The Australian Securities and Investments Commission (ASIC) will receive a significant funding increase of $116.7 million over four years in this year’s Budget to support its information technology (IT) infrastructure.
The additional funding will enable ASIC to redevelop important IT systems. ASIC’s core systems are under pressure as a result of increasing demands from the public for company information. Funding will enable ASIC to transition existing systems onto new commercially supported technologies which will be more efficient and reliable.
This measure will also enable ASIC to invest in essential business support tools including electronic document and records management systems and data warehousing. Interaction with the business sector, consumers and the general public will also be enhanced through the development of new business applications, including the redevelopment of ASIC’s websites to bolster its on-line presence.
This measure builds upon the funding of $14.2 million allocated to ASIC in the 2006-07 Budget to implement IT security and risk mitigation enhancements.
This initiative is a further demonstration of the Government’s commitment to ensuring that ASIC is appropriately funded to continue its vital role as regulator of Australia’s financial markets.