In this article
Consultation closes: 2 October 2026. The options have not received Government approval. Treasury says the changes under consideration will not affect reporting for the 2026–27 financial year.
What is the consultation about?
Treasury’s Improving the efficiency of climate-related financial disclosures considers three areas:
- Assurance: retain limited assurance indefinitely, defer reasonable assurance to 2035, or require it only for sufficiently mature metrics.
- Consistent application: clarify proportionality, undue cost or effort, and assessments of no material climate-related risks or opportunities.
- Value-chain requests: improve guidance on reasonable supplier requests and access to domestic emissions factors.
The paper also explores reporting-period alignment with NGER and recognition of sustainability assurance experience for auditor registration. Its guiding principles are lower costs, international alignment, minimal disruption and reserving systemic questions for the 2028–29 review. Read Treasury’s consultation and submission details.
The consultation at a glance
Lower reporting costs.
Preserve useful information.
Assurance
What level of independent scrutiny is proportionate?
Clearer guidance
How should reporting judgements work in practice?
Supplier information
Which data requests are necessary and reasonable?
The test: cost savings + credible information + comparability
What would make a useful submission?
A useful submission would use evidence and specific examples to show where reporting costs arise and how they could be reduced while keeping the information useful and reliable. For each example, explain:
- How much staff time and external spending were needed to collect data and prepare disclosures.
- Whether any work was duplicated or the same information was requested more than once.
- How the information helped stakeholders make better decisions.
- What you would change, the expected savings, and any effect on the usefulness or reliability of the information.
Separate one-off setup costs from recurring annual costs to distinguish the cost of establishing reporting systems from the ongoing cost of reporting.
Boards can also use this review to improve their organisation’s reporting process now. Clarify who is responsible for each task, how information is collected and checked, and how supporting evidence and key judgements are documented. This can help identify gaps, reduce duplication and make future reporting more efficient.
Source and attribution: Australian Treasury, Improving the efficiency of climate-related financial disclosures, August 2026, particularly pp. 3, 6–18. The perspectives above are Vercentra’s analysis; they are not Treasury recommendations or an indication of Treasury endorsement.