Funding boost for corporate regulators

The government will provide additional funding in the budget for corporate watchdogs ASIC and APRA in a bid to restore trust in the financial sector.

The government has laid out budget measures addressing mistrust from the banking royal commission, announcing more than $550 million in extra funding for corporate regulators.

The Australian Securities and Investments Commission (ASIC) will be provided with more than $400 million in additional funding, while The Australian Prudential Regulation Authority (APRA) will receive an extra $150 million.

The crackdown on corporate crime also includes expanding the jurisdiction of the Federal Court to prosecute financial misconduct, with more than $35 million announced to support more timely hearings - currently heard in state courts.