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June 4, 2012

Proposed Financial Industry Levies 2012‑13

Treasury has issued a Consultation Paper on Proposed Financial Industry Levies for 2012‑13 to seek industry views on the proposed APRA financial industry levies to apply for the 2012-13 financial year.

The paper discusses potential impacts of the proposal on each industry sector and institution regulated by the Australian Prudential Regulation Authority (APRA). The paper also provides a summary of the costs associated with the implementation of the SuperStream measures, which were announced on 16 December 2010 as part of the Government’s Stronger Super Reforms.

In respect of ADIs (incliding credit unions,building societies and mutual banks) the minimum contribution is to be increased and the levy will increase by 3%.

The following industry statistics quoted in the paper are interesting and tell the story of the creation of mutual banks as well as CUBS mergers and an increase in the assets of credit unions.

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Posted 4th June 2012 by David Jacobson in Credit unions, Mutuals