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ASIC staffing to shrink, ATO nabs registry

 — 1 minute read

ASIC’s resourcing is set to fall in the coming financial year, with the government having transferred the business registry to the Tax Office.

As outlined in the federal budget papers, the government has transferred the administration of business registry functions from ASIC to the Australian Taxation Office. 

The corporate regulator is projected to see total agency resourcing of $590.7 million in the coming financial year, a drop from the $645.9 million total for the current year.

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Average staffing levels, which report total full-time staff and the full-time equivalent for part-timers and casuals, are also set to diminish. 

ASIC’s projected average staff has dropped to 1,878 for the 2021/22 year, a shift of around 200 less from the current year’s 2,096.

Meanwhile APRA has appeared to gain resourcing, as the government has allocated more funding towards regulating super

The prudential regulator is projected to receive $679 million in agency resourcing for the coming financial year, an increase from the $638.4 million Treasury expects it will total for 2020/21. 

Average staff is also expected to rise, to 829 from 785 in the 2020/21 financial year. 

One of its budget measures saw the government commit $11.2 million over four years from 2021-22, as well as $3.1 million per year ongoing, to support stronger consumer outcomes in superannuation.

The package included $9.6 million for APRA to supervise and enforce increased transparency and accountability measures as part of the Your Future, Your Super reforms, which if passed, will take effect from July.

 

 

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ASIC staffing to shrink, ATO nabs registry
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Sarah Simpkins

Sarah Simpkins

Sarah Simpkins is a journalist at Momentum Media, reporting primarily on banking, financial services and wealth. 

Prior to joining the team in 2018, Sarah worked in trade media and produced stories for a current affairs program on community radio. 

You can contact her on [email protected].

 

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