MATT KEOGH MP

FEDERAL MEMBER FOR BURT

WASTE WATCH SPOKESPERSON

No organisation was mentioned more at the Banking Royal Commission than the Australian Securities Investment Commission, yet instead of working to throw the book at the banks, they were more focused on what font that book was written in.

Its been revealed more than $100,000 was spent on an ASIC rebrand last year consisting of a change of font and style guide.

ASIC Chair James Shipton came before the Parliamentary Joint Committee on Corporations and Financial Services late last year and was asked a myriad of questions ranging from Corporate Governance, prosecution of misconduct and its alluring new font.

ASIC in response to my questions on their frivolous spending has now revealed the bold cost of their new font;

• Creative development of their new identity - $43,426.
• Design and asset development - $59,480
• Website implementation - $2,790

A total cost of $105,696.

Morrison promised a tough cop on the beat, what we got was simply comic, sans any true enforcement.

While the house was burning at ASIC they were watering the garden.

This is the type of spending the tax payer simply wont stand for, when ASICs budget has been cut so significantly under the Liberal Government, they cant afford to be wasting tax payer dollars on deciding the difference between Bold and Narrow.

Frankly it is an affront to have used money on a logo which could have been spent on another investigator to go after the banks or mortgage brokers.

Instead we got a font change not even a new logo.

Nothing about this rebrand improves financial literacy or makes banks more compliant, and it certainly doesnt mean ASIC will now do a better job.