More funding for ASIC but no levy relief in sight

Mike Taylor

Managing Editor and Publisher

12 May 2026

The financial services regulators, the Australian Securities and Investments Commission (ASIC) and the Australian Prudential Regulation Authority (APRA) have emerged as Budget winners as the Government commits to reducing red tape.

The Budget papers reveal the two regulators will receive a boost in 2026-27 along with similar funding boosts to the Australian Taxation Office.

However there appears little likely of levy relief, with both regulators expected to achieve outcomes via cost-recovery.

The Budget confirms $136.1 million over two years from 2026–27 to complete the second tranche of stabilisation and uplift of Australia’s business registers, including synchronising director information with the Australian Charities and Not‑for Profits Commission’s Charities Register, linking Director IDs to the Companies Register, uplifting Australian Business Number (ABN) authentication and completing the transition of ABN and superannuation lookup functions to the Australian Taxation Office

• $62.0 million over two years from 2026–27 to extend the operation and participation in the Consumer Data Right to continue supporting Australian consumers and businesses and to explore the potential to enable taxpayers to share certain ATO‑held data through the Consumer Data Right.

It said the Government will also introduce legislation to modernise, simplify and improve regulation in the financial sector. The reforms will:

• reduce unnecessary reporting and disclosure requirements
• implement reforms to regulatory requirements for small and medium‑sized banks
• modernise and simplify financial system frameworks

The Budget papers say the Government will provide $38.9 million over four years from 2026–27 (and $7.3 million per year ongoing) to increase Australia’s economic security and resilience to strategic shocks and threats.

It said the funding includes: • $20.3 million over four years from 2026–27 (and $5.2 million per year ongoing) for the Treasury to provide a dedicated economic security and sector assessment function to inform policy responses to global shocks and emerging economic threats and support closer collaboration between policy and intelligence agencies.

The budget papers outline $18.5 million over four years from 2026–27 (and $2.2 million per year ongoing) to uplift the Australian Securities and Investments Commission (ASIC) and Australian Prudential Regulatory Authority’s (APRA) capability to improve the security of systems of national significance.

“The Government will also establish a limited special appropriation to support resolution of any future crisis in the cash distribution network. Partial costs for this measure will be met through ASIC and APRA cost recovery,” it said