Regulators Told to Back Growth — What It Means for Novated Leasing
The Albanese Government has reoriented APRA and ASIC toward growth and productivity. Here's what that regulatory shift could mean for novated lease customers.
On 15 July 2026, Treasurer Jim Chalmers released new Statements of Expectations for both APRA and ASIC — Australia's two most powerful financial regulators. The headline shift: both agencies are now explicitly directed to prioritise economic growth and productivity, not just stability and consumer protection (Source 1).
That might sound like dry Canberra policy language. But when the frameworks that govern how financial services businesses operate shift, the downstream effects eventually reach everyday products — including novated leasing.
What this means for novated lease customers
Novated leasing sits in a space regulated by both ASIC (consumer credit, disclosure obligations) and broader Treasury policy (FBT, salary packaging rules). When regulators are directed to reduce unnecessary burden on businesses and unlock investment, it generally creates a more favourable environment for specialist providers to compete, innovate, and offer better-value products to employees.
According to the Treasury Ministers release [Source 1], the Government wants regulators to "strike the right balance between supporting productivity and investment, reducing the regulatory burden on businesses, promoting stability, and safeguarding our financial system and markets." For PAYG employees considering a novated lease — particularly on an EV where the FBT exemption already makes the numbers compelling — a less friction-heavy regulatory environment could mean faster approvals, broader lender competition, and more transparent product comparison over time.
None of this changes your current entitlements overnight. The EV FBT exemption, the pre-tax treatment of lease payments, and the GST benefit on the vehicle purchase price are all legislated separately. But the direction of travel from Government is clear: they want financial services to enable economic activity, not just referee it.
Common questions
Does this announcement change the FBT exemption on electric vehicles?
No. The EV FBT exemption is legislated separately and is unaffected by the APRA/ASIC Statements of Expectations. This announcement is about regulator priorities, not tax law.
What do APRA and ASIC actually have to do with my novated lease?
ASIC oversees consumer credit and financial product disclosure, which covers how novated lease products are marketed and structured. APRA oversees the prudential health of the financial institutions that fund those leases. Both affect the competitive landscape and compliance costs that flow through to customers.
Will a growth-focused ASIC mean less consumer protection?
The Government's statement explicitly says growth must be balanced against 'protecting consumers from harm' — so no wholesale rollback is expected. The intent is to cut red tape that adds cost without adding protection, not to remove meaningful safeguards.
How does millarX fit into this regulated environment?
millarX holds an Australian Credit Licence (ACL 569484), is a member of the FBAA and AFCA, and holds customer funds in segregated accounts. Regulatory clarity benefits licensed operators like us because it levels the playing field against less scrupulous operators.
Should I wait for regulatory changes before getting a novated lease?
The tax benefits available to you right now — particularly on EVs — are already legislated. Waiting for hypothetical downstream regulatory improvements means potentially missing months of pre-tax savings you're already entitled to.