This document details the administered, departmental and total funding amounts for capped costings included in Appendix C, Table C-1 of the 2019 Post-election report.

This document details the administered, departmental and total funding amounts for capped costings included in Appendix C, Table C-1 of the 2019 Post-election report.

This document details the administered, departmental and total funding amounts for capped costings included in Appendix C, Table C-1 of the 2019 Post-election report.

This document details the administered, departmental and total funding amounts for capped costings included in Appendix C, Table C-1 of the 2019 Post-election report.

This document details the administered, departmental and total funding amounts for capped costings included in Appendix C, Table C-1 of the 2019 Post-election report.

This document details the administered, departmental and total funding amounts for capped costings included in Appendix C, Table C-1 of the 2019 Post-election report.

The proposal would establish a People’s Bank, which would make selected retail banking products available through the Reserve Bank of Australia (RBA). Products would include savings accounts with interest rates linked to the RBA cash rate, and mortgages tracking the RBA cash rate for owner-occupiers. Loans would be for up to 60 per cent of the value of a property, up to a maximum of $500,000.

The proposal would have effect from 1 July 2019.

The proposal would place a limit on the remuneration payable by providers of financial services.

• A cap on base remuneration would be set at ten times annualised average weekly earnings (currently $869,795).
• A cap on variable remuneration would be set at five times annualised average weekly earnings (currently $434,898).

The caps would apply to ‘accountable persons’ of authorised deposit-taking institutions as described in the Treasury Laws Amendment (Banking Executive Accountability and Related Measures) Act 2018.

The proposal would increase the major bank levy rate from its present level of 0.015 per cent per quarter to 0.05 per cent per quarter.

In addition to the increase in the levy rate, the Government would provide $10 million per year, indexed to the consumer price index, to fund financial counselling and legal assistance.

The proposal would have effect from 1 July 2019.

This proposal has four components that would provide funding for banking regulation changes.

Component 1: Install the ACCC as the conduct (competition and consumer) regulator over retail banks, large superannuation funds, insurance companies and retail grade intermediaries, and maintain ASIC as the conduct regulator for the rest of the financial sector.