In the wake of the Royal Commission into misconduct in
the Banking, Superannuation and Financial Services Industry, the
Government has provided financial regulators with a suite of new
funding in the 2019 Budget.
Treasurer, Josh Frydenberg announced that new funding to the
Australian Securities Investments Commission
(ASIC), the Australian Prudential Regulation
Authority (APRA) and the Federal Court will
‘strengthen the financial system and deliver better outcomes
for all Australians’.
The Federal Government will spend $640 million on financial
regulators to help build trust in the financial sector and ensure
financial system regulators have appropriate resourcing to expand
their capability to deliver on their new responsibilities,
enforcement and supervision . This is in represents the
Government’s response to the Royal Commission that ASIC
remains appropriately resourced in order to take on new
responsibilities and work on referrals provided to it after
