According to Senator Sherry in yesterday’s Australian Financial Review there is a case for a single federal corporate regulator to take over new areas of responsibility.
New duties for the Australian Securities and Investments Commission (ASIC ) would or could require additional funds.
And yet Labor has also announced a plan to rip out funding from the regulator - a plan to rip $129.8 million out of ASIC over four years. This would amount to a 12% cut to the ASIC budget.
This involves less capacity to perform existing duties to protect mum and dad investors from corporate crooks.
New duties or less money. Which way does the ALP really intend to go? More enforcement or less?
25 May 2007
CANBERRA
Contact:
Conor O’Brien - 0402 970 515 or (03) 9887 3890