✦ Plain-English Summary

Retirement Savings Account Providers Supervisory Levy Imposition Amendment 2020

What it does

The government is updating how it charges fees to companies that manage Retirement Savings Accounts (RSAs). The main change sets a cap of $10 million per year on how much these supervisory levies can cost in total, and fixes how the fees are adjusted each year based on inflation.

Why it matters

RSA providers pass these supervisory costs on to account holders, so clearer rules and a set cap mean more predictable fees for everyday savers. It also stops the levy from growing unpredictably year-to-year.

Key details

• The $10 million cap applies from 1 July 2020 onwards
• Levies will be indexed (adjusted) using a standard inflation formula that adds 0.030 to the annual inflation rate each year
• The changes came into effect the day after the bill received Royal Assent — this is technical housekeeping rather than a major policy shift

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.