The Morrison Government will give $35 million to the Federal Court so it can begin to prosecute corporate crime.

The money will cover two judges, eleven registry and support staff, and the building of new court facilities to hear proceedings.

Prosecutions for bank misconduct are currently heard in state courts.

Thirteen referrals were made to the Australian Securities and Investments Commission (ASIC) by the Hayne royal commission, and ASIC is investigating another 12 matters that featured as case studies before the commission.

Commissioner Kenneth Hayne criticised regulators for not using their enforcement powers, and ASIC and the Australian Prudential Regulation Authority have since flagged a greater focus on enforcement. This is expected to give rise to more criminal prosecutions.

The Government recently handed $41.6 million to the Commonwealth Director of Public Prosecutions to prosecute briefs from ASIC, and $9.9 million to the Federal Court to hire two judges to support civil cases.

“The expansion and funding will ensure that those who engage in financial sector criminal misconduct are prosecuted and face the appropriate punishment for their actions in a timely manner,” Treasurer Josh Frydenberg and Attorney-General Christian Porter said in a statement.