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The Financial Innovation Committee will bring together government, regulators and industry to identify areas where greater collaboration could support innovation and improve policy, regulatory and market outcomes.
Up to nine industry representatives will join officials from Treasury and three financial regulators: the Reserve Bank of Australia, the Australian Prudential Regulation Authority and the Australian Securities and Investments Commission.
The committee will share insights on emerging technologies, market developments and industry capability needs while considering opportunities for greater regulatory coordination, joint regulatory sandboxes and standards development.
It will also examine other measures that could help support financial innovation, including the development of new products, services, business models and ways of working that improve outcomes and productivity.
The government said the committee would help strengthen collaboration between government and industry while ensuring innovation delivered better outcomes for consumers, businesses and the broader economy.
Daniel Mulino MP, Assistant Treasurer and Minister for Financial Services, said: “Innovation needs the development of new products, services, business models and ways of working that improve outcomes and productivity.
“The committee is an opportunity to make sure innovation delivers better outcomes for consumers, businesses and our economy.
“The committee will share insights on emerging technologies, market developments and capability needs, and consider opportunities for greater regulatory coordination, joint regulatory sandboxes, standards development and other enabling measures.”
Expressions of interest close on 27 November 2026. Applicants must submit a CV and a brief outline of their interest, limited to 250 words, through the Financial Innovation Committee EOI portal.
A space of innovation
The appointment of the committee comes as Australia’s mortgage broking sector continues to navigate rapid technological change, with opportunities emerging around open banking, artificial intelligence and shared industry infrastructure.
A recent Mortgage and Finance Association of Australia report found that Australia’s broker technology ecosystem was among the most mature of the international markets examined, underpinned by standardised processes and strong digital connectivity.
However, the report also identified gaps in the adoption of emerging technologies, including fragmented open banking processes, data readiness challenges for AI and ongoing friction around digital identity verification.
It also highlighted the importance of greater industry collaboration to address fraud and cyber threats, with data sharing and shared infrastructure identified as potential ways to improve efficiency and strengthen risk management.
[Related: What the Australian broker industry can learn from overseas markets]
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