On 11 February 2019, the Government announced a review to consider the capabilities of the Australian Prudential Regulation Authority (APRA), led by Chair Graeme Samuel AC, Diane Smith-Gander AO and Grant Spencer. The Review was intended to provide a forward-looking assessment of APRA's ability to respond to an environment of growing complexity and emerging risks for APRA's regulated sectors. The Panel released terms of reference and sought public submissions on 13 March 2019.
The Report makes 24 forward-looking recommendations which seek to ensure that APRA is best placed to deal with its future environment and the challenges which lie ahead. Nineteen recommendations are made to APRA and five recommendations reside with the Government.