Australian Treasury Secretary Jim Chalmers is urging key regulators to adopt pro-growth policy positions in an effort to lift the country's economy out of the deep slump in productivity growth. Chalmers said the Australian Prudential Supervisory Authority and the Australian Securities and Investment Commission have been asked to “focus more on promoting growth” to “unlock more productivity”. He added that the move would strike the right balance between reducing regulatory burdens and promoting financial system stability.

Australian Treasury Secretary Jim Chalmers is urging key regulators to adopt pro-growth policy positions in an effort to lift the country's economy out of the deep slump in productivity growth. Chalmers said the Australian Prudential Supervisory Authority and the Australian Securities and Investment Commission have been asked to “focus more on promoting growth” to “unlock more productivity”. He added that the move would strike the right balance between reducing regulatory burdens and promoting financial system stability.