Turnbull half-hearted with ASIC reform
For Banking Day readers, a rare gesture of goodwill from Malcolm Turnbull's government yesterday.ASIC search fees will be set zero for all journalists, from next year, removing a real impediment to systemic research into business.For everyone else, search fees will be cut to $19, down from $40, "for individuals and businesses that need to access company roles and relationship extracts from the online registries."Useful but not useful enough for the citizen journalists enriching democracy.In August 2014, George Lekakis and Ian Rogers from Banking Day joined Paddy Manning in a submission to the Financial System Inquiry.We wrote then that we "believed that retrieval costs [from ASIC registries] should be kept to a minimum to ensure access is not determine by a user's financial resources."This principle underpins the operation of similar registers in most liberal jurisdictions. Australia should not be an exception."So kudos for making some progress on this reform.