increase in banking regulation over the past decade, bringing with it a surge in costs related to capital, reporting, and compliance.
“The volume and overlap of recent regulation have had a magnified impact on smaller financial institutions like customer-owned banks. Better coordination will ensure major reforms are properly spaced out, allowing customer-owned banks to more effectively plan, prepare, and allocate resources,” Lawrence said.
“We look forward to continuing to work with the Government and regulators to further improve the regulatory landscape and provide the transparency customer-owned banks need to thrive.”
ENDS
For further information or to arrange interviews, please contact media@coba.asn.au