ASIC and APRA get $13.3m RC boost

ASIC and APRA get $13.3m RC boost

The corporate and prudential regulators will receive a further $13.3 million to "assist" the royal commission, to be offset by an increase in levies on industry.


The government will provide ASIC with $10.6 million over two years from 2017-18 and $2.7 million in 2018-19 to APRA to "assist in their involvement" in the banking royal commission.

The cost of the budget measure will be offset by corresponding increases to the ASIC levy and the APRA Financial Institutions Supervisory Levies.

Kenneth Hayne's Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry is costing the government $65 million.

ASIC will also receive $2.2 million over four years from 2018-19 to "strengthen the quality of listed entity financial reports", to be offset by revenue received through ASIC's industry funding model.

The government will also receive additional funding over two years from 2018-19 to continue administering the North Queensland Home Insurance Comparison Website. The amount was not published in the budget, because it was deemed to be commercial-in-confidence.

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