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Australian Prudential Regulation Authority
Section 1: Overview, Appropriations and Budget Measures Summary
Overview
The role of the Australian Prudential Regulation Authority (APRA) is regulation that promotes prudent behaviour by banks, insurance companies, superannuation funds and other financial institutions with the key aim of protecting the interests of their depositors, policy holders and fund members.
Prudential regulation focuses on the quality of an institution's systems for identifying, measuring and managing the various risks in its business.
In carrying out this role, APRA will enhance public confidence in Australia's financial institutions through a framework of prudential regulation, which balances financial safety and efficiency, competition, contestability and competitive neutrality. This is achieved by:
- the formulation and promulgation of prudential policy and practice to be observed by regulated institutions;
- effective surveillance and compliance programs and, where relevant, remediation or enforcement measures, to give effect to the laws administered by APRA and to standards issued under those laws; and
- advice to Government on the development of regulation and legislation affecting regulated institutions and the financial markets in which they operate.
APRA was established by the Australian Prudential Regulation Authority Act 1998. The Commonwealth Authorities and Companies Act 1997 applies to APRA.
Appropriations
The total appropriation for APRA in the 2000-01 Budget is $49.0 million (see Table 1.1 on the following page).
Australian Prudential Regulation Authority - Appropriations 2000-01
Table 1.1: Appropriations ($'000)
(a) Revenue from Other Sources includes other revenue from government (for example, resources free of charge) and revenue from sources other than Government (for example, sales of goods and services).
Administered Capital and Agency Capital (Equity Injections and Loans)
APRA has not been appropriated any administered capital, equity injections or loans for 2000-01.
