Bill
Authorised Deposit-taking Institutions Supervisory Levy Imposition Amendment Bill 2020
passed, as at 2020-06-19. Treasury portfolio.
- Sponsor
- Not recorded
- Portfolio
- Treasury
Recorded stages
- introduced — 2020-05-13
- second reading — 2020-05-13
- second reading — 2020-06-11
- second reading — 2020-06-12
- second reading — 2020-06-12
- third reading — 2020-06-12
- introduced — 2020-06-12
- second reading — 2020-06-12
- second reading — 2020-06-18
- second reading — 2020-06-18
- third reading — 2020-06-18
- passed — 2020-06-18
- royal assent — 2020-06-19
Divisions
No divisions recorded. Most questions are decided on the voices; this does not establish that a bill was unopposed.
Plain-language summary
Written by a model from the explanatory memorandum; not the record, as at 2020-05-13.
This bill is one of seven in a package that changes how the Australian Prudential Regulation Authority (APRA) is funded.
The package would let the government recover costs for more of APRA's activities through levies on financial institutions.
The Levy Imposition Amendment Bills would set a $10 million cap on certain levy amounts from 1 July 2020 and update the cap using the latest available CPI data.
- Expands the range of APRA activities whose costs the Commonwealth can recover through supervisory levies.
- Raises the maximum levy amount that can be set under the Levy Imposition Acts to $10 million for the financial year starting 1 July 2020.
- Allows the indexation factor for the levy cap to be calculated using the most recently published CPI figures.
Authorised deposit-taking institutions, retirement savings account providers, authorised non-operating holding companies, superannuation funds, general insurers, and life insurers.
Sources
em
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frl act