Australia's new budget will include an additional A$550 million ($390 milli...
FILE PHOTO: The new Treasurer Josh Frydenberg attends the swearing-in ceremony in Canberra, Australia August 24, 2018. REUTERS/David Gray
The funds are to boost implementation of recommendations issued earlier this year by a high-powered inquiry into financial sector greed and malpractice. As part of the response to the recommendations, the government will allocate A$400 million in additional funding to the Australian Securities and Investments Commission and A$150 million for the Australian Prudential Regulation Authority over the next four years.
Australian media reported the money would come from banks and other financial institutions on top of what they already contribute to the government.
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