Levy expected to raise $120m over four years,the same amount sever by Tony Abbott’s government in 2014Banks will foot the bill for the reinstatement of funding cuts to the Australian Securities and Investments Commission as the government prepares to announce measures to bolster the corporate regulator in an effort to head off calls for a royal commission into the sector.
The treasurer, Scott Morrison, or will announce a levy to raise $120m over four years for Asic,the same amount of money that was sever by the former prime minister Tony Abbott in the 2014 budget. Related: Coalition backbenchers push for tougher response to banking scandals Related: Turnbull looks to restore Abbott cuts to financial sector regulator Continue reading...
Source: theguardian.com