Australia’s new budget will include an additional AUD550 million ($390 million) to boost funding for policing the country’s financial sector, according to Reuters, citing Treasurer Josh Frydenberg.
The funds will finance the implementation of recommendations issued earlier this year by a government-appointed Royal Commission enquiry into financial sector greed and malpractice. The recommendations include a new oversight body for corporate regulators and the overhaul of remuneration structures across the industry.
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.
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