Australia began mandatory climate reporting in 2025. The country adopted ISSB-aligned reporting and assurance requirements. Now, it’s looking at streamlining climate reporting and reducing costs for companies. In addition to narrowing scoping requirements for reporters, the Australian Treasury is also looking for feedback on several key issues, stating in a press release:
“The government is consulting on changes to improve the efficiency of climate-related financial disclosures. The main proposals include:
- changing assurance rules to reduce compliance costs
- providing clearer guidance on key terms and concepts
- reducing the burden of information requests across supply chains.
- The aim is to lower costs for businesses while still keeping reports high-quality, credible and comparable with other countries.
We will sequence any changes introduced to avoid disruption. This recognises the work businesses have already done to prepare for sustainability reporting.”
The consultation runs until October 2, 2026. In the consultation paper, the Australian Treasury gives potential options for reforms in each of the areas mentioned above. We’ve seen multiple jurisdictions follow this pattern. Climate reporting laws get adopted and then streamlined or scaled back as the countries weigh the costs of reporting. The EU’s omnibus package is the most well-known example of a jurisdiction streamlining climate reporting. However, Australia’s efficiency amendments appear smaller in scope than the EU’s overhaul.
Our members can learn more about climate reporting laws here.
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