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.
Australia’s second largest super fund has added thermal coal companies to its list of investment exclusions.
The fund has expanded its corporate superannuation solutions to partner with Australian businesses of all sizes.
The chief executive of Aware Super anticipates a significant shift in how ESG factors will influence portfolio values in the next six years, surpassing the changes witnessed in the past two decades.
In a recent statement, shadow assistant minister for home ownership and Liberal senator for NSW, Andrew Bragg, accused ‘big super’ of fabricating data attributed to the Reserve Bank of Australia to push their agenda.
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