The Australian Prudential Regulation Authority is asking for feedback on its proposals to improve the quality of data collected from authorised deposit-taking institutions, including insurers.

It says the review is necessary to ensure the information – used in producing national financial data and tracking potential financial risks – is relevant to current needs.

The last comprehensive review was in the early 2000s, according to its discussion paper.

“The need to modernise has been given further impetus by frequent data resubmissions, some of which have been of sufficient magnitude and importance to complicate the analysis of significant policy issues,” the regulator says.

“Data quality concerns have also provided a key impetus for the review.”

Submissions on the discussion paper close on April 18.

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