Don't pass on ASIC rise: Morrison to banks

Treasurer Scott Morrison has welcomed Westpac's assurance it won't pass on the cost of helping to fund the corporate regulator.

Treasurer Scott Morrison has welcomed Westpac's assurance it won't pass on the ASIC rise. (AAP)

Treasurer Scott Morrison is pleased at least one bank has indicated it won't pass on the cost of funding the corporate regulator to customers.

The government has announced a $120 million package to beef up the powers of ASIC, with the banks left to foot most of the bill.

Mr Morrison welcomed Westpac saying it wouldn't lift rates as a result, telling the Seven Network on Thursday: "I don't expect this to be passed on".