Commerce and Consumer Affairs Minister Paul Goldsmith says the government has approved increased funding for the Financial Markets Authority (FMA) and the Companies office. The FMA funding will come from increased levies.

He says the FMA will get an additional $9.816 million per year and the Companies Office will get an additional $5.3 million per year.

“The FMA’s funding increase will come from changes in levies on financial services providers," Mr Goldsmith says.

"While the majority of levy payers will see an increase, the consultation process has given consideration to the structure of the FMA levy model so as not to pose barriers to entry or growth for levy payers."

Mr Goldsmith says changes have also been made to reduce Companies Office fees. He says extra resource will be focused on enforcement of the law and the integrity of the Companies Register.