Morrison firming up on more ASIC funding
The Federal Treasurer, Scott Morrison, has further signalled that the Australian Securities and Investments Commission (ASIC) will be a Budget beneficiary of the Government's desire to avoid a Royal Commission into the banking industry.
Morrison has said that, as part of the Budget process, the Government is ensuring "ASIC is in an even stronger position to address the mandate that it has".
He also signalled that the Government would be acting on the so-called "capability review" into ASIC before the Budget.
"It's imminent. It will be before the Budget and we have got Cabinet meetings next week," the Treasurer told reporters.
"When Labor was voting against a Royal Commission into the banking industry, we were initiating a capability review into ASIC and ensuring that where we stand now in going through our normal Budget process and our normal capability review process through Cabinet we will be able to ensure that ASIC is in an even stronger position to address the mandate that it has," he said.
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