Australian Government Releases Financial Sector Levy Rates
Australian Assistant Treasurer and Minister for Competition Policy and Consumer
Affairs, Chris Bowen, has announced the financial sector levy rates for 2008-09.
The levy rates are used to calculate annual levies from the financial services
sector to fund the operational costs of the Australian Prudential Regulation
Authority (APRA), and certain market integrity and consumer protection functions
undertaken by the Australian Securities and Investments Commission (ASIC) and
the Australian Taxation Office (ATO). In the 2008-09 year APRA is planning to collect AUD107.9mn (USD102.9mn) to
fund its levy-related activities and those of ASIC and the ATO. "It is vital that the regulators are adequately resourced to ensure the
stability of the Australian financial system during the current period of international
market turbulence," Bowen said. The levy rates in 2008-09 are consistent with the averages for levies over
the last four years, but do not benefit from the large return of over-collected
levies from previous years, which occurred in the 2007-08 financial year. "These resources will be committed in 2008-09 to maintain strong oversight
capabilities," Bowen explained, adding: "During consultation on the new rates a number of organisations raised
policy issues regarding the methodology. In light of these views and because
the methodology has not been changed for some time I intend to examine the levy
methodologies within the next two months." .
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