Funding for the Australian Prudential Regulation Authority (APRA), and for related regulatory activity by the Australian Securities and Investments Commission (ASIC) and the Australian Taxation Office (ATO) will be boosted through an increase in certain levies in the financial services sector, Assistant Treasurer, Senator Helen Coonan, announced on Tuesday.
In a statement, Senator Coonan commented that it was vital Australia’s prudential regulator remained adequately resourced, with sufficient skills and expertise to perform its functions and protect the financial system.
“Increased funding will enable APRA to build up staff levels in front-line supervision and in specialist risk areas, such as insurance, credit, balance sheet, market and operational risk,” she noted.
The funding for these measures will be recovered from regulated institutions through the Financial Sector Levies. This will mean that for authorised deposit-taking institutions (ADIs), other than foreign bank branches and specialist credit card institutions, the maximum amount payable increases to $1,182,000; the rate payable on assets remains unchanged at 0.011 per cent.
Within the ADI sector, foreign bank branches and specialist credit card institutions will continue to be levied at a rate of 0.0055 per cent up to an increased maximum levy amount of $591,000.
For the superannuation sector, the maximum levy amount and the levy rate increase to $99,000 and 0.042 per cent respectively, but the minimum levy amount remains unchanged at $600.
For life insurers and friendly societies, the levy rate increases to 0.022 per cent and the maximum levy amount to $460,000 from $414,000, while the rate for general insurers increases to 0.034 per cent up to a new maximum levy amount of $470,000.
“As in previous years, industry was consulted on the levies for 2004-05,” said the Assistant Treasurer, adding: “The smallest institutions, including small APRA superannuation funds, will pay the same as last year, with no changes to minimum levy amounts in any sector.”
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