Initial CSLR levy set at $241 million
The initial levy to fund claims under the Compensation Scheme of Last Resort (CASLR) is being proposed at $241 million.
The levy, which will initially be funded by the 10 largest banking and insurance groups, has been determined by the CSLR board.
In a formal statement issued today the board said it had provided $241 million as the estimate of the cost of meeting compensation claims and costs in relation to complaints that were lodged with AFCA between 1 November 2018 and & September 2022.
It noted that this falls within the annual cap of $250 million.
The announcement from the board noted that the Federal Parliament is capable of disallowing the levy.