Australian Securities and Investments Commission
Section 1: Overview, variations and measures
Agency overview
There has been no change to the overview included in the 2004-05 Portfolio Budget Statements (page 157).
Additional estimates and variations to outcomes
The following variations contributed to a net increase in agency outputs of $6.7 million for the Australian Securities and Investments Commission (ASIC) in 2004-05.
Measures
Outcome 1 — A fair and efficient market characterised by integrity and transparency and supporting confident and informed participation of investors and consumers
Other variations to appropriations
The following variations contributed to net savings (reduction) in agency departmental outputs of $0.8 million in 2004-05. Explanations for these variations are detailed below.
HIH Taskforce
ASIC is seeking to recognise $6.5 million of undrawn 2003-04 HIH Taskforce appropriation in 2004-05.
An amount of $7.7 million appropriated in 2004-05 for the HIH Taskforce has been reprofiled to 2005-06.
These above two variations will result in a net saving of $1.2 million in 2004-05.
Increase in the price of outputs
ASIC is seeking additional price of outputs funding of $0.4 million, being a revision to the Government parameters used to restate the forward estimates.
Table 1.1: Summary of measures since the 2004-05 Budget
Map 2: Outcomes and output groups for the agency
Breakdown of additional estimates by appropriation bill
Table 1.2: Appropriation Bill (No. 3) 2004-05
Note: Special Administered Appropriations that were previously disclosed under this heading are now shown in Table 1.7.
Table 1.3: Appropriation Bill (No. 4) 2004-05
Summary of staffing changes
Table 1.4: Average staffing level (ASL)
Agency and administered revenues
Table 1.6: Agency and administered revenues
Estimates of expenses from special appropriations
Table 1.7: Estimates of expenses from special appropriations
Banking Act 1959: Approved Deposit Taking Institutions, being Banks, Building Societies and Credit Unions, are required to remit to the Government, the balance in bank accounts that have remained dormant for seven years. This special appropriation covers repayments estimated to be made to claimants from the Banking Unclaimed Monies Account where the validity of the claim has been established by the relevant institution.
Life Insurance Act 1995: Life Insurance Companies and Friendly Societies are required to remit to the Government amounts payable on matured life insurance policies that have remained unclaimed for seven years. This special appropriation covers estimated payments made to claimants from the Life Unclaimed Monies Account where the validity of the claim has been established by the relevant Life Insurance Companies.
Refund of overpayment of fees paid under the Corporations Act 2001: All fees and charges collected in accordance with the Corporations Act 2001 are banked into consolidated revenue in accordance with Section 81 of the Constitution. In 2004-05 it is forecast that an amount of $6 million of overpaid fees and charges will be refunded. This requires separate appropriation in accordance with Section 83 of the Constitution (appropriated under Section 28 of the Financial Management and Accountability Act 1997).
Refunds of overpayments of fees paid under the Corporations Act 2001 were previously disclosed in Table 1.7 above. Based on advice received from the Department of Finance and Administration these refunds are not agency expenses, and are now being disclosed as a narrative in the Portfolio Additional Estimates Statements.
Estimated special account flows
Table 1.8: Estimated special account flows
(1) The revised opening balance for 2004-05 (reference A) is the same as the final actual closing balance for 2003-04 (reference B). This balance may have changed from that shown in the 2004-05 Portfolio Budget Statements as the actual for 2003-04 will have been updated to reflect the final budget outcome for that year.