Australian Securities and Investments Commission (ASIC) Chairman Greg Medcraft will receive an 18-month extension to his term.

Treasurer Scott Morrison announced the move while unveiling a package of additional funding for the regulator last week.

“Continuity of the leadership of ASIC is necessary to provide support for the implementation of these important reforms and to bolster consumer confidence in the financial sector,” Mr Morrison said. “To further support Mr Medcraft and the ASIC commissioners in this important work, the Government also intends to appoint an additional ASIC commissioner.

“The new commissioner will have experience in the prosecution of crimes in the financial services industry.”

Mr Medcraft, who was appointed Chairman in May 2011 for an initial five-year term, has welcomed the extension and says he is “keen to get on with the job”.