The Minister for Financial Services & Regulation, Joe Hockey, today announced the 2001-02 financial sector levies.
The levies cover the supervisory costs of prudentially regulated financial institutions, which include the operational costs of the Australian Prudential Regulation Authority (APRA) and the consumer protection and market integrity functions of the Australian Securities and Investments Commission (ASIC) and the Australian Taxation Office (ATO).
The 2001-02 levies have been determined so that revenue collected from each sector of the industry will cover the cost of supervising that sector. Industry was consulted extensively on the levies.
Total levy revenue required has increased from $61.0 million in 2000-01 to $67.7 million in 2001-02. The bulk of the increase reflects the fact the levies in 2000-01 benefited from an over-collection in the previous year, but this is not expected in 2001-02, and part of the increase reflects an increase in APRA's operating costs. The levy rates and the amounts applicable to the relevant industry sectors for 2001-02 are set out in the table below.
Industry sector |
Year |
Levy on value of assets |
Minimum amount payable |
Maximum amount payable |
Authorised deposit-taking institutions |
2001-02 2000-01 |
no change 0.012% |
no change $500 |
$1,005,000 $1,000,000 |
Foreign bank branches |
2001-02 2000-01 |
no change 0.006% |
no change $500 |
no change $500,000 |
Superannuation funds |
2001-02 2000-01 |
0.025% 0.02% |
$400 $300 |
$53,000 $46,000 |
Life insurers and friendly societies |
2001-02 2000-01 |
no change 0.02% |
no change $500 |
$364,000 $280,000 |
General insurers |
2001-02 2000-01 |
0.025% 0.02% |
no change $5,000 |
$240,000 $100,000 |
Retirement savings account providers |
2001-02 2000-01 |
no change 0.02% |
no change $5,000 |
no change $18,500 |
Non-operating holding companies |
2001-02 2000-01 |
no change flat rate charge of $10,000 | ||