On 7 August, the Government announced that it is injecting a further $70.1 million into ASIC to ensure the corporate regulator has the resources and powers it needs to combat misconduct in the financial services industry and across all corporations for the protection of Australian consumers.

The announcement states that this new funding will bolster ASIC’s enforcement capabilities and enable it to undertake new regulatory activities and investigations, so as to better deliver on its mandate of combatting misconduct in corporations and in the financial services industry.