Jane Hume (Victoria, Liberal Party, Assistant Minister for Superannuation, Financial Services and Financial Technology) Share this | Hansard source

The government is ensuring that ASIC has adequate resources to oversee the enhanced sandbox. The government is committed to ensuring that the financial system regulators have the resources they need to combat misconduct in Australia's financial services industry at the same time as it bolsters consumer confidence in the sector. In fact, the government recently announced it would provide ASIC with a further $404.8 million to strengthen and intensify its approach to enforcement and to take on expanded responsibilities to stamp out misconduct in the financial sector. That money builds upon the $70.1 million in additional funding that was announced in 2018 to bolster ASIC's enforcement capabilities and enable it to undertake the new regulatory activities and investigations. So the government has given and continues to give consideration to ASIC's immediate funding needs and resources to undertake its important regulatory work.