The Albanese Government is taking further action to advance Australia’s productivity agenda with the tabling of a review into the Enhanced Regulatory Sandbox.
The Enhanced Regulatory Sandbox lets eligible businesses test certain financial products and services without first obtaining a full ASIC licence.
The review looked at the role of regulatory sandboxes in supporting financial innovation in Australia, and specifically the design, operation and effectiveness of the ERS.
The review also considered the broader environment for financial innovation in Australia.
This includes examining the factors that support a healthy innovation ecosystem, the Australian regulatory environment and how the ERS can support broader Government objectives.
The Review made a total of 6 recommendations including more targeted use, clearer objectives and better alignment with national priorities and emerging technologies.
I thank the independent reviewer, Maha El Dimachki, for devoting her considerable expertise.
I also thank everyone who contributed to the consultation process.
The Government will consider the recommendations and provide a response later this year.
A copy of the review report and non‑confidential submissions will be available on the Treasury website.
