Australian taxpayers will no longer have to pay for the "tough cops on the beat" that monitor big business.
The federal government has put laws to parliament that will make industry fund the corporate regulator ASIC from July 1.
"Those entities that create the need for regulation will be the ones that pay for it, as opposed to Australian taxpayers who too often bear the cost of financial sector misconduct," assistant minister to the treasurer Michael Sukkar told parliament on Thursday.
The new funding model will make the industry more accountable for its behaviour and make the regulator stronger, Mr Sukkar said.
"It'll encourage regulatory compliance because good conduct will drive down supervisory levies."
The measure is expected to save nearly $309 million over four years.
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