Australian Prudential Regulation Authority Act 1998

APRA must advise the Minister as soon as practicable if it considers that a body regulated by APRA is in financial difficulty.

APRA must advise the Minister, if requested by the Minister, and may advise the Minister on its own initiative, respecting:

matters that would improve the financial safety and efficiency, competition, contestability or competitive neutrality of the sectors in which the bodies regulated by APRA operate; or

changes to, or in relation to, any prudential regulation framework law that APRA considers would overcome or assist in overcoming problems APRA has identified in the course of performing or exercising any of its functions and powers.

In addition, APRA must advise the Minister, if requested by the Minister, and may advise the Minister on its own initiative, respecting any of the Minister’s functions and powers.