ASIC launches more investigations, posts bigger deficit

The news: ASIC is launching more investigations but winding up with a similar number of convictions, according to the regulator's annual report, which also outlined a deficit much bigger deficit than the year before.

The numbers: ASIC initiated 130 investigations in the 2023 financial year, resulting in 35 convictions and landing 21 corporate criminals in jail. In the previous year it launched 107 cases, leading to 34 convictions.

ASIC collected $1.8 billion for the Commonwealth in fees, charges and supervisory cost recovery levies, up 9% on the previous year. It also made roughly $32 million in own-source revenue, down 52% from last year. In return, ASIC received $426 million in operating appropriation revenue from the federal government, and finished with an $83.7 million deficit, up from $2.1 million in FY22.

The context: ASIC attributed the FY23 deficit to outgoings variance, including lower court cost recoveries (which vary significantly year to year), wage and salary increases, a drop in revenue from the ATO for the modernising business registers program, and computer software amortisation and upgrade costs.

What they said: "We are working closely with regulators across jurisdictions to ensure our domestic approach reflects global best practice," ASIC's Joseph Longo wrote in his chair's report.