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Australia: Treasurer warns of draining funds for ACCC

 |  November 6, 2013

Australia’s Treasurer Joe Hockey highlighted dwindling funds for the nation’s Australian Competition and Consumer Commission, claiming the watchdog will run out of money within months and blaming the previous Labor administration for the financial shortfall.

Reports say Hockey told media reporters this week that the regulator will run out of money “because the previous didn’t give it any money,” placing a deadline of April for the ACCC to finally use up its budget.

According to the official, the ACCC told Jockey they would be underfunded by about $100 million for the next four years.

According to reports, shadow treasurer Chris Bowen downplayed the urgency of the ACCC’s money woes, explaining to reporters that agencies all need a “top-up” once in a while.

Full content: SBS.com

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