Since October 2022, I have chaired a Senate inquiry into the Australian Securities and Investments Commission. This inquiry is critical because it has been apparent for some time that ASIC has deviated from its sole mandate: the enforcement of corporate law.

ASIC spends a lot of time promoting itself and deflecting criticism in the media. It says its enforcement record is stronger than ever, on the basis that it has had courts impose more than $500 million in civil penalties as a result of its civil actions.