Leaders of the Australian Competition and Consumer Commission are feeling strapped for cash, admitting that ‘natural attrition’ has not thinned its numbers, and it needs more money for redundancies.

The competition watchdog is the latest federal government agency looking to trim its workforce through redundancies.

The ACCC reportedly asked Treasurer Joe Hockey late last year for $100 million for ‘extra duties’; saying it would cease to operate within months without the cash injection.

In an email allegedly sent out by ACCC chair Rod Sims this week, the head honcho said; “discussions have been going well and will involve some budget supplementation.”

Fairfax Media outlets report there are strings attached to the new money, indicating the bailout may include a management restructure.

“As part of our budget supplementation discussions the government is providing us with financial assistance to enable us to bring our staff numbers down through a voluntary redundancy program that will commence immediately,” Mr Sims allegedly wrote in the leaked email.

“The effect of this will put us on the path to a lower level of employee resourcing in the medium term.

“This will mean some combination of doing things more efficiently, and doing less, which commissioners and management will discuss in detail over the coming months.”

The email included the frank admission that ‘natural attrition’ was not working.

“We had hoped … that the effect of employees leaving from time to time to take up other opportunities, coupled with reduced recruitment, would lower our staffing cost to more affordable levels.

“However, with our very low rate of natural attrition over the last couple of years, this has not happened.”

ACCC senior executives are able to apply for the quite generous “incentive to retire” payments. Junior watchdogs will be able to look for jobs elsewhere in the public service from four weeks after their payout.