Australia is applying existing prudential and conduct obligations while supervisors press firms to close a widening gap between AI adoption and governance maturity.
APRA’s 2026 industry letter identifies concrete weaknesses in governance, assurance and resilience. ASIC continues to apply licensee obligations and consumer law to AI use.
APRA-regulated banks, insurers and superannuation trustees; ASIC-regulated financial-services and credit licensees.
Summarised from the primary instruments below. Open the source before relying on an obligation for legal or compliance decisions.
Set clear accountability, risk appetite and enterprise visibility over AI use, including business-led deployments.
Strengthen independent assurance, testing and challenge as use cases become more complex and opaque.
Secure sufficient transparency, auditability and assurance over external AI services and strengthen operational resilience.
The original authority remains the source of truth. Dates below are publication and effective dates, not OneBench ingest dates.
Australian Prudential Regulation Authority
Calls for a step-change in governance, risk management, assurance and operational resilience across banks, insurers and superannuation.
Australian Securities and Investments Commission
Finds AI use accelerating faster than governance arrangements among financial-services and credit licensees.