The corporate regulator has released its estimated industry levies for FY2024–25, with the cost for the investment management and superannuation sector expected to increase by $5.2 million.
The initial estimate for the Australian Securities and Investments Commission’s (ASIC) industry funding has put the total cost of regulating financial services at $349.3 million – a 6 per cent increase from the $328.1 million recovered in 2023–24.
The regulator said this increase reflects additional funding to support key government priorities, including:
- Implementation of the scams prevention framework.
- Mandatory climate-related financial disclosures.
- Beneficial ownership transparency reforms.
- Enhancements to ASIC’s data capability and cyber security.
“The CRIS provides estimated regulatory costs and levies for each of ASIC’s 52 regulated subsectors to help entities plan and budget for levies and fees to be charged,” ASIC said.
The investment management and superannuation sector is set for an 8.9 per cent increase to $63.7 million from $58.53 million in FY23–24.
However, the figure is almost $2 million lower than the initial estimate for the previous financial year, having been set at $65.65 million before a reduction in December 2024.
Responsible entities – those that hold an Australian Financial Services Licence authorising them to operate a registered scheme – are expected to cover the largest cost at $27.2 million, though that is lower than the $28.1 million in FY23–24.
Superannuation trustees will be invoiced a predicted collective amount of $26.6 million, up slightly from $26.4 million.
The bulk of this figure is split across supervision and surveillance ($7.41 million) and enforcement ($7.8 million).
Wholesale trustees are set for a significant hike in their bill, with the estimated cost of regulating the subsector growing from $1.8 million in FY23–24 to $6.0 million in FY24–25.
According to ASIC, it expends a “large amount of regulatory effort within this sector” due to the volume of interactions the entities have with retail and institutional investors and the “potential harm to consumers, investors and markets”.
The statement’s figures are a guide only, it added, with the final levies to be published in December 2025 and invoiced between January and March 2026.
The latest superannuation performance test results have shown improvements, but four in 10 trustee-directed products continue to exhibit “significant investment underperformance”, warns APRA.
The corporate regulator has launched civil proceedings against Equity Trustees over its inclusion of the Shield Master Fund on super platforms it hosted, but other trustees could also be in the firing line.
The shadow minister for financial services says reworking the superannuation performance test to allow investment in house and clean energy risks turning super into a ‘slush fund’ for government.
Australia’s superannuation sector has expanded strongly over the June quarter, with assets, contributions, and benefit payments all recording notable increases.