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Australian Prudential Regulation Authority

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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:

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 2001-02 Budget is $51.9 million (see Table 1.1 on the following page).

Australian Prudential Regulation Authority - appropriations 2001-02

Table 1.1: Appropriations and other revenue

Table 1.1: Appropriations and other revenue

(1) C1 and E1 refer to information provided in Table 2.1. K1 refers to information provided inTable 3.1.

(2) Under the appropriation structure, Bill No. 2 includes Specific Purpose Payments (SPP's), New Agency Outcomes (NAO's), administered capital and agency capital via agency injections and loans.

(3) Refer to Table 3.1 for application of agency revenue.

(4) Revenue from other sources includes other revenue from government (for example, resources free of charge) and revenue from other sources (for example, sales of goods and services by agencies). Non-appropriated agency and administered revenues are detailed in Appendix 1.

(5) Estimated expenses from individual special appropriations are shown in Appendix 2.

* Percentage figures indicate the percentage contribution of revenue from government (agency appropriations) to the total price of outputs, by outcome.

Administered capital and agency injections and loans

APRA does not have an appropriation for an equity injection or loan or an appropriation for administered capital in 2001-02.

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