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Wednesday, 27 May 2015
Page: 4723


Mr FRYDENBERG (KooyongAssistant Treasurer) (10:20):

I move:

That this bill be now read a second time.

The Private Health Insurance Supervisory Levy Imposition Bill 2015 is one three bills in this package which provide for the continued imposition of levies upon the private health insurance industry.

The Private Health Insurance Supervisory Levy Imposition Bill 2015 replaces the Private Health Insurance (Council Administration Levy) Act 2003, repealed by the Consequential Amendments and Transitional Provisions Bill.

This Supervisory Levy Imposition Bill establishes the legislative framework for the calculation, and collection, of a supervisory levy to recover APRA's costs incurred in regulating the private health insurance industry.

Consistent with the collection of APRA's other supervisory levies, from 2016-17 the levy will be determined with a legislative instrument by a treasury minister. In 2015-16, the levy will be collected on a quarterly basis in line with the existing legislative instrument. This ensures no change to the levy arrangements for private health insurers in 2015-16.

The full detail of this bill is contained in the explanatory memorandum.

Debate adjourned.