The Report of the National Commission of Audit was released on 1 May 2014.

The National Commission of Audit was established to examine the scope and efficiency of the Commonwealth Government, to review the state of its finances and to advise on steps to ensure Australia’s long-term fiscal strategy is responsible and sustainable.

It made 64 “high level” recommendations and numerous specific recommendations which the Government is now considering.

The Commission recommends that ASIC’s registry functions transfer to the Australian Taxation Office, which already has registry responsibilities, to streamline business reporting requirements, while ASIC’s consumer protection functions should transfer to the Australian Competition and Consumer Commission, which already has related responsibilities. ASIC’s financial literacy functions should cease and the remainder of ASIC should be considered as part of the Government’s Financial System Inquiry.

The Senate Economics References Committee report on its inquiry into the performance of the Australian Securities and Investments Commission is due later this month.