Australian Securities and Investments Commission
- Outcomes and output groups
- Changes to outcomes and outputs
- Outcome 1 - Description
- Outcome 1 - Resourcing
- Outcome 1 - Contribution of outputs
- Performance information for Outcome 1
- Evaluations
Section 2: Outcomes and outputs information
Outcomes and output groups
The map below shows the relationship between government outcomes and the contributing outputs for the Australian Securities and Investments Commission (ASIC). Financial detail for Outcome 1 by output appears in Table 2.1 while non-financial information for Outcome 1 appears in Table 2.2.
Map 2: Outcomes and output groups
Changes to outcomes and outputs
There are no proposed changes to the outcome or outputs since the previous year.
Outcome 1 - Description
A fair and efficient market characterised by integrity and transparency and supporting confident and informed participation of investors and consumers.
Measures affecting Outcome 1
Australian Securities and Investments Commission Output Pricing Review
The Government has conducted an output pricing review of the Australian Securities and Investments Commission (ASIC) in 2001-02. In light of the review, ASIC will be provided with additional funding to implement and administer the legislative changes introduced by the Financial Services Reform Act 2001 (the Act), and to maintain its enforcement capability.
Additional funding for enforcement will assist ASIC's handling of an increasing case-load, including a number of high-profile cases, and improve its ability to preserve and recover assets for the benefit of investors.
The financial services reforms, which commenced on 11 March 2002, will improve the regulation of financial products, service providers and markets by introducing a single, harmonised licensing and product disclosure framework. Funding allocated in the out years for enforcement is subject to review in the light of experience in enforcing the Act.
Outcome 1 - Resourcing
Table 2.1 shows how the 2002-03 appropriations translate to total resourcing for Outcome 1, including administered expenses, revenue from government (appropriation), revenue from other sources, and the total price of outputs.
Table 2.1: Total resources for Outcome 1 ($'000)
(1) C1, E1 and I1 show the links back to Table 1.1.
Outcome 1 - Contribution of outputs
ASIC has developed a framework to ensure that delivery of specified outputs meets or exceeds anticipated requirements. These outputs reflect the programs and activities ASIC undertakes as a regulatory authority to meet the objective of Outcome 1.
Through ASIC, the government seeks to ensure that consumers and investors receive honest and competent financial advice that is untainted by conflicts of interest, and that information about corporations is current and accurate. ASIC also has an enforcement and regulatory role designed to tackle misconduct in order to promote a confident and informed market.
Performance information for Outcome 1
Table 2.2: Performance information for Outcome 1
Table 2.2: Performance information for Outcome 1 (continued)
Evaluations
ASIC's outputs have been subject to a pricing review jointly conducted with the Department of Finance and Administration in financial year 2001-02. This review was finalised in February 2002.
ASIC regularly seeks feedback from consumers, investors and other stakeholders on the effectiveness of policy advice and administration of the law.
The results of ASIC's performance are presented in its Annual Report.
The Government's financial sector reforms are due to be reviewed by the Financial Sector Advisory Council in financial year 2003-04.
