ASIC overall expenditure increases 25% over 5 years

Mike Taylor

Managing Editor and Publisher

18 June 2024

Overall expenditure by the Australian Securities and Investments Commission (ASIC) increased by nearly $111 million over the five years between 2018-19 and 2022-23.

As financial advisers continue to worry about the cost of the ASIC industry funding levy, the regulator has told the Senate Economics References committee that its overall expenditure in 2018-19 was $431,643 and this had grown to $542,410 in the 2022-23 financial year.

This represents just over a 25% increase over the period which followed the findings of the Royal Commission into Misconduct in the Banking, Finance and Superannuation Industry.

Answering a question on notice from NSW Liberal Senator, Andrew Bragg, ASIC revealed that its expenditures had risen in the 2019-20 and 2020-21 financial years before becoming fairly static until 2022-23 when it rose to $542,410.

ASIC estimated that its total expenditure for the 2023-24 financial year would be $519,574 based on the Portfolio Budget statements contained in the May Budget.

ASIC said that the total expenditure amounts for each financial year included depreciation and amortisation.

The 25% increase in overall expenditure comes against the background of the Federal Budget which increased both funding and staffing for the regulator.

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