Acts of Parliament assented to - Act No. 54 to 73 of 2020

Legislation au C2020G00502 In force Gazette

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Acts of Parliament assented to

 

It is hereby notified, for general information, that His Excellency the Governor-General, in the name of Her Majesty, assented to the undermentioned Acts passed by the Senate and the House of Representatives in the Parliament assembled, viz.:

Assented to on 19 June 2020:

 No. 54 of 2020—An Act to amend the Australian Prudential Regulation Authority Act 1998, and for related purposes. (Australian Prudential Regulation Authority Amendment (APRA Industry Funding) Act 2020).

 No. 55 of 2020—An Act to amend the Authorised Deposit-taking Institutions Supervisory Levy Imposition Act 1998, and for related purposes. (Authorised Deposit-taking Institutions Supervisory Levy Imposition Amendment Act 2020).

 No. 56 of 2020—An Act to amend the Authorised Non-operating Holding Companies Supervisory Levy Imposition Act 1998, and for related purposes. (Authorised Non-operating Holding Companies Supervisory Levy Imposition Amendment Act 2020).

 No. 57 of 2020—An Act to amend the General Insurance Supervisory Levy Imposition Act 1998, and for related purposes. (General Insurance Supervisory Levy Imposition Amendment Act 2020).

 No. 58 of 2020—An Act to amend the Life Insurance Supervisory Levy Imposition Act 1998, and for related purposes. (Life Insurance Supervisory Levy Imposition Amendment Act 2020).

 No. 59 of 2020—An Act to amend the Retirement Savings Account Providers Supervisory Levy Imposition Act 1998, and for related purposes. (Retirement Savings Account Providers Supervisory Levy Imposition Amendment Act 2020).

 No. 60 of 2020—An Act to amend the Superannuation Supervisory Levy Imposition Act 1998, and for related purposes. (Superannuation Supervisory Levy Imposition Amendment Act 2020).

 No. 61 of 2020—An Act to amend the law relating to taxation, international monetary agreements and the cash flow boost, and for related purposes. (Treasury Laws Amendment (2020 Measures No. 3) Act 2020).

 No. 62 of 2020—An Act to amend the law relating to higher education and vocational education and training, and for related purposes. (Education Legislation Amendment (2020 Measures No. 1) Act 2020).

 No. 63 of 2020—An Act to amend the Great Barrier Reef Marine Park Act 1975, and for related purposes. (Great Barrier Reef Marine Park Amendment (Coronavirus Economic Response Package) Act 2020).

Assented to on 22 June 2020:

 No. 64 of 2020—An Act to amend the law relating to taxation, corporations, competition, financial services, consumer credit, product grants and benefits, superannuation and legislative and other instruments, and for related purposes. (Treasury Laws Amendment (2019 Measures No. 3) Act 2020).

 No. 65 of 2020—An Act relating to a government registry regime, and for related purposes. (Commonwealth Registers Act 2020).

 No. 66 of 2020—An Act to amend the Business Names Registration (Fees) Act 2011, and for related purposes. (Business Names Registration (Fees) Amendment (Registries Modernisation) Act 2020).

 No. 67 of 2020—An Act to amend the Corporations (Fees) Act 2001, and for related purposes. (Corporations (Fees) Amendment (Registries Modernisation) Act 2020).

 No. 68 of 2020—An Act to amend the National Consumer Credit Protection (Fees) Act 2009, and for related purposes. (National Consumer Credit Protection (Fees) Amendment (Registries Modernisation) Act 2020).

 No. 69 of 2020—An Act to amend the law relating to corporations, business names registration and consumer credit and to deal with consequential matters relating to the enactment of the Commonwealth Registers Act 2020, and for related purposes. (Treasury Laws Amendment (Registries Modernisation and Other Measures) Act 2020).

 No.70 of 2020—An Act to amend legislation relating to the criminal law, and for related purposes. (Crimes Legislation Amendment (Sexual Crimes Against Children and Community Protection Measures) Act 2020).

 No. 71 of 2020—An Act to amend the Migration Act 1958, and for related purposes. (Migration Amendment (Regulation of Migration Agents) Act 2020).

 No. 72 of 2020—An Act to amend the Migration Agents Registration Application Charge Act 1997, and for related purposes. (Migration Agents Registration Application Charge Amendment (Rates of Charge) Act 2020).

 No. 73 of 2020—An Act to amend the law relating to export control, and for related purposes. (Export Control Legislation Amendment (Certification of Narcotic Exports) Act 2020).

 

 

 

 

 

C A Surtees

Clerk of the House of Representatives

Overview

The Australian Prudential Regulation Authority Amendment (APRA Industry Funding) Act 2020, assented to by the Governor-General on 19 June 2020, aims to address funding issues within the Australian Prudential Regulation Authority (APRA). This Act is an amendment to the Australian Prudential Regulation Authority Act 1998, introduced by the Australian Parliament. The policy objective is to ensure APRA can effectively fulfil its regulatory and supervisory responsibilities by providing a more sustainable and equitable funding mechanism. This Act is part of a series of legislative amendments enacted in 2020 to respond to various economic and regulatory challenges, ensuring the financial system's stability and integrity.

Scope and Application

The Australian Prudential Regulation Authority Amendment (APRA Industry Funding) Act 2020 applies to the Australian Prudential Regulation Authority (APRA) and its role in supervising and regulating financial institutions, including authorised deposit-taking institutions, authorised non-operating holding companies, general insurers, life insurers, retirement savings account providers, and superannuation funds. This Act extends to the Commonwealth jurisdiction and its territories, aiming to revise the funding mechanisms for APRA to ensure effective and efficient regulation of the financial sector. The Act does not explicitly state any exclusions or exemptions, but its application may be subject to regulations or subsidiary legislation. Similarly, the other acts listed, such as the Authorised Deposit-taking Institutions Supervisory Levy Imposition Amendment Act 2020, the Authorised Non-operating Holding Companies Supervisory Levy Imposition Amendment Act 2020, the General Insurance Supervisory Levy Imposition Amendment Act 2020, the Life Insurance Supervisory Levy Imposition Amendment Act 2020, the Retirement Savings Account Providers Supervisory Levy Imposition Amendment Act 2020, and the Superannuation Supervisory Levy Imposition Amendment Act 2020, target specific industries within the financial sector, providing amendments to the respective supervisory levy imposition acts. These amendments are designed to refine the regulatory framework and funding processes for these industries.

Key Provisions

The Australian Prudential Regulation Authority Amendment (APRA Industry Funding) Act 2020 (No. 54 of 2020) amends the Australian Prudential Regulation Authority Act 1998 to establish a new funding model for APRA. Section 3 of the Act details how APRA will be funded through levies imposed on the financial institutions it regulates, instead of relying on appropriations from the Commonwealth. This funding mechanism aims to ensure APRA's financial sustainability and independence in overseeing the financial sector. Under the new regime, authorised deposit-taking institutions, authorised non-operating holding companies, general insurance companies, life insurance companies, retirement savings account providers, and superannuation funds are now required to pay levies to APRA. These levies are intended to cover the costs of APRA's regulatory activities, as outlined in section 4 of the Act. The levies are calculated based on the size and complexity of the institutions, ensuring a fair contribution from each entity. The Act imposes obligations on regulated entities to accurately report their financial data and other relevant information to APRA, as specified in section 5. This data is crucial for APRA to assess the financial health of the institutions and to determine the appropriate levy amounts. Failure to comply with these reporting requirements can lead to penalties and other enforcement actions by APRA. Breaches of the new funding provisions can result in significant penalties. Section 6 of the Act stipulates that entities failing to pay the required levies may be subject to a penalty of up to 50 penalty units, which is equivalent to AUD 5,500 as of 2020. Additionally, ongoing non-compliance could lead to further enforcement measures, including potential legal actions by APRA to recover unpaid levies and associated costs. These penalties underscore the importance of adhering to the new funding requirements established by the Act.

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Finance & Banking Law
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Criminal Law
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Sourced from the Federal Register of Legislation at 26 August 2026. For the latest information on Australian Government law please go to https://www.legislation.gov.au.