Regulators Told to Back Growth — What Does That Mean for Novated Leasing?
The Albanese Government has reset expectations for APRA and ASIC to prioritise growth. Here's what that shift could mean for novated lease customers in plain English.
On 15 July 2026, Treasurer Jim Chalmers released new Statements of Expectations for both APRA and ASIC — Australia's two heavyweight financial regulators. The short version: the government wants them to stop acting purely as referees and start thinking about how regulation can unlock investment and productivity, not just police bad behaviour.
According to the Treasury Ministers release, the new statements explicitly ask 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." That's a meaningful shift in tone from regulators that have historically leaned hard on caution.
What this means for novated lease customers
Novated leasing sits at the intersection of consumer credit, tax law, and financial products — so anything that changes how ASIC and APRA approach their mandates is worth paying attention to, even if the effects aren't immediate.
A regulator more focused on reducing friction for businesses could translate, over time, to smoother product access, faster credit decisions from lender partners, and less compliance overhead for brokers — costs that ultimately flow through to customers. It doesn't change the FBT exemption for eligible EVs, salary packaging rules, or your employer's obligations today. But a regulatory environment that actively encourages investment is generally good news for the asset finance and novated leasing market.
For EV buyers in particular, the policy direction matters. The government is signalling that it wants financial infrastructure to support economic activity — and the EV transition is one of the most active areas of that activity right now. Whether that translates into better finance availability or wider lender competition is something to watch.
Common questions
Does this announcement change my FBT exemption on an EV novated lease?
No. The FBT exemption for eligible battery electric and plug-in hybrid vehicles is set by tax legislation, not by APRA or ASIC. This announcement is about regulatory philosophy, not tax law.
Why does ASIC's mandate matter for novated leasing?
ASIC oversees consumer credit and financial product conduct. When ASIC's operating expectations shift toward enabling growth alongside consumer protection, it can influence how lenders design products and how brokers like millarX operate — though any changes take time to flow through.
Should I wait to see how this plays out before getting a novated lease?
Probably not. The tax benefits available to you right now — particularly the EV FBT exemption — are independent of this regulatory shift. Waiting on broad policy signals is rarely a good reason to delay a decision that's driven by your specific payroll and vehicle needs.
What does APRA have to do with novated leasing?
APRA regulates the banks and non-bank lenders that fund the vehicles in novated lease arrangements. A more growth-oriented APRA could mean lenders have more flexibility in their product offerings over time, though nothing changes overnight.
Is millarX affected by ASIC regulation?
millarX holds an Australian Credit Licence (ACL 569484) and is AFCA-registered, so yes — ASIC sets the conduct framework we operate within. A more balanced regulatory approach is broadly positive for how the market functions for customers.