The superannuation industry could face a $12.7 million increase in regulatory levies next financial year under a new Treasury proposal tied to APRA’s expanding supervisory agenda.
According to the Treasury’s discussion paper on proposed financial institutions supervisory levies for 2026–27, total levies on the super sector are proposed to rise to $125.2 million from $112.5 million in 2025–26.
The increase would see super account for 42.1 per cent of all industry levies collected in 2026–27, up from 39.8 per cent the previous year.
Of the proposed $125.2 million total, $81.2 million would fund APRA’s supervision activities, while $41.6 million would go towards ATO functions and a further $2.4 million would fund the Gateway Network Governance Body and Treasury initiatives.
The paper proposed lifting the restricted levy rate for super funds by 9.6 per cent to 0.00787 per cent, while the unrestricted levy rate would increase 5 per cent to 0.002641 per cent.
The Treasury also proposed increasing the restricted levy maximum for super funds from $950,000 to $1.05 million, while the minimum levy would remain unchanged at $12,500.
Modelling in the paper showed a super fund with $50 billion in assets would pay about $2.37 million under the proposed levy settings, compared with $2.21 million in 2025–26, while a $100 billion fund would see levies increase from roughly $3.47 million to $3.69 million.
Across all regulated industries, the government proposed increasing total financial institutions supervisory levies to $297.3 million in 2026–27, a rise of $14.7 million, or 5.2 per cent, from the prior year.
APRA’s underlying net levies funding requirement is proposed to increase by $10.3 million, or 4.2 per cent, to $253.3 million.
The regulator said trustees continued operating in a “heightened risk environment” characterised by cyber, operational and geopolitical risks, alongside growing competition and industry consolidation.
APRA said its 2026–27 supervision program would continue focusing on platform governance, expenditure practices and retirement outcomes, including scrutiny stemming from its recent platforms thematic review and ongoing work linked to the Retirement Income Covenant.
The paper also highlighted APRA’s continued focus on operational resilience and cyber risk management across all regulated industries, including monitoring compliance with CPS 230 requirements and oversight of generative AI risk management practices.
Consultation on the proposed levies closes on 14 June 2026.
