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Enforcement funding
Both the Australian Securities andInvestments Commission (ASIC) and the Australian Prudential RegulationAuthority gained additional funding from the Federal Budget, with ASIC emerging a particular winner.
The Treasurer, Peter Costello, said that ASIC would receive additional funding of $13.4 million over four years to manage the continuation of two enforcement programs and the implementation of the United States-Australia Audit Regulation program.
He said ASIC would receive $3.1 million in 2005-06 to fund fully the dedicated James Hardie Taskforce, which was established late last year to investigate matters arising out of the James Hardie Special Commission of Inquiry.
The Treasurer said the watchdog would also receive $4 million to continue the investigation and litigation work relating to One-Tel and Offset Alpine.
AUTHOR
Mike Taylor
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