Explanatory Memorandum
(Circulated by authority of the Treasurer, the Hon Josh Frydenberg MP)Chapter 2 Statement of Compatibility with Human Rights
Prepared in accordance with Part 3 of the Human Rights (Parliamentary Scrutiny) Act 2011
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
2.1 These Bills are compatible with the human rights and freedoms recognised or declared in the international instruments listed in section 3 of the Human Rights (Parliamentary Scrutiny) Act 2011.
Overview
2.2 The APRA Industry Funding Bill makes amendments to the Australian Prudential Regulation Authority Act 1998 to ensure that the Commonwealth can recover the costs of a wider range of activities that are funded by the Commonwealth and recoverable through the financial institution supervisory levy framework.
2.3 The Levy Imposition Amendment Bills make amendments to raise the statutory upper limit on certain levy amounts that can be determined under their respective Levy Imposition Acts to an amount of $10 million for the financial year commencing 1 July 2020.
2.4 The Levy Imposition Amendment Bills also make amendments to allow the indexation factor used in calculating the statutory upper limit to use the most recently published CPI figures available.
Human rights implications
2.5 The Bills do not engage any of the applicable rights or freedoms.
Conclusion
2.6 The Bills are compatible with human rights as they do not raise any human rights issues.
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