Similar from "The Age" this morning:NSW Liberal senator Andrew...

Similar from "The Age" this morning:

NSW Liberal senator Andrew Bragg, the Senate economics committee’s chair, said the current system was no longer fit for purpose.

‘‘It is clear ASIC has failed,’’ he said.

It now has responsibilities over 100,000 entities including 63,000 financial services licensees. Australia is home to the world’s fifth-largest pool of managed funds and the 11th largest sharemarket. But the inquiry found that despite a 19 per cent increase in staff since 2016-17, the scope and complexity of ASIC’s responsibilities were beyond the regulator.

It found that in the decade to 2021-22, ASIC received 236,000 reports of alleged misconduct but most got less than a cursory examination. In 2021-22, the commission did not take any action on two-thirds of complaints.

‘‘Without significant improvements to ASIC’s enforcement approach, the harm to Australians from corporate misconduct can be expected to continue,’’ the committee said.