ASIC finds companies are falling short on misconduct crackdown
Australian businesses are failing to take action against abuse, with a third lacking a dedicated whistleblower web page and a fifth lacking a dedicated helpline, the corporate regulator has revealed.
The figures come from a survey commissioned by the Australian Securities and Investments Commission (ASIC), which surveyed 134 companies that reported receiving 8095 disclosures between 1 July 2024 and 30 June 2025.
Whistleblowers have played a crucial role in detecting and exposing wrongdoing, including the scandals that led to the banking royal commission, but they continue to face risks. Former debt collection officer Richard Boyle avoided a prison sentence this year after being tried for exposing unethical debt collection practices.
In February, an independent-led bill to increase protection for whistleblowers, including a new Whistleblower Protection Authority, was introduced to parliament but was defeated in the Senate for further government consultation.
The latest survey by ASIC found that 69 per cent of disclosures were made via a dedicated whistleblower reporting webpage or helpline, and half were made anonymously.
The corporate regulator said good practices, investigation timeframes and the outcomes of whistleblowing programs varied between businesses in Australia, but those with stronger practices generally had higher disclosure rates.
While almost a quarter of companies surveyed reported receiving no disclosures, the average disclosure rate (number of disclosures per 100 employees) was 0.22, which ASIC said “appeared to be at the lower end”.
However, the report said this could be due to a lack of trust in internal processes and a weaker sense of security leading to concerns being raised, a positive workplace environment where issues are resolved early outside formal reporting channels, or the size, structure or nature of a company’s operations.
ASIC found that results varied across sectors. Mining scored highest for both disclosure rates and the extent of its companies’ practices, such as offering a dedicated web page or helpline for whistleblowers and providing regular training to staff on whistleblowing programs.
The health and social care sector had the lowest number of these practices on average and recorded one of the lowest median disclosure rates.
ASIC commissioner Alan Kirkland said companies should compare themselves to the report’s findings and consider how they could improve their own whistleblowing policies and practices.
“Without effective policies and programs to encourage whistleblowers to come forward, abuses may go unreported and undetected,” he said.
ASIC’s research found that just 10 per cent of companies accounted for almost 74 per cent of whistleblowers reported in the survey.
It found that the average time it took to complete an investigation was seven weeks, and that almost a quarter of the “covered” disclosures investigated (those related to companies’ whistleblowing programs) were found to be likely true. This “validation rate” was lower for companies that spent an average of less than three weeks to complete their research.
The most frequently reported misconduct was workplace mistreatment, disagreement or complaint, and the most common outcome was disciplinary action against staff.
The corporate regulator said it would write to companies it found to be non-compliant or significantly behind in their practices, highlighting gaps and encouraging them to improve their whistleblowing frameworks and practices.
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Millie Muroi is the economics writer for The Sydney Morning Herald and The Age. He was previously an economic correspondent for the Canberra Press Gallery and a banking writer in Sydney.Connect with: excitement or email.
