Australian Securities and Investments Commission
- Overview
- Appropriations
- Measures - Australian Securities and Investments Commission summary
- Equity injections and loans
Section 1: Overview, appropriations and budget measures summary
Overview
The Australian Securities and Investments Commission (ASIC) is an independent government body that enforces company and financial services laws to protect consumers, investors and creditors. The Commission is established under the Australian Securities and Investments Commission Act 2001.
The ASIC Act requires that the Commission:
- Uphold the law uniformly, effectively and quickly;
- Promote confident and informed participation by investors and consumers in the financial system;
- Make information about companies and other bodies available to the public; and
- Improve the performance of the financial system and the entities within it.
In performing its functions ASIC works closely with other financial, consumer and law enforcement bodies in Australia and internationally.
Appropriations
The appropriation for ASIC in the 2002-03 Budget is $158.4 million for Outcome 1. From 1 July 2000 ASIC assumed responsibility for the administration of unclaimed moneys from banking and deposit taking institutions. Accordingly, ASIC will also receive $18.025 million as a special administered appropriation to cover the return of unclaimed moneys under the Banking Act 1959. Table 1.1 on the following page provides this detail.
Australian Securities and Investments Commission - appropriations 2002-03
Table 1.1: Appropriations and other revenue ($`000)
1. References C1, E1 and I1 refer to information provided in Table 2.1. References K1 and K2 refer to information provided in Table 3.1 and Table 3.7 respectively.
2. Refer to Budgeted Statement of Financial Performance in Table 3.1 for application of agency revenue.
3. Revenue from other sources includes other revenue from government (for example, resources free of charge) and revenue from other sources (for example, sales of goods and services). Non-appropriated agency revenues are detailed in Appendix 1.
4. Estimated expenses from individual special appropriations are shown in Appendix 2.
Note: Percentage figures indicate the percentage contribution of revenue from government (agency appropriations) to the total price of outputs, by outcome.
Measures - Australian Securities and Investments Commission summary
Table 1.2: Summary of measures disclosed in the 2002-03 Budget
Note: Out year appropriations for enforcement of the Financial Services Reform Act have been provisionally included in the forward estimates subject to a review in light of experience in enforcing the Act.
Equity injections and loans
ASIC does not have an appropriation for an equity injection or loan or in the 2002-03 Budget.
