The Australian Securities and Investments Commission (ASIC) will receive an injection of AU$116.7 million over the next four years to upgrade its information technology infrastructure.
In unveiling this year's federal budget, Treasurer Peter Costello said ASIC's core systems are being put under pressure from increasing public demands for company information. The boost in funds will ensure that ASIC's IT infrastructure is capable of supporting the organisation in its vital role as regulator of Australia's financial markets.
"Funding will enable ASIC to transition existing systems onto new commercially supported technologies which will be more efficient and reliable," Costello said.
"This measure will also enable ASIC to invest in essential business support tools, including electronic document and records management systems and data warehousing.
"Interaction with the business sector, consumers and the general public will also be enhanced through the development of new business applications, including the redevelopment of ASIC's Web sites to bolster its online presence," he added.
The funding comes on top of the AU$14.2 million ASIC received in last year's budget to implement IT security and risk mitigation enhancements. A further funding boost for the final phase of the project will be sought in the 2008-09 budget.