From the man who can’t keep his mouth shut, Abbott’s advice
The Abbott government’s 2014 budget set in motion $120 million of cuts to ASIC’s funding over four years, leading to the loss of more than 200 staff. At the time, the government emphasised a greater role for self-regulation instead of government intervention.
Former ASIC chair Greg Medcraft was vocal in his criticism of the budget cuts and pushing for tougher penalties for misconduct.
Former prime minister Tony Abbott.
In 2016, the Turnbull government restored the funding and boosted the regulator’s investigative powers.