In its Budget 2018-19, which was released on Tuesday, the government stated it will provide a total of A$13.3m (£7.3m, $9.9m, €8.4m) to the Australian Securities and Investments Commission (Asic) and the Australian Prudential Regulation Authority (Apra).
The money will “assist in their involvement in the Royal Commission into misconduct in the banking, superannuation and financial services industry”.
Asic will get A$10.6m over two years from 2018-19 to be funded by an increase in levies under the financial watchdog’s funding model. Advance funding of A$5.9m has already been provided by the government.
Apra will receive A$2.7m this year, the cost of which will be offset by an increase in its financial institutions supervisory levies.
Raked over the coals
The Royal Commission has seen some of the great and powerful of Australia’s financial advisory industry put in the hot seat.
For two weeks in April, revelations about charging fees to the dead and lying to Asic shocked the general public.
The pressure was too much for Terry McMaster, the owner of Dover Financial Services, who collapsed under the strain of cross examination.
Several high-profile individuals from insurer AMP have stepped down following damning testimony.
The commission will continue throughout 2018.
