The Minister for Financial Services, Superannuation and Corporate Law, Chris Bowen MP, today announced the financial sector levy rates for 2009-10.
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 relation to APRA-regulated institutions.
In 2009-10, APRA will collect $119.8 million to fund its own levy-related activities and to cover the relevant costs of ASIC and the ATO. This compares to the levy requirement of $107.9 million last year. The additional funding reflects ongoing increase in supervisory activities by the regulators to address the effects of the global financial crisis.
Next year, there will be no charges for First Home Saver Account (FHSA) providers considering that this sector is still in a development stage.
"The Federal Government has also contributed an important part of the additional funding needed by the regulators to address the effects of the global financial crisis," Mr Bowen said.
"Regulators with sufficient resources have played an important role in maintaining the stability of the Australian financial system during the current period of international market turbulence."
The Government has provided APRA with additional funding of $45.5 million over four years, starting from 2008‑09. Of this amount, $18.5 million has been provided for 2009‑10. This appropriation gives APRA additional resources over the funding from levies and fees paid by industry.
An overview of the 2009-10 levy rates for ADIs, general insurance, life insurance and superannuation is provided at Attachment A.
2 July 2009
Attachment A
|
Industry sector |
2008‑09 Levies |
2009‑10 Levies |
||||||
|
|
Restricted Min |
Restricted Max |
Restricted Rate |
Unrestricted Rate |
Restricted Min |
Restricted Max |
Restricted Rate |
Unrestricted Rate |
|
|
$ |
$'000 |
% |
% |
$ |
$'000 |
% |
% |
|
Foreign ADIs |
470 |
700 |
0.00189 |
0.000447 |
470 |
800 |
0.00216 |
0.000415 |
|
SCCI and PPPF |
470 |
700 |
0.00189 |
0.000447 |
10,000 |
800 |
0.00216 |
0.000415 |
|
Other ADIs |
470 |
1,400 |
0.00377 |
0.000447 |
470 |
1,600 |
0.00431 |
0.000415 |
|
Superannuation (non‑SAFs) |
570 |
200 |
0.01348 |
0.000844 |
570 |
225 |
0.01525 |
0.001212 |
|
SAFs |
$500 levy amount |
$500 levy amount |
||||||
|
Life insurers |
470 |
700 |
0.00701 |
0.001286 |
470 |
910 |
0.00920 |
0.001823 |
|
General insurers |
4,700 |
700 |
0.01965 |
0.006645 |
4,700 |
810 |
0.02185 |
0.006796 |
|
Non‑operating holding companies |
$10,000 levy amount |
$10,000 levy amount |
||||||