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Another levy hike
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| Chris Bowen |
It’s official. Australian financial services institutions will be paying more to cover the cost of regulation in the current financial year.
The Australian Prudential Regulation Authority (APRA) will be collecting $119.8 million from superannuation funds, banks and insurers in 2009-10 to fund the regulatory activities of APRA, the Australian Securities and Investments Commission (ASIC) and the Australian Taxation Office (ATO).
This compares with the $107.9 million collected in financial services levies last financial year.
Announcing the increase, the Minister for Financial Services, Superannuation and Corporate Law, Chris Bowen, said the additional funding reflected the ongoing increase in supervisory activities by regulators to address the effects of the global financial crisis.
He said it was on top of additional funding already provided by the Federal Government.
For superannuation funds, the financial sector levy increases will mean a rise in the restricted maximum rate to 0.01525 per cent.
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