The government will provide ASIC with $10.6 million over two years from 2017-18 and $2.7 million in 2018-19 to APRA to “assist in their involvement” in the banking royal commission.
The cost of the budget measure will be offset by corresponding increases to the ASIC levy and the APRA Financial Institutions Supervisory Levies.
Kenneth Hayne’s Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry is costing the government $65 million.
ASIC will also receive $2.2 million over four years from 2018-19 to “strengthen the quality of listed entity financial reports”, to be offset by revenue received through ASIC’s industry funding model.
The government will also receive additional funding over two years from 2018-19 to continue administering the North Queensland Home Insurance Comparison Website. The amount was not published in the budget because it was deemed to be commercial-in-confidence.
The irony of the costs associated with this Royal Commission is not lost on me. The media reports the cost of the Royal Commission but never seems to dig any deeper. Where is most of that money going? I dare say legal fees make up the largest share of costs.
In a Royal Commission where some of the focus is on inappropriate fees, how about some transparency as to who is charging what for their time and let the public make their own judgment as to whether the fees being charged are reasonable. After all, this is taxpayer money.
Good point Transparent Fees, we should be given a broad breakdown of t he fees being paid to the Commission participants seeing they are carrying on about all the lack of transparency in the financial services.
But don’t expect it, might be embarrassing for them. Maybe the media can do a bit of digging?
Given the outcomes thus far, why are the big 5 not putting in to cover costs- it is their negligence being uncovered and the fines – if any -seem like petty cash