BFCSA: Liberals slash ASIC funding- according to Crikey: how can asic police the banks when it has been gutted

The government says ASIC is all that is needed to police the banks — but it has savagely cut the regulator’s funding.

http://www.crikey.com.au/2016/04/11/how-can-asic-police-the-banks-when-it-has-been-gutted/

The agency the government is invoking as its justification for not holding a royal commission into the banking sector has had its budget slashed, lost 14% of its staff and faces more funding cuts in real terms in coming years. And the Australian Securities and Investments Commission admits the cuts have already significantly diminished its capacity to pursue corporate crooks.

“ASIC