Episode Details

A government-backed fintech innovation program, the Enhanced Regulatory Sandbox, is failing spectacularly — dubbed a “bridge to nowhere” after only 19 of over 100 applicants made it in, and 12 of 16 that exited shut down. With just four staff overseeing the entire national hub and no legal power to enforce rules on unlicensed firms, regulators couldn’t adapt to emerging tech like AI. The review calls for scrapping the current model and giving regulators case-by-case flexibility — while ASIC vows to keep supporting innovation safely. Meanwhile, fintech startups are also battling the government over tax policy, fighting to preserve the capital gains tax discount. The government says it’s still committed to innovation, with new sandboxes in the works — but the future remains uncertain.

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