A recent report prepared by the Australian Crime Commission indicates organised crime, including fraud and cybercrime targeting companies, is costing the country approximately $36 billion annually.

According to the report, organised fraud, such as revenue and tax evasion, superannuation fraud, card and financial transaction fraud, is the biggest drain on the national purse costing overall $6.3 billion, more than the illicit drug trade, which costs $4.4 billion. $21 billion is spent fighting crime while a further $15 billion is allocated towards prevention and response. The financial and insurance sectors spend $2.2 billion guarding against crime, including organised fraud and cybercrime, the biggest threats they face. Cybercrime costs the country $1.1 billion while identity crime costs $1.2 billion.

The report is the first time law enforcement has broken down the costs of serious and organised crime and the $36 billion figure is more than double previous conservative estimates.

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