The Financial Regulator Assessment Authority (FRAA) is an independent statutory body tasked with assessing and reporting on the effectiveness and capability of the Australian Securities and Investments Commission (ASIC) and the Australian Prudential Regulation Authority (APRA).

The FRAA’s statutory mandate requires it to assess and report on the effectiveness and capability of ASIC and APRA on a biennial basis, commencing on 1 July 2021.

In the 2023‑24 Budget, the Government announced its intention to reduce the frequency of the FRAA review cycle from a biennial basis to a five yearly cycle. Amendments to the FRAA Act to reflect this revised frequency are expected to be introduced to Parliament later in 2023.

The next FRAA review will focus on the effectiveness and capability of ASIC and will commence in 2026. The next review of APRA will commence in 2027. The FRAA secretariat function will continue to operate within Treasury between review cycles.

A new FRAA panel will be appointed ahead of the next review cycle.