Statement on ASIC's Performance

6 October 2022 **ASIC’S PERFORMANCE** I have long had concerns about ASIC’s culture. ASIC is not sufficiently focused on law enforcement and prosecution. I am disappointed about the lack of progress in improving ASIC. It appears ASIC does not investigate enough complaints or undertake enough law enforcement. The moral hazard facing ASIC is about to be higher than ever before. There is legislation before the Parliament proposing a compensation scheme which may incentivise ASIC to undertake less law enforcement activity. ASIC has one job – law enforcement. We need to see stronger results on this front. There should be a proper review into these matters as more changes are clearly needed. The Senate Economics Committee could do the job and I will take steps to investigate the feasibility of this step. **[Ends]**