Chris Pearce welcomed the announcement in the Federal Budget of the funding boost for the Australian Securities and Investments Commission (ASIC). Mr Pearce, who has portfolio responsibilities for the corporate regulator, welcomed the $234.6 million boost.
The Budget reflects the Australian Government's intention of further developing ASIC as an efficient corporate regulator.
Key measures contained in the 2006/07 Budget for ASIC include:
- $29.1 million over four years to support ASIC's surveillance activities
- $120 million over four years fund potential costs arising from the investigation and litigation of exceptional matters of significant public interest
- $14.2 million over four years to enhance information technology security and risk management including an $8 million organisation-wide IT architecture review
- $71.3 million over four years to sustain market supervision and oversight functions
This additional funding will help ensure ASIC is well-placed to perform its critical function in an efficient, well-resourced and effective way.
CANBERRA
10 May 2006
Media contact: Gillian Harvey 03 9887 3890 or 0411 567 060