APRA and ASIC told to focus on growth — here's the plain-English version
The Albanese Government has reset expectations for APRA and ASIC to prioritise growth. Here's what it means for everyday PAYG employees using novated leasing.
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: both agencies have been told, in writing, to care more about economic growth and productivity, not just risk and compliance. According to the Treasury Ministers release [Source 1], 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 shift in tone. For years the criticism of both regulators — particularly ASIC — was that they leaned so hard into risk avoidance that legitimate financial products and credit decisions got caught in the crossfire. Chalmers is now explicitly asking them to rebalance.
What this means for novated lease customers
Novated leasing sits at the intersection of credit, employment benefits, and tax administration — which means regulatory posture does matter over time. A regulator more willing to support productive financial products and reduce unnecessary compliance burden is, broadly, good news for the industry and for consumers navigating salary packaging decisions.
More practically: if ASIC's revised mandate translates into faster, clearer guidance on consumer credit products — including those used in salary packaging structures — that's a win for transparency. millarX already operates under ACL 569484, is AFCA-registered, and holds customer funds in segregated accounts, so we're not worried about scrutiny. We welcome a regulator that's focused on both protecting consumers and letting good-faith products do their job.
For EV buyers in particular, reduced regulatory friction in lending and financial services can only help the case for switching — the vehicles are more accessible than ever, and salary packaging via a novated lease remains one of the most tax-effective ways to get behind the wheel of one.
Common questions
Does this government announcement change how novated leases work right now?
No — the Statements of Expectations set the direction for APRA and ASIC going forward. Nothing about how novated leases are structured, taxed, or administered has changed as a direct result of this announcement.
Why does ASIC's mandate matter to someone considering a novated lease?
ASIC oversees credit licensing in Australia. millarX holds an Australian Credit Licence, so ASIC's regulatory posture affects how credit-related products and disclosures are shaped over time. A growth-focused ASIC should mean clearer, less burdensome rules — not weaker consumer protections.
Is millarX regulated under these frameworks?
Yes. millarX operates under ACL 569484, is a member of the FBAA and AFCA, and customer funds are held in segregated accounts. We operate within ASIC's credit licensing framework.
What does 'reducing regulatory burden on businesses' mean for me as an employee?
In practice it could mean faster credit decisions, simpler product disclosures, and less friction when setting up financial products like novated leases. It's a long-term shift, not an overnight change.
Does this affect the EV FBT exemption or other novated lease tax rules?
No — FBT rules are set by the ATO and Treasury tax law, not APRA or ASIC. This announcement does not change the EV FBT exemption or any salary packaging tax treatment.