Will ASIC get additional funding to investigate banks?
The Australian Securities and Investments Commission (ASIC) is being eyed as likely to get a funding boost in the May Federal Budget on the back of Government assurances that it will be pursuing allegations in the banking industry in similar fashion to a Royal Commission.
The Federal Treasurer, Scott Morrison, has insisted that ASIC has all the powers of a "standing Royal Commission" to argue that the Federal Opposition and industry fund calls for a Royal Commission into the banking industry have no validity.
"[ASIC] has all the powers of a standing Royal Commission. There is nothing that ASIC can't do that a Royal Commission can do," Morrison told reporters.
"I mean, ASIC can do it all now and I think that's the clear message to those who are proposing this arrangement: ASIC can do the job right now and is doing that job right now and we'll continue to work with them to see what additional matters they'd like to see addressed to enable them to do the job any better."
The Federal Treasurer also claimed that the Labor Party and Federal Opposition leader, Bill Shorten were being less than consistent on the Royal Commission issue, having vigorously opposed the Trade Union Royal Commission and resisted the findings of the Financial System Inquiry (FSI) on the issue.
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