Aligning with the EFS refinement initiative earlier this year, the Australian Prudential Regulation Authority (APRA) has updated the Reporting Practice Guide RPG 702.0 ABS/RBA Data Quality for the EFS Collection (RPG 702.0) and the EFS Data Priority Listing.
The changes to the Economic and Financial Statistics (EFS) collection come into effect on 1 November 2024 and strengthen the data controls and governance for all the EFS reporting entities.
→ Definitional changes governed as per ARS 701 – Business Size & Covered Bonds -already live since June’24 reporting.
→ RPG 702 data quality changes—The data priority listing has undergone changes. Adherence to the guidelines is mandatory for all reporting entities to ensure that the threshold is maintained to avoid any queries for re-submission. The regulator extended the timelines earlier to the 31 October 2024 reporting period.
→ One of the key changes attributable to new data listing items points to business and personal lending items in EFS collections.
Institutions are advised to review guidelines here:
