Treasury has issued a Discussion paper, prepared in conjunction with the Australian Prudential Regulation Authority (APRA), on the proposed financial institutions’ supervisory levies for the 2024–25 financial year for ADI’s (large and small banks as well as building societies, credit unions, restricted ADIs and Purchased Payment Facilities), insurers and superannuation entities.
The financial industry levies are set to recover the operational costs of APRA and other specific costs incurred by certain Commonwealth agencies, including Treasury and the Australian Taxation Office.
The increase is due to the Cyber Security of Regulators as well as future enforcement costs and climate related financial disclosure.
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Author: David Jacobson
Principal, Bright Corporate Law
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About David Jacobson
The information contained in this article is not legal advice. It is not to be relied upon as a full statement of the law. You should seek professional advice for your specific needs and circumstances before acting or relying on any of the content.
