The corporate regulator, the Australian Securities and Investments Commission, has had its powers boosted with $121.3 million to improve its surveillance capabilities.
The previously announced measures are aimed at strengthening ASIC's ability to combat misconduct in the financial services industry and largely restore funding cut from ASIC in 2014.
They include $61.1 million to enhance data analytics capability and $39.2 million over three years for ASIC to upgrade IT and information management systems - areas that were identified as needing attention in the recent capability review of the regulator.
Big banks will be slugged with the cost of the improvements under an industry funding model that will take effect from July 2017.
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