Oh dear:
The federal government runs the corporate regulator — under fire over its failure to police or prevent many cases of fraud and corruption already uncovered by the banking royal commission — at a $600 million-plus annual profit, by gouging the public and small business owners in fees.
The Australian Securities & Investments Commission’s results for last financial year show the government provided it with total funding for the year of $341.6m — but ASIC handed $948.6m to the government from fees and charges it had levied on the public, a $607m windfall — or $38 a year for every Australian adult.
The figures place in context the endless political debates over ASIC funding costs, given not only does ASIC not cost the federal government anything to run, it runs it at an enormous profit at the expense of the public.
While it sits around sipping G&Ts.
Amazing stuff.
