The Abbott Government’s push to reduce regulation will extend to the Australian Securities and Investments Commission (ASIC) and Australian Prudential Regulation Authority (APRA), according to Assistant Treasurer Arthur Sinodinos.

The process for creating, implementing and reviewing new regulations will be overhauled, he told the Association of Independently Owned Financial Professionals’ national conference in Hobart last week.

The regulators will have to quantify compliance costs for existing, new or repealed regulations and ministerial advisory councils with business representation will be established by year-end.

The Productivity Commission will prepare a framework to audit the performance of agencies including ASIC and APRA.

Senator Sinodinos says the Government will release terms of reference for the financial system inquiry before year-end, and start it soon after.

There will be a moratorium on new financial industry legislation while the inquiry takes place, unless the industry has invested significantly to prepare for major reforms, he told the conference.