✦ Plain-English Summary

Australian Prudential Regulation Authority Amendment (APRA Industry Funding) 2020

What it does

The government changed how it calculates and collects levies (fees) from banks, insurance companies, and super funds to pay for APRA's regulation work. Instead of one fixed amount each year, the Minister can now set either a single levy amount or separate amounts for different industry classes—both based on actual costs.

Why it matters

This gives the government more flexibility to charge different fees to different financial institutions based on what it actually costs to regulate them, rather than using a one-size-fits-all approach. It could mean some institutions pay more or less depending on their sector and the regulatory workload.

Key details

• The Minister must publish these fee determinations as legislative instruments each financial year, so they're transparent and publicly available
• Levies now need to cover specific government costs: market regulation, consumer protection, superannuation administration (like compassionate release requests), the superannuation transactions network, and direct regulatory costs
• The law came into effect the day after it received Royal Assent (mid-2020)

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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