The corporate and prudential regulators and financial literacy have received a boost in funding in this year’s federal budget.
Corporate regulator ASIC will receive a boost in funding for its IT systems, while the Australian Prudential Regulatory Authority (APRA) is to receive more money for staff.
ASIC’s core systems are under pressure from increasing public demand for information.
An increase of $116.7 million over four years will be used to redevelop ASIC’s websites and online presence, and implement IT security and risk mitigation enhancements.
APRA’s $24.1 million over four years has been earmarked to attract and retain qualified staff.
An investment of $5 billion from the budget surplus will be placed in a new fund to generate future earnings for higher education. Earnings from the Higher Education Endowment Fund (HEEF) will be set aside for capital works and research facilities in tertiary institutions.
The Government will make the initial investment but individuals will also be able to make tax deductible contributions to the fund and have their names placed on a donor list.
The endowment fund will be managed by the Future Fund Board of Guardians and income earned will be distributed annually to individual universities. “The HEEF is expected to provide a dividend of around $900 million over three years from 2008/09, ” Education Minister Julie Bishop said.
The Government also unveiled a $3.5 billion package to be spent over four years in higher education, vocational training and schools.
And an amount of $2 million has been earmarked for the Financial Literacy Foundation’s campaign to fund training for teachers of years 3, 5, 7, and 9. A further $4 million has been promised to keep its Understanding Money campaign running.
