Part C
agency additional estimates statements
Australian securities and investments commission
Section 1: Overview, variations
and measures
Overview
There has been no change to the overview included in the 2003-04 Portfolio Budget Statements (page 143).
Additional estimates and variations to outcomes
The following variations contributed to a net increase in agency outputs of $17.642 million for the Australian Securities and Investments Commission (ASIC).
Measures
Outcome 1 — A fair and efficient market characterised by integrity and transparency and supporting confident and informed participation of investors and consumers
Budget estimates — enhanced quality and timeliness
The Government will provide additional funding to agencies of $88.5 million over five years (including $0.1 million in 2007-08) to implement the Budget Estimates and Framework Review (BEFR) recommendations. This funding includes capital of $7.4 million over four years.
In the 2003-04 Budget the Government made provision for $78 million over five years to improve the accuracy, responsiveness and effectiveness of agencies’ contribution to the Commonwealth’s budget estimates and framework system and to assist agencies to drive improved financial management and reporting within their organisations. The Government has provided an extra $10.5 million over five years to fund agencies to implement the BEFR recommendations.
Other variations to appropriations
The following variations contributed to a change in agency departmental outputs of $17.526 million for ASIC. Explanations for these variations are detailed below.
HIH Taskforce
ASIC is seeking to reclassify funding appropriated in the 2003-04 Budget of $17.5 million ($28.2 million over two years) from administered to departmental. There has been no increase in the total amount of funding provided by the Government for this purpose.
Increase in the price of outputs
ASIC is seeking additional price of outputs funding of $0.026 million following the Government decision to supplement ASIC for increases in Comcover premium rates for 2003-04.
Measures — Australian Securities and Investments Commission summary
Table 1.1: Summary of measures since the 2003-04 Budget
Map 2: Outcomes and output groups for the agency
Breakdown of additional estimates by appropriation bill
Table 1.2: Appropriation Bill (No. 3) 2003-04
Table 1.3: Appropriation Bill (No. 4) 2003-04
Summary of staffing changes
Table 1.4: Average staffing level (ASL)
Summary of agency savings
Agency and administered revenues
Table 1.6: Agency and administered revenues
