ASIC hit by funding cut

The Australian Securities and Investments Commission (ASIC) has been told by the Government to “adjust its priorities” to achieve savings of $120.1 million over five years.

With ASIC having signalled to the Financial Systems Inquiry that it believes it should move towards a user-pays model, the Budget papers said the savings from the measure would be redirected towards repairing the Budget and towards funding policy priorities.

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While ASIC has taken a cut to its funding, the Government moved to increase funding to the Australian Competition and Consumer Commission (ACCC).

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