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APRA levies up, again
The superannuation sector is facing a rise in the money it contributes to the Financial Institutions Supervisory Levies, also known as the APRA levy.
However, funds with asset bases between $50 million and $50 billion will pay lower levies in the new financial year.
According to information released by the Federal Treasury, the superannuation sector will be paying $62.2 million in the new financial year, compared to $58.4 million paid in 2014/15.
The Treasury and the Australian Prudential Regulation Authority have released a discussion paper on the levies.
The document reveals the total funding required under the levies in 2015/16 for all relevant Commonwealth agencies and departments is $230.0 million which represents a $1.3 million (0.6 per cent) increase over 2014/15.
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The fund has achieved double-digit returns amid market volatility, reinforcing the value of long-term investment strategies for its members.
Australian super funds notched a third consecutive year of strong returns, with the median balanced option delivering an estimated 10.1 per cent over the 2024-25 financial year, but an economist has warned that the rally may be harder to sustain as key risks gather pace.
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