13 May 2003

Funds To Combat Corporate Abuse

Australia's corporate regulator, the Australian Securities and Investments Commission (ASIC), will receive additional funding of $12.3 million over the next four years for its corporate insolvency initiative.

Under this initiative ASIC will expand its operations in targeted surveillance, investigation and enforcement activities. These operations will include ASIC-initiated winding-up actions in identified high-risk sectors, focusing particularly on phoenix company activity.

The Government is committed to tackling abuse of corporate insolvency laws and protecting honest businesses and consumers.

The additional funds for ASIC in this Budget build on measures in last year's Budget that increased ASIC's funding by $90.8 over four years.