About

The Council of Financial Regulators (CFR) is the main coordinating body for Australia’s financial regulators. There are four members – the Australian Prudential Regulation Authority (APRA), the Australian Securities and Investments Commission (ASIC), the Reserve Bank of Australia (RBA) and the Treasury. The RBA Governor chairs the CFR and the RBA provides secretariat support.

The CFR is a non-statutory body. That is, it has no legislative backing and as a consequence has no formal regulatory or policy decision-making powers. Those powers rest with its members under their respective acts. Instead, the CFR operates as a means for cooperation and coordination among member agencies.

The CFR’s Charter outlines its objectives, scope and operation. The CFR facilitates cooperation and collaboration across member agencies, with the ultimate aim of promoting the stability of the Australian financial system and supporting effective and efficient regulation. In pursuing this aim, the CFR also seeks to support competition in the financial system. The CFR works to identify and coordinate actions to address systemic risks and vulnerabilities, support the coordination of financial regulation, and maintain crisis management readiness.

The CFR’s focus on cooperation and coordination is supported by Memoranda of Understanding (MOUs) and bilateral coordination arrangements between member agencies. The MOUs cover such matters as information sharing, prompt notification of any regulatory decisions likely to impact other agencies’ responsibilities, and consultation arrangements in the event of potential or actual instances of financial instability. Given the CFR’s central role in crisis management, an updated MOU on Crisis Management was agreed by the CFR in July 2025. Close cooperation between CFR agencies is complemented by overlapping representation on relevant governance committees: the APRA Chair currently represents APRA on the Payments System Board of the RBA; and the Secretary to the Treasury is a member of the RBA Monetary Policy Board.

Given the important financial linkages between Australia and New Zealand, the CFR places considerable importance on the effective coordination of trans-Tasman crisis resolution and planning arrangements. This coordination is achieved through the Trans-Tasman Council on Banking Supervision (TTBC).