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ASIC and APRA get staffing boost

Mike Taylor14 May 2024
Stick figures talking

The Australian Securities and Investments Commission has received a staffing boost in the Federal Budget.

The Budget papers show that ASIC staffing will increase from the current level level of 1,709 staffers to 1,948 in the 2024-25 financial year.

At the same time, the other financial services regulator, the Australian Prudential Regulation Authority (APRA) will see its staffing number raised from 857 to 893.

For its part, the Australian Taxation Office (ATO) shows an increase in staffing from 19,579 to 21,350.

The Government said the Budget had continued its approach of reducing reliance on contractors, consultants and external labour hire.

Mike Taylor

Mike Taylor

Managing Editor/Publisher, Financial Newswire

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Frank
10 hours ago

Yeah cool. Will this mean more to pay next year toward the ASIC adviser levy…?

Anon
43 minutes ago

No doubt every one of those new staff at ASIC will be deployed to further persecute honest, professional advisers, rather than protecting consumers from scams and unlicensed advice.

While ASIC continues to operate in a way that actually makes things worse for consumers, giving them more staff and money will just exacerbate that problem. What ASIC really needs is a complete cultural overhaul, which can only be achieved with mass sackings.