Australia government boosts resources, power for market watchdog

[SYDNEY] Australian Treasurer Scott Morrison on Wednesday announced that banks will pay an additional A$120 million (S$125.3 million) to increase resources of the market regulator, augmenting its power to investigate financial misdeeds.

The Australian Securities and Investment Commission will get a new commissioner with prosecuting experience, Mr Morrison said, while announcing an extension to the term of ASIC Chairman Greg Medcraft by 18 months.

The announcements come amid growing calls to hold a broader Royal Commission inquiry into the country's biggest banks following a series of revelations about misconduct and ahead of a general election in July.

REUTERS