Big business set to pay for regulation
BIG businesses are set to pay the full cost of the government body that regulates them - an expected $260 million in new levies -under a Federal Government proposal.
The proposal was released on Friday as part of the Abbott government's response to David Murray's financial system inquiry.
It would see the biggest businesses in the country - by market capitalisation - pay an annual levy to fund the Australian Securities and Investments Commission's work, if it went ahead.
The move is likely to face fierce opposition from companies across the financial services industry.
Those likely to pay the most would include multi-national firms operating in Australia, banks and financial services companies.
It also comes as government moves towards a $3 billion privatisation of ASIC's registry arm, likely to go ahead in the next year.
A statement from Assistant Treasurer Josh Frydenberg said the government was seeking industry views on the proposal.