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 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.