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Government nobbles ASIC midst Royal Commission : community deserve answers why



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Media Release // Senator Peter Whish-Wilson

Government nobbles ASIC midst Royal Commission - Community deserve answers why

Greens Treasury spokesperson, Senator Peter Whish-Wilson, is calling on the Government to explain why they are cutting funding to ASIC and the Office of the Director of Public Prosecutions in the midst of a Royal Commission into the financial sector and at a time where trust in financial institutions has never been so low.

Senator Whish-Wilson said, “The Government seems to be going out of their way to prevent ASIC from doing their job reining in the systemic misconduct in the financial sector. Cutting staff and restricting funding for legal costs gives dodgy banks and financial services companies a massive advantage over the regulator in legal efforts to hold them to account.

“The Liberals and Nationals have received over $7 million in donations from the financial services sector over the last decade and the public can be justified in wondering if the system keeps being rigged as a quid pro quo for the sector.

“It’s like the Government want ASIC to fail in its pursuit of financial sector crime: firstly to help out their business mates and secondly to be able to ultimately pass the blame onto ASIC and their staff when the scandals keep occurring.

“Scott Morrison says we can afford a $140 billion tax cut to wealthy individuals and another $65 billion in corporate tax cuts, but we can’t afford to ensure that companies actually have a regulator with enough money and staff to make businesses obey the law.

“If the personal tax cut package is passed, we are only going to see more of this. Cuts to basic services like holding the banks to account, while the wealthiest people in Australia get more cash in their pocket,” he concluded.

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Media contact: Tim Beshara 0409164603