Peter Dutton (Dickson, Liberal Party, Minister for Revenue and Assistant Treasurer) Share this | Link to this | Hansard source

I move government amendment (1), as circulated:

(1)

Schedule 1, item 1, page 3 (lines 11 and 12), omit “the minimum amount in relation to the NGF in force at the time the determination is made”, substitute “150% of the minimum amount in relation to the NGF on 1 July in the financial year”.

This amendment to the Corporations (National Guarantee Fund Levies) Amendment Bill 2007 is to clarify the way in which the cap on levies in the bill is calculated. The amendment will provide annual certainty of the maximum possible levy in a financial year which will be known at the start of the financial year. This greater certainty will allow the banks the choice to participate directly on the ASX market without the need for subsidiaries, as is the case now. APRA is satisfied that this approach will not cause any prudential concerns in relation to these entities operating directly on the ASX market. The amendment reduces red tape for banks in the interests of all Australians. Further details are contained in the supplementary explanatory memorandum already tabled.

Question agreed to.

Bill, as amended, agreed to.

Ordered that this bill be reported to the House with an amendment.