APRA issues supervision and policy priorities for 1H’24

There will be a focus on balancing financial sustainability with affordability and availability in the insurance sector

The Australian Prudential Regulation Authority (APRA)is integrating its supervision and policy priorities for the first time, which include enhancing operational and cyber resilience across all regulated entities, addressing lessons learned from recent global banking turmoil, and improving practices in superannuation trusteeship.

The interim update on its supervision and policy priorities for the first half of 2024 serves as a bridge to the forthcoming 2024-25 Corporate Plan, scheduled for release by the end of August.

This step aims to provide entities with clearer expectations over the next six months.

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Additionally, a focus on balancing financial sustainability with affordability and availability in the insurance sector is highlighted.

APRA's agenda is crafted with careful consideration of proportionality, aiming to minimise regulatory burden while ensuring robust supervision and regulation to safeguard the financial system. 

The authority emphasises adaptability to evolving risks and commitments to transparency and accountability.

Entities are advised to align industry-level priorities with their specific supervisory programs. APRA pledges to remain flexible in adjusting priorities as necessary to address emerging risks effectively.