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Australia to earmark additional A$550M for financial sector regulators

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Australia to earmark additional A$550M for financial sector regulators

Australia plans to set aside an additional A$550 million of its national budget for regulators of the country's financial sector, Reuters reported, citing Treasurer Josh Frydenberg.

Over a four-year period the Australian Securities and Investments Commission will get an additional A$400 million, while the Australian Prudential Regulation Authority will get A$150 million, according to the March 23 report. The additional funding will reportedly be sourced from banks and other financial institutions, which will have to increase their contributions to the government.

The additional budget would be used for the implementation of recommendations by the government-appointed inquiry known as a Royal Commission, which include subjecting the country's corporate regulators to a new oversight body and an overhaul of the remuneration structures in the industry.

The government is slated to announce its federal budget for 2019-2020 on April 2, the news wire noted, adding that personal income tax cuts and infrastructure spending would also be announced ahead of the general election due in May.