SYDNEY, April 20 (Reuters) - Australian Treasurer Scott Morrison on Wednesday announced that banks will pay an additional A$120 million ($93.5 million) to increase resources of the market regulator, augmenting its power to investigate financial misdeeds.
The Australian Securities and Investment Commission will get a new commissioner with prosecuting experience, Morrison said, while announcing an extension to the term of ASIC Chairman Greg Medcraft by 18 months.
The announcements come amid growing calls to hold a broader Royal Commission inquiry into the country's biggest banks following a series of revelations about misconduct and ahead of a general election in July. = 1.2840 Australian dollars)