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It's the Lib's answer to banking Royal Commission

JOEL Carrettaap

THE nation's corporate regulator will be given an extra $127 million to help scrutinise and investigate the financial services sector and increase surveillance.

Treasurer Scott Morrison announced the funding yesterday in a move to quell backbench calls for the government to meet Labor's pledge of a royal commission into banks.

The funds will be matched with extra powers for the Australian Securities and Investments Commission and immediate action on five key recommendations from the recent financial systems inquiry.

The banks will have a new levy imposed on them to raise the extra revenue, in a move that brings ASIC in line with several other government regulators.

Mr Morrison said the levy would initially raise $120 million, but eventually cover the entire budget of the regulator.

He said he would be "furious" if the banks passed on to consumers any cost impact of the new tax, in the face of threats of an anti-mining tax style campaign.

Topics:  asic editors picks finance investigation


Good changes to ANZAC service at Tewantin

ANZAC DAY: The  honour guard at the Tewantin Anzac Day dawn service.

Tewantin Noosa RSL Dawn Service will be done differently this year.

What's on: Brisbane

LEST WE FORGET: We can all pay our respects by attending an Anzac Day event.

Services are being held in your region so you can pay your respects.

The Trumpet Calls - WWI Tribute at museum

VALUED MEMORABILIA: Daphne Heaton holding the plaque issued to Private Roberts' family following his death in 1918. The personalised plaque, often referred to as the "Dead Man's Penny", was issued to next-of-kin of all service personnel who were killed as a result of the war.

The Nambour Museum is located at 18 Mitchell Street, Nambour.