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APRA requests extension of parallel reporting period under Economic and Financial Statistics

Friday 20 March 2020

The Australian Prudential Regulation Authority (APRA) has released a request to all authorised deposit-taking institutions (ADIs) and registered financial corporations (RFCs) to extend the parallel run period for the Economic and Financial Statistics (EFS) data collection to the June 2020 quarter.

In a letter to industry today, APRA, the Reserve Bank of Australia and the Australian Bureau of Statistics (the agencies) have asked ADIs and RFCs to continue to report under ARS 331.0, RRS 331.0 and the ABS Quarterly Business Indicators Survey for the March and June 2020 quarters. The agencies had previously advised that the parallel run for these standards would end for the December 2019 quarter.

The agencies have revised their decision in order to maintain a consistent data source for the March and June 2020 quarters during the current period of uncertainty, and to capture the impact of COVID-19. 

Due dates for ARS 331.0 and RRS 331.0 will not change.

The letter is available on the APRA website at Extension of the EFS parallel run reporting period.

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Contact APRA Media Unit, on +61 2 9210 3636

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For more information contact APRA on 1300 558 849.

The Australian Prudential Regulation Authority (APRA) is the prudential regulator of the financial services industry. It oversees banks, credit unions, building societies, general insurance and reinsurance companies, life insurance, private health insurers, friendly societies, and most members of the superannuation industry. APRA currently supervises institutions holding $7.7 trillion in assets for Australian depositors, policyholders and superannuation fund members.