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Outcome 1 - A fair and efficient market characterised by integrity and transparency and supporting confident and informed participation of investors and consumers
Funding for HIH Royal Commission related costs
The Government has agreed to provide ASIC with $4.6 million to meet the costs of its involvement with the HIH Royal Commission. This involvement stems primarily from ASIC's role as the corporate regulator and hence a party to the proceedings. The funding will cover ASIC's legal costs in appearing before the Royal Commission and some internal support.
Implementation of the Financial Services Regulation Act
The Government has agreed to provide ASIC with funding of $0.5 million for implementation and administration of the Financial Services Reform Act 2001, which is effective from 11 March 2002. This is to ensure that ASIC has the capability to meet the new legislative requirement to implement a program of licensing, surveillance and provision for relief from the law for the regulated markets.
Other variations to appropriations
ASIC is seeking funding of $2.5 million to cover the cost of investigating the HIH Insurance Group.
The Government agreed in the 2001-02 Budget to provide ASIC with $2.5 million in each of 2001-02 and 2002-03 to assist ASIC with its investigation of the HIH Insurance Group, and any resulting prosecutions (refer page 144 of the 2001-02 Portfolio Budget Statements).
The $2.5 million sought is the 2001-02 portion of the measure.
Map 2: Outcomes and output groups for the agency
Measures: Agency summary
Table 1.1: Summary of measures since the 2001-02 Budget
Breakdown of additional estimates by appropriations bill
Table 1.2: Appropriation Bill (No. 3) 2001-02
Summary of staffing changes
Table 1.4: Average staffing level (ASL)
Outcomes and output groups
There have been no changes to ASIC's outcome and outputs included in the 2001-02 Portfolio Budget Statements.
Revised performance information and level of achievement - 2001-02
The revised performance information that ASIC will use to assess the level of its achievement against Outputs 1.1.3 and 1.1.4 during 2001-02 is shown below:
Table 2.1: Performance information for outputs affected by additional estimates Outcome 1
Budgeted agency statement of financial performance
This statement provides the expected financial results for ASIC by identifying full accrual expenses and revenues which highlight its financial performance.
Budgeted agency statement of financial position
This statement shows the financial position of ASIC. It helps decision-makers to track the management of ASIC's assets and liabilities.
Budgeted agency statement of cash flows
Budgeted cash flows as reflected in the statement of cash flows, provide important information on the extent and nature of cash flows by categorizing them into expected cash flows from operating activities, investing activities and financial activities.
Agency capital budget statement
This statement shows all proposed capital expenditure funded from internal sources.
Agency non-financial assets - summary of movement
This statement shows the movement in ASIC's non-financial assets over the Budget year.
Table 3.1: Budgeted agency statement of financial performance
for the period ended 30 June 2002
Table 3.2: Budgeted agency statement of financial position
as at 30 June 2002
Table 3.3: Budgeted agency statement of cash flows
for the period ended 30 June 2002
Table 3.4: Agency capital budget statement
Table 3.5: Agency non-financial assets - summary of movement (Budget year 2001-02)
Table 3.6: Note of budgeted administered financial performance
for the period ended 30 June 2002
Table 3.7: Note of budgeted administered financial position
as at 30 June 2002
Table 3.8: Note of budgeted administered cash flows
for the period ended 30 June 2002
