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However, it has been brought up by the Government's back-bench and they are pursuing it. Don't forget, the then Opposition Treasurer prior to the 2013 Federal election had made numerous comments about restructuring financial services regulators. Though, he didn't have the ammunition to fire them.
The notion of needing a regulator for the regulators is the first step in this. Further, when this regulator of regulators reports to the Government in 2022 don't be surprised if the current regulatory roles of ASIC, APRA, ATO, TPB, FASEA, et al are recommended to be changed.
At the moment, the Government appears to be keen in allowing this rabble of regulators to maintain their civil war and wait for them to eat each other.