Government tells APRA and ASIC to prioritise growth — what does that mean for you?
The Albanese Government has refocused APRA and ASIC on growth and productivity. Here's what the shift means for novated lease customers in plain English.
On 15 July 2026, the Albanese Government released new Statements of Expectations for both APRA (the prudential regulator) and ASIC (the markets and consumer regulator). The headline shift: both agencies are now explicitly directed to weigh economic growth and productivity alongside their traditional mandates of financial stability and consumer protection. According to the Treasury Ministers release, the government wants regulators to "unlock investment and grow our economy while preserving financial stability and market integrity and protecting consumers from harm."
This is a meaningful tonal shift — not a deregulation bonanza, but a signal that approval processes, compliance burdens, and regulatory conservatism will face more scrutiny from Canberra going forward.
What this means for novated lease customers
Novated leasing sits at the intersection of several regulated spaces: consumer credit (ASIC's patch) and, indirectly, the lending standards that govern the financiers behind the scenes (APRA's patch). When regulators are directed to reduce unnecessary burden on businesses, that pressure tends to flow through the supply chain.
In practical terms, a growth-oriented ASIC may be more open to streamlined product disclosure, faster credit decisioning, and less friction in the approval process for salary-packaged finance products. For PAYG employees considering a novated lease — especially on an electric vehicle where the FBT exemption already makes the numbers compelling — a less friction-heavy credit environment is a net positive. It won't change your eligibility or the tax treatment, but it could mean a smoother experience getting from quote to keys.
It's worth being clear about what this doesn't change: the FBT exemption for eligible EVs, the ATO's rules on how novated leases are structured, and your employer's right to offer (or not offer) salary packaging. Those settings sit outside APRA and ASIC's remit entirely.
Common questions
Does this change how the FBT exemption works on my EV novated lease?
No. The FBT exemption for eligible electric vehicles is an ATO and Treasury tax matter — completely separate from APRA and ASIC's regulatory mandates. Nothing in this announcement touches that exemption.
Will novated leasing get cheaper because of this?
Not directly or immediately. The shift in regulatory expectations may reduce compliance costs for lenders and lessors over time, but we won't make specific savings claims on the back of a policy direction. The existing tax advantages of a novated lease remain the primary driver of potential savings.
What is a Statement of Expectations?
It's a formal letter from the responsible Minister to a regulator setting out the government's priorities. It doesn't change legislation, but it does influence how the regulator exercises discretion and where it focuses resources.
Is millarX affected by ASIC or APRA regulation?
millarX operates under Australian Credit Licence 569484, which is an ASIC-regulated licence. We're also AFCA-registered and an FBAA member. A growth-oriented ASIC is our regulator — we think that's a reasonable development provided consumer protections stay intact.
Should I wait to see how this plays out before getting a novated lease?
There's no reason to wait. Policy direction takes time to translate into practice, and the tax and salary-packaging advantages of a novated lease are available right now under current rules.