In August, the Reserve Bank issued a consultation paper on registered bank disclosure, and has now finalised its main policy decisions.
Deputy Governor Grant Spencer has said that "some elements of the regime will be dropped completely, while other parts, which can be costly to produce, will be streamlined and simplified. The result will be a regime that produces better, more accessible information for users at a lower cost to the banks".
The main changes include:
dropping the quarterly Key Information Summary and Supplemental Disclosure Statement;
introducing a single quarterly disclosure document aimed at more financially savvy readers;
cutting by three or four times the size of the half-year disclosure document, by basing it on interim rather than full-year accounting standards; and
further rationalisation of information across all time periods.
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