Australia’s regulatory affairs sector in need of an injection of talent

Industry regulations help us maintain quality standards and benchmarks across almost all Australian industries.

Regulators continue their tireless efforts on a range of developmental initiatives, from advancing the healthcare sector through emerging technologies and diverse talent acquisitions to advancing technology and AI readiness for Australian industries.

The problem is that developing industry regulations requires high-level knowledge from industry experts. These experts not only need to be highly experienced professionals in their field or industry; They must also be willing to create a working understanding of the legal system and policymaking in partnership with government agencies.

Naturally, there are insufficient numbers of professionals available to take on these roles on industry boards and other regulatory bodies; especially for emerging sectors such as fintech and artificial intelligence. So how can we fill these gaps?

What qualifications are required for regulatory affairs jobs?

Just as consultancy roles do not have specific qualifications, roles in the regulatory affairs sector are not exactly prescriptive when it comes to academic experience.

Professionals only need to:

1. To be a leading authority in their sectors and
2. Have a working understanding of governance and policy making.

Familiarity with employment law can also be useful, as regulatory legislation often relates directly to the protection of consumer interests (data privacy, cost management, etc.). This makes pursuing advanced law degrees like a Master of Business Law An attractive upskilling path for experienced industry professionals looking to face new challenges.

For emerging sectors such as fintech and artificial intelligence, it is also ideal to have advanced qualifications relevant to these sectors. Fortunately, more and more Australian universities and learning institutes are integrating AI degrees and even business qualifications with a focus on fintech, ensuring students with a keen interest in these emerging fields have a strong educational foundation to become thought leaders in these fields.

Australia’s key sectors where regulatory reform is a priority

Health and elderly care

It is crucial for Australia’s healthcare industry to maintain a consistent standard of quality in both patient care and the working environments of industry professionals.

Regulatory bodies within the healthcare sector, such as the Australian Health Practitioner Regulation Agency (AHPRA) and the Medical Board of Australia, work in partnership with government agencies and NGOs to lead regulatory reforms in the health and aged care sectors that reflect the evolving needs of hospital patients, NDIS patients, Australians living in residential care facilities and other consumer and patient segments within the healthcare sector.

child care services

Access to early childhood education and care (ECEC) services is vital for families across the country. However, with rapidly increasing demands to be met, there is a danger that early childhood learning centers will not be able to meet regulatory requirements that ensure quality standards for safety and educational enrichment for preschool-age children.

Regulatory reform helps outline key requirements for early childhood education centers and staff, while also ensuring that early childhood educators meet qualification requirements (a Certificate IV in Early Childhood Education for center staff, as well as advanced ECEC degrees for supervisors, center managers, organizing committee members, etc.). These staff training standards help ensure a consistent quality of outcome for age-appropriate education in early childhood learning centers.

Financial services and banking

RBA interest rate hikes have dominated Australia’s news cycles for the past few years; Every interest rate increase translates into financial re-strategising for Australian families. Amid Australia’s cost of living crisis, banks and non-bank lenders are also being scrutinized to ensure consumers receive ethical financial products (loans and credit cards with transparent rates, savings accounts that provide interest as advertised, etc.).

Following the recent Senate Reports on the effectiveness of self-regulating banks, the call for financial sector regulation in Australia is growing stronger, with opportunities for industry experts such as financial analysts to contribute to legislation and policy development.

Technology (Artificial Intelligence, SaaS, etc.)

Thanks to the global reach of companies like Afterpay, fintech has proven to be one of Australia’s fastest growing industries. Fintech also sits at a fascinating intersection between financial services and technology, offering broad career development opportunities for professionals in both fields.

Other emerging technology sectors with urgent need for regulatory development include SaaS (Software as a Service) industries, which increasingly support small businesses and companies to digitize operational processes (such as marketing, governance and supply chain management) and artificial intelligence.

AI is naturally dominating global media discourse, with regulatory authorities asking questions about copyright and intellectual property, data security, and the quality management of AI outputs in industry-specific applications (such as writing legal documents and developing government policies).

With AI regulation also a focus for the Australian public, tech professionals with a keen interest in AI governance will find no shortage of positions at regulatory bodies within the tech sector.

Energy and utilities

Regulators such as the Australian Energy Regulator (AER) and the Australian Energy Market Commission (AEMC) work in partnership with energy companies, as well as lawmakers, to establish clearly defined rate and revenue caps on residential and commercial energy and utilities contracts. These regulated prices help ensure energy prices remain affordable for Australian families and business owners, while also encouraging and facilitating desirable consumer actions such as solar adoption.

For civil engineers, mining industry analysts and other related roles, a career in regulatory affairs focused on energy and utilities will enable you to shape Australia’s energy market for the future.

housing and construction

Australia’s housing crisis is worsening due to ongoing labor shortages in the construction industry. These workforce shortages can be attributed to a lack of industry regulations that protect the safety of construction workers on the job site and the earning power of workers and apprentices.

As well as looking after the best interests of industry workers, other regulatory concerns in the housing and construction sector also revolve around outlining minimum standards for new home builds (through state-run building agencies), rental properties (through state-run residential tenancy authorities and consumer relations groups) and even operational requirements for property industry professionals.

Is a career in editing right for you?

Developing expert-led legislation and reform processes is key to ensuring industry regulations not only reflect today’s challenges, but also engage with future projections, both within their own industry environments and about how gaps in regulation may impact ordinary Australians.

For professionals with a keen interest in governance and problem-solving, a career in regulatory affairs is sure to offer powerful opportunities to drive meaningful, systemic change in your industry.

Professionals can also easily find regulatory affairs roles online by looking at job listings or reaching out to their industry networks to find opportunities to contribute at a higher level through personal mentors or collaborations with recognized industry leaders.

After all, positions in regulatory affairs can be strong aspirations and career goals for Australia’s next generation of professionals. It will be interesting to see what kind of insights younger, more up-and-coming experts can bring to the table.