Peter Dutton
Financial institutions will continue having to dig deep to help fund the cost of regulation, with the Federal Government having released the new financial sector levy rates to apply through 2007-08.
The financial sector levies have been the subject of grumbling by a number of industry organisations, but the assistant treasurer, Peter Dutton, said that in the current financial year the Australian Prudential Regulation Authority (APRA) was planning to collect $100.9 million to fund its own levy-related activities and those of the Australian Securities and Investments Commission and the Australian Taxation Office compared with $111.5 million last year.
“This reduction in levies will benefit each of the APRA-regulated sectors,” he said.
The minister said the lower levies would be complemented by a draw down on reserves from previous levy periods.
“This will allow APRA to respond effectively to the increase in both workload volumes and complexity of the financial market,” he said.
