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Banks pay price of beefing up APRA and ASIC

Around 250 more staff will join the payroll of the Australian Securities and Investments Commission over the next year, the agency resourcing section of Budget Paper No. 4, budget papers for 2024/25 show.

APRA will be taking on around another 36 staff, taking staff numbers to nearly 900.

APRA’s budget will increase fairly modestly by $30 million to $270 million.

ASIC, on the other hand, will be tasked to do more with an increase of $100 million in its budget to $623 million. Estimates for ASIC’s budget then decline in the out years.

Next year ASIC’s staffing will rise to 1950 from 1700, though which one-off projects and programs warrant the boost resourcing is not clear.

 

 

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