The Federal Government has announced a $51.5 million funding boost to fight financial misconduct.

The sum, mostly for the Commonwealth Director of Public Prosecutions (CDPP), will help manage an expected increase in criminal cases due to a surge in Australian Securities and Investments Commission (ASIC) enforcement activity. ASIC recently received a $70 million funding injection.

About $41.6 million will go to the CDPP over eight years, while $9.9 million will be provided to the Federal Court over four years to appoint two more judges to hear civil cases resulting from ASIC’s enforcement activity.

The Government has also asked the Attorney-General to examine whether the Federal Court should have jurisdiction over corporate crime.

At present, criminal prosecutions for corporate crime are heard in the state courts.

The Government will also establish a committee with financial services sector regulators to discuss enforcement and provide feedback on regulatory and civil enforcement policy.