Regulators Told to Back Growth — What It Means for You
The Albanese Government has rewritten the rulebook for APRA and ASIC, pushing them toward growth. Here's what that shift means for novated lease customers.
On 15 July 2026, the Albanese Government released new Statements of Expectations for Australia's two major financial regulators — APRA and ASIC. The short version: both regulators have been formally told to put more weight on promoting economic growth and productivity, not just policing risk (Source 1).
This isn't a minor tweak. It signals a deliberate recalibration — government wants regulators to reduce friction for businesses and consumers interacting with financial products, while still protecting people from genuine harm. For ordinary PAYG employees, that shift in tone matters more than it might first appear.
What this means for novated lease customers
Novated leasing sits inside a regulated financial ecosystem. ASIC oversees credit and consumer product disclosure; lenders funding novated leases operate under APRA's prudential framework. When those regulators are steered toward reducing unnecessary burden and unlocking investment, it tends to flow through as less friction in product access, clearer disclosure, and more competitive financing conditions over time.
It also reinforces why working with an ACL-licensed, AFCA-registered broker matters. As the regulatory environment evolves, licensed operators are accountable to those same standards — whereas unlicensed comparison sites or employer-nominated fleet desks are not. millarX holds ACL 569484 and is a registered AFCA member precisely because that accountability protects you.
On the EV side, this growth-oriented regulatory posture aligns with the broader policy direction around electric vehicles. Lower barriers to investment in new financial products could support better-structured EV novated lease offerings down the track — though specific outcomes will depend on how APRA and ASIC translate the new Statements into practice. Watch this space.
Common questions
Do these regulatory changes affect my existing novated lease?
Not directly or immediately. Your current lease terms are locked in at signing. The shift in APRA and ASIC's mandate is a longer-term structural change that may influence product conditions and lender behaviour over time.
Why does it matter which regulator oversees novated leasing?
Novated leases involve a credit product (the lease finance) and a consumer-facing disclosure obligation — both areas where ASIC sets the rules. APRA governs the banks and lenders funding those leases. Both regulators' posture affects the cost and availability of finance in the background.
Is millarX affected by the new ASIC or APRA expectations?
millarX operates under ACL 569484 and is AFCA-registered, so we're already subject to ASIC's consumer credit framework. We welcome any regulatory direction that reduces unnecessary friction without compromising consumer protection — that's exactly the balance we operate to.
Could this lead to better EV novated lease deals?
Possibly, over time. A growth-focused APRA and ASIC stance could encourage lenders to structure more competitive products for EVs, which remain a fast-growing segment of novated leases. But that's a medium-term outcome, not an overnight change.
Where can I read the actual Statements of Expectations?
The full statements are published on the Treasury Ministers website — see Source 1 below. They set out in detail how the government expects APRA and ASIC to exercise their powers going forward.