Treasury details proposed APRA and ASIC levy figures
Treasury has issued a consultation paper regarding the proposed supervisory levy for 2023-24 with the total funding for Commonwealth agencies increasing by $4 million to $263.6 million.
This aimed to recover the operational costs incurred by the Australian Prudential Regulation Authority (APRA), the Australian Securities and Investments Commission (ASIC), Australian Taxation Office (ATO), Australian Competition and Consumer Commission (ACCC), the Gateway Network Governance Body and the Treasury’s superannuation consumer advocate.
The total funding required under the levies in 2023-24 for all relevant Commonwealth agencies was $263.6 million. This was a $4 million (1.5 per cent) increase from the 2022-23 requirement.
The slight increase was attributable to a 3.4 per cent increase in APRA’s levies requirements, a $1 million prior year under-collection for agencies other than APRA, and $1 million in levies funding for the Treasury to support the Government’s objective to promote improved member outcomes through funding a super consumer advocate.
The budgeted total cost for APRA for 2023-24 was $239.1 million, a 4.9 per cent increase relative to the 2022-23 budget. This was largely due to movement of funds between financial years as well as changes in the government indexation framework which has been updated to better align with wage and price movements.
Other components of the funding requirements included:
• A further $1.0 million to provide for future enforcement costs;
• Removal of $16.0 million of non-levy income;
• Recoup of $5.3 million of prior year under-collected levies from industry;
• Unspent 2022-23 expenses of $4.0 million deferred into 2023-24; and
• Removal of the cost increase of $3.4 million arising from the introduction of AASB-16 Leases.
The proposed ASIC levy was unchanged at $1 million.
The consultation 'Proposed Financial Institutions Supervisory Levies for 2023-24' is open for responses until 9 June 2023.
AUTHOR
Laura Dew
Recommended for you
With regional and rural suburbs exhibiting high spare capacity to invest, Money Management speaks to three regional advisers on the opportunities beyond the major cities and the importance of a strong network.
Platform consolidation is expected to accelerate among financial advisers this year, as software company Finura pinpoints which two platforms are set to be the winners, thanks to this trend.
The software provider has made several appointments in its APAC wealth propositions team, with a focus on driving growth across digital advice, Xplan and strategic partnerships.
The platform has announced it plans to close its Xplore managed discretionary account service in 2026 which holds $2 billion in funds under administration.
The levies were supposed to be a user pays impost for cost recovery.
This looks more like the Australian Budget recovery.