The Australian Securities and Investments Commission (ASIC) has gained almost $53 million in additional funding after Federal Treasurer Peter Costello announced the regulator would be funded to initiate a taskforce to work on HIH-linked prosecutions. Less than a week later, it appears the regulator plans to jump into action after advertising for HIH-related recruits in the weekend papers.

ASIC will receive $23.5 million in extra funding next year, and a total of $53 million over the next four years to investigate and prosecute people linked to the March 2001 HIH collapse and “to enforce better corporate governance”.  

Up to 100 new staff will be employed, bringing ASIC’s total contingent to more than 1450.

The Australian Prudential Regulation Authority has also benefitted from the outpouring of government money, receiving $21.9 million over four years to “deepen and broaden its skills base”. Expect plenty of that to be spent scrutinising the risk insurance sector.