✦ Plain-English Summary

Authorised Non-operating Holding Companies Supervisory Levy Imposition Amendment 2020

What it does

This updates the rules for a fee that the government charges certain financial holding companies to cover the cost of supervising them. It sets a $10 million cap on how much can be charged for the 2020-21 financial year, and changes how the fee gets adjusted each year based on inflation.

Why it matters

This affects a small number of large financial institutions that operate holding companies, so it won't directly impact most Australians. However, it ensures the government can properly fund the oversight of these companies while preventing fees from becoming unreasonably high.

Key details

• The fee cap is set at $10 million for the 2020-21 financial year, with future years adjusted annually using inflation figures from the Australian Bureau of Statistics plus an extra 3%
• The law comes into effect the day after it receives Royal Assent
• These changes only apply to "authorised non-operating holding companies" — mostly large bank and insurance group parent companies that don't directly operate banking or insurance services themselves

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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