The Australian Securities and Investments Commission (ASIC) and the Australian Prudential Regulation Authority (APRA) have been granted extra funding from the Federal Budget.

ASIC will receive an additional $13.4 million over four years to fund the continuation of two enforcement actions and the implementation of the United States-Australia Audit Regulation program.

The corporate watchdog will also receive $3.1 million this financial year to fund the dedicated James Hardie Taskforce, which was established late last year.

Federal Treasurer Peter Costello says ASIC will also receive $4 million to continue the investigation and litigation work relating to One.Tel and Offset Alpine Printing.

APRA has also had its funding increased from $77.5 million in the current financial year to $84 million this year. The money will be used to provide the regulator with additional qualified staff to supervise regulated entities.

And where will the money come from? From the businesses being regulated, of course. The Federal Government’s new handouts to the regulators won’t have too much impact on the steady profit it is making from ASIC.

The surplus from ASIC charges on the corporate sector averages $193 million a year. Between 1995/96 and 2002/03, business contributed $1.55 billion to the consolidated revenue through surplus ASIC charges.