ASX today published a revised guidance for its FY26 expenses.

ASX has previously guided that, excluding the ASIC inquiry related costs, FY26 total expense growth guidance was toward the upper end of between 8% and 11%. Including ASIC Inquiry related costs FY26 total expense growth would be between 14% and 19% compared to the prior corresponding period. This included the operating expenses of between $25 million and $35 million which related to the response to the ASIC Inquiry.

Today ASX updated its FY26 expense growth guidance, excluding the ASIC inquiry costs, to be between 13% and 15%. Including ASIC Inquiry costs, total FY26 expense growth guidance will be between 20% and 23%.

On 15 December 2025 ASX announced it would implement a strategic package of actions agreed with the Australian Securities and Investments Commission (ASIC) following the release of the interim report from ASIC’s expert Inquiry Panel. At that time, ASX noted FY26 expense growth guidance was unchanged.

The Inquiry Panel’s interim report contained serious findings and ASX has now had more time to reflect deeply on the Panel’s call for a reset that places primacy on ASX’s stewardship role as an operator of critical market infrastructure. Since the delivery of the interim report and our last guidance update, ASX has:

• progressed development of an implementation plan for the strategic package of actions (“the Commitments plan”);
• revised investment requirements for key strategic priorities informed by the Inquiry Panel’s interim report;
• updated its view of FY26 costs associated with trading volumes and the timing of various legal actions.

A key driver for the increase in total expenses has been ASX’s decision to make further upgrades to the capacity and capability of resources to uplift risk management and modernise and support its major technology platforms.

Slower uptake of e-statements at a time of high trading volumes has also contributed to the increase in expense guidance.

The development of the Commitments plan is focused on providing the details to the strategic package of actions agreed with ASIC.

The plan includes ASX’s proposed approach to key elements such as the reset of the Accelerate Program and the measures ASX will take to enhance the independence of the clearing and settlement facility licensee boards.

The ASIC Inquiry related costs are now expected to be at the upper end of the previously provided range for FY26 inclusive of the expected Commitments plan costs. Other one-off costs impacting the FY26 guidance include an increase in expected legal costs in relation to ongoing matters.