The Australian Government has rejected most of the findings in a 2024 Senate Economics Committee report on ASIC‘s performance, according to a report by Financial Newswire.

Its formal response arrived more than two years later, and only after a Senate order for the production of documents.

The 2024 report found that ASIC had failed to meet its regulatory duties.

It also questioned whether ASIC’s remit was too broad for one body.

The committee recommended splitting ASIC into two, a companies regulator and a financial conduct authority.

A separate recommendation called for legislation requiring ASIC, or any future regulator, to investigate misconduct reports at a set rate.

The committee also recommended public reporting standards, and service standards to keep complainants updated.

The Government rejected the proposal for a fixed investigation rate.

It said ASIC draws on multiple sources of information before selecting matters for investigation.

A set quota, it said, would limit ASIC’s ability to prioritise the highest-risk cases.

ASIC typically commences 200 to 250 formal investigations and pursues 100 to 150 court cases each year.

The Government instead pointed to funding and leadership changes.

ASIC’s budget rose from $435.0 million in 2022-23 to $676.8 million in the 2026-27 Budget.

Three Commissioners, Simone Constant, Alan Kirkland and Kate O’Rourke, joined in 2023.

Sarah Court became ASIC Chair from 1 June 2026.

The Government also noted ASIC’s accountability to Parliament.

This runs through ASIC’s Annual Report, and oversight from the Parliamentary Joint Committee on Corporations and Financial Services, the Senate Standing Committee on Economics, and the House of Representatives Economics Committee.

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