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ASIC gets funding boost amid calls for inquiry into Aussie banks

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Your Investment Property | 20 Apr 2016, 02:23 PM Agree 0
Treasurer Scott Morrison announces regulator will receive an additional $127 million to help it monitor Australia's banking sector
  • Chris | 20 Apr 2016, 08:11 PM Agree 0
    This is after Tony Abbott and Joe Hockey ripped $120 million out of ASIC in the 2014 budget, when these two geniuses said they wanted to reduce oversight of the banks. So when Shorten's (somewhat hypocritical) plan for a Royal Commission got some traction, the Libs suddenly grew some fortitude and will replace the money they took away. See the ABC story from 2014 at http://www.abc.net.au/news/2014-05-15/budget-2014-funding-cut-to-asic-business-regulation/5453816.

    So after crippling ASIC's ability to do it's job, losing a lot of valuable staff, expertise and functionality in the process, Turnbull and Morrison are trying to put Humpty back together again.

    All this is driven partly by ideology (public service bad, private sector good), and partly by catch-up politics.

    We're led by turkeys on both sides.
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