Productivity is a team sport: ASIC’s contribution from in goals

[Newsroom](https://www.asic.gov.au/newsroom) PrintShare - [X Opens in new window](https://twitter.com/intent/tweet?url=https%3A%2F%2Fwww.asic.gov.au%2Fabout-asic%2Fnews-centre%2Fspeeches%2Fproductivity-is-a-team-sport-asic-s-contribution-from-in-goals%2F&text=Productivity%20is%20a%20team%20sport%3A%20ASIC%E2%80%99s%20contribution%20from%20in%20goals) - [Facebook Opens in new window](https://www.facebook.com/sharer.php?u=https%3A%2F%2Fwww.asic.gov.au%2Fabout-asic%2Fnews-centre%2Fspeeches%2Fproductivity-is-a-team-sport-asic-s-contribution-from-in-goals%2F) - [LinkedIn Opens in new window](https://www.linkedin.com/shareArticle?mini=true&url=https%3A%2F%2Fwww.asic.gov.au%2Fabout-asic%2Fnews-centre%2Fspeeches%2Fproductivity-is-a-team-sport-asic-s-contribution-from-in-goals%2F) - [Email Opens in new window](mailto:?subject=Productivity%20is%20a%20team%20sport%3A%20ASIC%E2%80%99s%20contribution%20from%20in%20goals&body=An%20article%20from%20ASIC%3A%0D%0A%0D%0AProductivity%20is%20a%20team%20sport%3A%20ASIC%E2%80%99s%20contribution%20from%20in%20goals%0D%0A%0D%0Ahttps%3A%2F%2Fwww.asic.gov.au%2Fabout-asic%2Fnews-centre%2Fspeeches%2Fproductivity-is-a-team-sport-asic-s-contribution-from-in-goals%2F) ## Key points - ASIC is contributing to the economy-wide effort to increase Australia’s productivity. - We are simplifying regulation, making it easier to transact with ASIC, promoting innovation, supporting law reform and contributing to the Productivity Commission’s work on business dynamism. - ASIC’s work on productivity is designed to improve regulation and reduce regulatory burden without undermining consumer protections. **Check against delivery** Thank you, Mel, for the introduction and thank you to AFIA for the invitation to speak to you today. I acknowledge the Traditional Owners of the land on which we meet today, the Wurundjeri People of the Kulin Nation. I pay my respects to their Elders past and present, and I extend that respect to Aboriginal and Torres Strait Islander peoples here today. In my remarks today I’d like to focus on how ASIC is contributing to national efforts to lift Australia’s productivity — recognising that this is a collective endeavour, and one in which we all have a role to play. Each of you will be seeking to make productivity enhancements in your own businesses. You are also at the frontline of financing productivity enhancements in many other Australian businesses. Today, I’ll outline four streams of ASIC work that are contributing to enhanced productivity and explain what we are doing to improve the quality of regulation while maintaining important consumer protections. In the spirit of the World Cup, I’ve structured my comments around a football (soccer) analogy. We’re all on Team Productivity – with ASIC in goals. This is fitting, because productivity is very much a team sport, but I confess it is a bit of a tortured analogy. So I apologise in advance. ## Team productivity: where do regulators play? The Government has recognised that Australia has a productivity challenge [\[1\]](https://www.asic.gov.au/about-asic/news-centre/speeches/productivity-is-a-team-sport-asic-s-contribution-from-in-goals/#_ftn1) and has asked all sectors of our economy to contribute to addressing it. I don’t need to explain to you the critical role the finance sector plays in supporting productivity and economic growth. By providing the finance businesses need to invest in technology, business processes and skills, you are enabling them to innovate, be more productive and compete. Regulators play an important role too. We do this by implementing regulatory provisions and practices that achieve a strong financial system, fair and efficient markets and confident and informed investors and consumers - all with as little cost as possible. I frame ASIC’s contribution as being akin to the goalkeeper because we err on the side of being protective and we often take a back seat to the spectacular breakthroughs. We are also instrumental in ensuring our on-field business teammates are well placed to score ‘productivity goals’. The national challenge to enhance productivity comes at a time when businesses are facing many other risks, including cyber and geopolitical ones, all of which are rapidly evolving, and at times compounding. Artificial intelligence for example has introduced heightened uncertainty with some embracing the opportunities it offers for both consumers and businesses, while other are far more cautious and even fearful. In circumstances like this, it’s important that regulatory reforms to enhance productivity do not come at the expense of consumers and investors’ trust in our financial system. This is why ASIC has worked to identify productivity-enhancing initiatives that support rather than undermine consumer and investor confidence to participate in the economy. ## Playing out from the back: ASIC’s work on simplification The first productivity initiative I’d like to touch on is our work simplifying the regulatory documents and administrative practices that are within our control. Like a goalkeeper playing out from the box, these choices are within our gift. We can choose how we play the ball. We’ve used the phrase ‘regulatory simplification’ for this work because our objective is to reduce unnecessary complexity. This makes it easier for businesses to comply with the laws that ASIC administers, and for investors and consumers to know what those laws are. It is not designed to reduce regulatory protections. ASIC’s regulatory simplification work is very practical and focused on making life easier for businesses - easier to find and understand our regulatory documents and easier to interact with us. For example: - We’ve improved our website by restructuring content, removing thousands of obsolete webpages and experimenting with how AI can improve the user experience. - We’ve facilitated the use of electronic signatures over wet signatures on our forms and we have reduced paper-based processes - 90% of our paper-only forms can now be submitted electronically. This is equivalent of 57,000 paper forms every year. - We have an ongoing program to simplify our legislative instruments and regulatory guidance. Our long-term goal is to move away from paper-based, fragmented processes towards a more consistent, secure and user-centric digital services. This includes our RegistryConnect program which is uplifting and modernising our business registers. Work to improve the search functionality and streamline the online experience for registrations and lodgements is well underway. And work to link director IDs will commence by 1 July 2027, subject to the passage of the relevant Bill which has been passed by the House of Representatives and is before the Senate this week. ## Linking with the wing backs: ASIC’s innovation agenda The second means by which ASIC is contributing to the productivity agenda is through our work supporting innovation in financial products and services. As we have stated publicly before, ASIC wants to be ‘backers, not blockers’ of innovation’. [\[2\]](https://www.asic.gov.au/about-asic/news-centre/speeches/productivity-is-a-team-sport-asic-s-contribution-from-in-goals/#_ftn2) We recognise that financial innovation is crucial for productivity, unlocking opportunities not only for start-ups but for existing finance companies. If we apply my football analogy, our innovation work is a well-timed throw to a wing-back charging up the field. [ASIC’s Innovation Hub](https://www.asic.gov.au/for-business-and-companies/innovation-hub/ "Innovation Hub") which was established over a decade ago has helped around 1,000 fintech and regtech businesses navigate Australia's regulatory system. This includes the creation of a regulatory sandbox in 2015, which was replaced by a statutory sandbox – the [Enhanced Regulatory Sandbox](https://www.asic.gov.au/for-business-and-companies/innovation-hub/enhanced-regulatory-sandbox-ers/