✦ Plain-English Summary

Authorised Deposit-taking Institutions Supervisory Levy Imposition Amendment 2020

What it does This bill updates how the government charges banks and other authorized financial institutions for supervision. It adjusts the maximum fee (called the "statutory upper limit") to $10 million for the 2020-21 financial year and changes how that limit is adjusted each year—now it'll be tied to inflation plus an extra 3%.

Why it matters Banks pass these supervision costs onto customers through fees and interest rates, so this change could affect how much you pay for banking services. The inflation adjustment mechanism means the cap will rise automatically each year rather than staying flat, which banks will factor into their pricing.

Key details

• The $10 million cap applies to the financial year starting 1 July 2020
• The inflation adjustment uses the Australian Statistician's quarterly index number and adds 0.03 (3%) on top
• The law came into effect the day after receiving Royal Assent (it's already in force)

No formal division recorded

This bill passed by voice vote — parliament agreed without calling a formal count. A division is only recorded when a member explicitly requests one.

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No votes were recorded for this bill.