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Regulatory budget boosts target scam prevention

10 May 2023 6:07AM

Funding boosts for regulators in the Budget are largely aimed at helping them deal more effectively with scams and cyber crime. The government will spend A$58 million over three years to establish the National Anti-Scam Centre within the Australian Competition and Consumer Commission to improve scam data sharing across government and the private sector. The Australian Securities and Investments Commission will receive $17.6 million over four years, and $4.4 million a year ongoing, to identify and take down phishing websites and other sites that promote investment scams. ASIC will also receive $4.3 million in 2023/23 to bolster its work investigating and undertaking enforcement action against market participants engaging in greenwashing and other sustainable finance misconduct. The Australian Communications and Media Authority will receive $10.9 million over four years, and $2.2 million a year ongoing, to establish and enforce and SMS sender ID registry, aimed at impeding scammers seeking to spoof industry and government names in message headers. The ACCC and the Office of the Australian Information Commissioner, the joint regulators of the Consumer Data Right, will receive $88.8 million over two years to support the continued operation of the CDR in the banking, energy and non-banking financial sectors, as well as work on the design of action initiation. The government indicated that the cost of covering the first year of operation of the Compensation Scheme of Last Resort may be higher than previously estimated, owing to some recent corporate collapses.  There is no allocation for the cost of the CSLR in the current and forward estimates. Presumably, it will be funded in the 2024/25 Budget. 

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