Influential group calls for death of ASIC, ACCC

by Adam Smith11 Jul 2014
A group has called for a major rationalisation of Australian regulators.

The Monash Business Policy Forum has today released proposals to overhaul Australia's "rustic" regulators. The plan would reduce the number of key regulators in Australia to five, eliminating the ACCC and ASIC and replacing them by new, completely redesigned regulatory bodies, The Australian reported.

The five proposed regulators would be the Reserve Bank, and new bodies governing national markets, competition, consumer protection and essential services. The paper was prepared by former ACCC commissioner Stephen King, former CBA head of group strategy Rod Maddock and former ACCC commissioner Joe Dimasi.

"Australia’s microeconomic reform since the 1980s has been about changing regulatory structures rather than deregulation. These structures have not developed in a systematic and optimal way. It is important to rationalise these rustic regulatory structures to ensure Australia’s ongoing growth and prosperity," the paper said.

Read the full paper here


  • by Regional Broker 11/07/2014 10:08:59 AM

    How can a former CBA head of strategy be involved in this , their track record is speaking for itself , was he in this role when the financial advice scandal was evolving??

  • by Jim 11/07/2014 10:16:04 AM

    yep set up a new body to prosecute & jail as vigorously as ASIC of the brokers all those rotten GPs rorting millions $$$ from medicare with immunity ! No one in the government has the ball to touch the medicos, only the poor brokers !

  • by MCC 11/07/2014 10:19:07 AM

    No problem with this as long as transparency & independant decision making is able to be maintained; without due influence from the relevant industry 'lobby groups' - oops there goes another 'pink pig'!!!!