Banking Agenda: Issue 1, 2017

Economic and Financial Statistics collection modernisation

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In January 2017 the Australian Bureau of Statistics, the Reserve Bank of Australia and the Australian Prudential Regulation Authority jointly released a consultation paper that sets out a proposed modernisation of the Economic and Financial Statistics (EFS) data collection.

The changes proposed represent a substantial extension of the existing reporting requirements, greatly increasing the breadth of data collected, as well as introducing a quality standard to enhance the accuracy of the provisioned data, significantly increasing audit requirements.

This major overhaul of reporting standards is consistent with international initiatives to enhance the breadth and quality of statistical and economic data gathered from the financial services sector.

EY has published a summary of the EFS collection modernisation consultation to assist financial institutions impacted by these changes as they prepare to assess the requirements and implement the required changes.

For more information, contact a member of the EY Oceania Financial Services team: