Subscribe to our newsletter

Govt releases 2015/2016 regulatory levies

Govt releases 2015/2016 regulatory levies

Reporter
— 1 minute read

Treasury has released details of its proposed levies that will fund APRA, ASIC and the SuperStream roll-out for the 2015/2016 year.

The total financial industry levies for 2015/2016 for all relevant Commonwealth agencies amount to $230 million – a $1.3 million (0.6 per cent) increase on the previous financial year.

Institutions regulated by APRA will collectively stump up $117.5 million to fund the prudential regulator, up from $116.9 million in 2014/2015.

The proposed levy takes into account that $1 million in over-collected revenue from 2014/2015 will be returned to the industry.

"The budgeted total cost for APRA for 2015/2016 is $125.1 million, a $2.7 million (2.2 per cent) increase relative to the budget for 2014/2015," Treasury said.

"$6.6 million of these costs will be met through other sources of APRA revenue (referred to as net cost offsets) and government appropriations, including a special levy for the National Claims and Policies Database (NCPD)."

ASIC will require $28.2 million for its operations throughout 2015/2016, while the roll-out of the SuperStream regime will cost the financial services industry $61.8 million (10 per cent less than the previous financial year).

 

Govt releases 2015/2016 regulatory levies
investordaily image
ID logo

related articles

promoted stories