Treasury, in conjunction with the Australian Prudential Regulation Authority, has begun consultation on financial institution supervisory levies for next financial year.

The levies recover the regulator’s operational costs, along with specific costs incurred by other Commonwealth agencies including the Australian Securities and Investments Commission and the Australian Taxation Office.

The sum required from the levies is $230 million, an increase of 0.6% on the previous year. The general insurance industry will face levies of $25.7 million, up 0.8%.

The closing date for submissions is June 10.