The Assistant Treasurer and Minister for Competition Policy and Consumer Affairs, Chris Bowen MP, today 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 $107.9 million 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," Mr 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.
"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," Mr Bowen said.
An overview of the 2008-09 levy rates for ADIs, general insurance, life insurance and superannuation is provided at Attachment A.
CANBERRA
1 July 2008
Attachment A
|
Industry sector |
2007-08 Levies |
2008-09 Levies |
||||||
|
|
Restricted Min |
Restricted Max |
Restricted Rate |
Unrestricted Rate |
Restricted Min |
Restricted Max |
Restricted Rate |
Unrestricted Rate |
|
|
$ |
$'000 |
% |
% |
$ |
$'000 |
% |
% |
|
ADIs — local |
470 |
1,400 |
0.00367 |
0.000450 |
470 |
1,400 |
0.00377 |
0.000447 |
|
ADIs — foreign bank branches and specialised credit card institutions |
470 |
700 |
0.00184 |
0.000450 |
470 |
700 |
0.00189 |
0.000447 |
|
Superannuation (non-SAFs) |
570 |
200 |
0.01451 |
0.000798 |
570 |
200 |
0.01348 |
0.000844 |
|
SAFs |
$500 flat levy amount |
$500 flat levy amount |
||||||
|
Life insurers |
470 |
700 |
0.00391 |
0.000973 |
470 |
700 |
0.00701 |
0.001286 |
|
General insurers |
4,700 |
700 |
0.01690 |
0.006414 |
4,700 |
700 |
0.01965 |
0.006645 |
|
Non-operating holding companies |
$10,000 flat levy amount |
$10,000 flat levy amount |
||||||