Australian Securities and Investments Commission
Section 1: Overview, appropriations and budget measures summary
Agency 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 and resourcing
The total appropriation for ASIC in the 2003-04 Budget is $214.7 million. Table 1.1 details the total appropriation for ASIC by outcome. It includes details of agency revenue received from other sources and special appropriations provided by the Government.
Table 1.2 details funding provided for new budget measures in 2003-04.
Australian Securities and Investments Commission - appropriations 2003-04
Table 1.1: Appropriations and other revenue
(1) C1, E1 and I1 refer to information provided in Table 2.1, Total resources for Outcome 1. K1 and K2 refer to information provided in Table 3.1, Budgeted Agency Statement of Financial Performance and Table 3.6, Note of Budgeted Financial Performance Administered on behalf of the Government, respectively.
(2) Refer to Table 3.1, Budgeted Agency Statement of Financial Performance for application of agency revenue.
(3) Revenue from other sources includes other revenues from government (for example, resources free of charge) and revenue from other sources (for example, goods and services). Non-appropriated agency revenues are detailed in Table 1.3.
(4) Estimated expenses from special appropriations are shown in Table 1.4.
Note: Percentage figures indicate the percentage contribution of revenues 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 2003-04 Budget
Agency revenues
Table 1.3: Agency revenues
Goods and services
The Productivity Commission's cost recovery guidelines apply to the sale of imaging/printing services, which is estimated to be $0.9 million in 2003-04.
ASIC's pricing of these services has been reviewed by the Productivity Commission and has been found to be consistent with its guidelines.
Special administered appropriations
Table 1.4: Estimates of expenses from special administered appropriations
Note: For further details on each special appropriation refer to the following text.
Banking Act 1959: Approved Deposit Taking Institutions, being Banks, Building Societies and Credit Unions, are required to remit to the Government, the balance in bank accounts that have remained dormant for seven years. This special appropriation covers repayments estimated to be made to claimants from the Banking Unclaimed Monies Account where the validity of the claim has been established by the relevant institution. Estimated payments for 2003-04 are expected to be lower than 2002-03 due to the successful campaign launched by ASIC during 2002-03 directed at potential claimants.
Life Insurance Act 1995: Life Insurance Companies and Friendly Societies are required to remit to the Government amounts payable on matured life insurance policies that have remained unclaimed for seven years. This special appropriation covers estimated payments made to claimants from the Life Unclaimed Monies Account where the validity of the claim has been established by the relevant Life Insurance Companies. Estimated payments for 2003-04 are expected to be lower than 2002-03 due to the successful campaign launched by ASIC during 2002-03 directed at potential claimants.
Refund of overpayment of fees paid under the Corporations Act 2001: All fees and charges collected in accordance with the Corporations Act are banked into consolidated revenue in accordance with Section 81 of the Constitution. The amount of $4 million represents the estimated refund of overpaid fees and charges, which requires separate appropriation in accordance with Section 83 of the Constitution.
Equity injections and loans
ASIC does not have an appropriation for an equity injection or loan in the 2003‑04 Budget.