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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