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APRA seeks feedback on industry funding requirements

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The Australian Prudential Regulation Authority (APRA) has called for submissions on proposed financial industry levies.

The levies will recover APRA’s operational costs, plus costs incurred by the Australian Securities and Investments Commission (ASIC), the Tax Office and the Australian Competition and Consumer Commission over the next financial year.

APRA’s funding has been increased by $2.7 million next financial year to cover legal support and contractor costs in relation to the Hayne royal commission. 

The total funding requirement for all relevant agencies is $213.4 million, down $34.6 million on the previous financial year. The decline comes through ending SuperStream superannuation payment measures and a decrease in funding for ASIC.

Submissions will be accepted until June 8.

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