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Title

BILLS

Australian Prudential Regulation Authority Amendment (APRA Industry Funding) Bill 2020, Authorised Deposit-taking Institutions Supervisory Levy Imposition Amendment Bill 2020, Authorised Non-operating Holding Companies Supervisory Levy Imposition Amendment Bill 2020, General Insurance Supervisory Levy Imposition Amendment Bill 2020, Life Insurance Supervisory Levy Imposition Amendment Bill 2020, Retirement Savings Account Providers Supervisory Levy Imposition Amendment Bill 2020, Superannuation Supervisory Levy Imposition Amendment Bill 2020

Second Reading

Database

House Hansard

Date

12-06-2020

Source

House of Reps

Parl No.

46

Electorate

Wright

Interjector

Mitchell, Rob (The DEPUTY SPEAKER)

Main Committee/Federation Chamber

 

Page

4092

Party

LNP

Presenter

 

Status

Final

Question No.

 

Questioner

 

Responder

 

Speaker

Buchholz, Scott, MP

Stage

Australian Prudential Regulation Authority Amendment (APRA Industry Funding) Bill 2020, Authorised Deposit-taking Institutions Supervisory Levy Imposition Amendment Bill 2020, Authorised Non-operating Holding Companies Supervisory Levy Imposition Amendment Bill 2020, General Insurance Supervisory Levy Imposition Amendment Bill 2020, Life Insurance Supervisory Levy Imposition Amendment Bill 2020, Retirement Savings Account Providers Supervisory Levy Imposition Amendment Bill 2020, Superannuation Supervisory Levy Imposition Amendment Bill 2020

Type

 

Context

BILLS

System Id

chamber/hansardr/5d3da435-cd86-4b4d-ad95-255f2729535d/0046


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Friday, 12 June 2020
Page: 4092


Mr BUCHHOLZ (Wright—Assistant Minister for Road Safety and Freight Transport) (11:57): I would like to thank all those members who have made a contribution to this debate on the Australian Prudential Regulation Authority Amendment (APRA Industry Funding) Bill 2020. The bill will ensure that the legislative framework for financial institutions supervisory levies keeps up with the ever-evolving industry. Recent events have highlighted how important the large institutions are in the financial services sector, and it's absolutely critical that regulation reflects their importance in the market.

Through addressing legislative impediments, this package of bills will enable large institutions to be levied their appropriate share of APRA costs. This will ensure no more deferrals of levies on those institutions that create the greatest regulatory burden. In turn, Australia will see a prudential regulatory approach funded in continuing to address financial stability, in protecting the Australian community. It is only appropriate that all sizes of institutions pay their proportionate amount of these costs. Industry have supported these changes, and these amendments will provide certainty for many institutions during this unfortunate coronavirus crisis.

As the financial services sector evolves through technology and innovation, the nature of regulation will need to keep pace. Therefore, regulatory activities in regard to prudential regulatory institutions are required to adapt. The amendments will ensure that the cost of regulatory activities, for which the Commonwealth collects through APRA, can continue to be collected in a dynamic regulatory environment. I commend this bill to the House.

The DEPUTY SPEAKER ( Mr Rob Mitchell ): The question is that the words proposed to be omitted stand part of the question.

Question agreed to.

Original question agreed to.

Bill read a second time.

Message from the Governor-General recommending appropriation announced.