ASIC boss Joe Longo vows his new team will ramp up enforcement action, but critics such as Liberal Senator Andrew Bragg claim the Great Barrier Reef Marine Park Authority refers more offenders for prosecution than the corporate regulator.

Longo is talking up his new commissioners, who started work on Monday, one day before the Australian Securities and Investment Commission’s annual summit in Melbourne. Bragg says it’s simply “shuffling deckchairs on the Titanic”.