The Australian Securities and Investments Commission (ASIC) and Australian Prudential Regulation Authority (APRA) have received staffing boosts in the Federal Budget.

The Budget papers show that ASIC staffing levels will increase by around 14 per cent in the 2024-25 financial year, from the current 1,709 staffers to 1,948.

At the same time, fellow financial services regulator APRA will see staffing numbers raised from 857 to 893.

The Government notes in its latest Budget that it has continued its approach of reducing reliance on contractors, consultants and external labour hire.

The regulators will also receive a funding top-up from the Government to support data capability and cybersecurity uplift, with more than $206 million allocated over the next four years (and $7.2 million per year ongoing) for these programs.

As well, a portion of the funds will be allocated to stabilising business registers, following the scrapping of the Modernising Business Registers (MBR) program last year, and to support the ongoing modernisation of legacy systems.

The Government noted that the cost of this measure will be partially met from cost recovery through ASIC and APRA industry levies.

The Australian Banking Association (ABA) said it was also pleased by the significant focus in the Budget on customer protection measures, including $67.5 million allocated to scam fighting and $288.1 million set aside for the Digital ID program.

“This is a Budget that focuses on balancing Australia’s near-term risks and investing in addressing our longer-term challenges,” said ABA chief executive Anna Bligh.

“Customer safety is front of mind for banks and we welcome the significant funding to enforce the forthcoming mandatory industry codes and funding for further public awareness of scams to protect consumers.

“This funding complements our industry’s world-leading Scams Safe Accord which sets a new standard of protections by banks to shield Australians from scammers.

“Further investment for the roll-out of Digital ID will also be another important layer of protection for Australians when they verify their identity online and will be an additional tool for banks to identify fraud and reduce other cybersecurity risks.”