On 18 November, the Australian Financial Security Authority (AFSA) hosted its third annual Summit, bringing together more than 140 leaders from industry and government to explore Australia’s evolving financial and regulatory landscape.
The event opened with a Welcome to Country from Uncle Michael West, setting a tone of respect and shared purpose. MC Ross Greenwood guided a day of discussion focused on trust, culture, and protecting consumers and small businesses—providing a platform for insight, collaboration and action.
AFSA Chief Executive and Inspector-General in Bankruptcy, Tim Beresford, launched AFSA’s State of the Personal Insolvency System 2024–25 and State of the Personal Property Securities System 2024–25 reports, offering fresh insights into system trends, enforcement outcomes and reform opportunities.
Keynote – The Hon Dr Andrew Leigh MP
Dr Leigh emphasised trust as the foundation of economic activity, the role of culture in reducing compliance burdens, and the importance of regulatory reform shaped by collective industry insights. He highlighted government progress on simplification reforms and potential alignment between corporate and personal insolvency.
Session highlights and speakers
Session 1 – The surprising price of eggs: financial security in uncertain times
Speaker: Luci Ellis, Chief Economist, Westpac
- Delivered a macroeconomic snapshot, noting easing inflation and interest rate pressures, fragile consumer spending recovery, and renter vulnerability,
- The “triple squeeze” of inflation, tax and interest rates is easing, but real incomes remain at 2018 levels.
- Consumer spending recovery is fragile; renters remain most vulnerable (90% of PI entrants are renters).
- Streaming services up 30% in two years; unemployment drifting upward despite strong participation.
Session 2 – Building a culture of compliance
Moderator: Jennifer Dobell, COO, AFSA.
Panellists: Simon Longstaff (The Ethics Centre), James Calveley (APRA), Mick Keogh (ACCC)
- Explored ethics and accountability as drivers of integrity.
- Panellists noted:
- a 10% rise in ethics could deliver a $45B annual economic dividend
- a 5% drop in trust = 19% rise in regulation.
- Risk-aware culture drives compliance; accountability must sit with business areas, not back office.
Session 3 – Embedding PPSR integrity in natural systems
Moderator: Gabbie Gallagher, PPS Registrar, AFSA.
Panellists: Catherine Ellis (NSW Small Business Commissioner), Ross Booth (Redbook), Amanda Linton (ICB)
- Discussed integrating PPSR registration into business workflows to reduce risk and improve adoption among small businesses.
- 900,000 small businesses in NSW face PPSR engagement challenges.
- Risks of skipping a $2 PPSR search when buying vehicles; integration into workflows is key
Session 4 – Youth and senior perspectives on access to credit
Moderator: Sue Whitaker, National Manager Official Receiver, AFSA.
Panellists: Lucas Walsh (Monash University), Chris Grice (National Seniors Australia), Dr Emma Penzo (AFIA)
- Highlighted generational challenges, including BNPL use among young Australians and mortgage stress for seniors, and the role of responsible lending codes.
- Launch of 2025 Australian Youth Barometer at the Summit showed 85% of young Australians faced financial difficulties in the past year; BNPL use at 30%.
- Seniors retiring with mortgages and equity challenges; AFIA codes enable quick response to hardship and fraud risks.
Session 5 – Regulating with purpose & acting with impact: AFSA now and into the future
Moderator: Emma Greenwood, GM Regulatory Operations, AFSA.
Panellists: Neville Matthew (AFSA), Mike Hayes (ARITA), Vicki Staff (National Debt Helpline), Schon Condon (AIIP)
- Case studies showed AFSA’s holistic approach to financial hardship and system collaboration, emphasising empathy and coordinated action.
Session 6 – In conversation: Regulating in modern Australia
Moderator: Ross Greenwood.
Panellists: Sarah Court (ASIC), David Allen (ATO), Brendan Thomas (AUSTRAC) and Tim Beresford (AFSA),
- Explored whole-of-system collaboration, balancing economic growth with system safety, and leveraging data and technology for smarter regulation.
- Regulators working together to balance system safety and economic growth.
- Risk-based regulation targets greatest harms; building stewardship across the system.
The AFSA Summit 2025 reinforced a shared commitment to strengthening trust, embedding ethical culture, protecting consumers and small businesses, and fostering collaboration across Australia’s financial ecosystem.
