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The banking regulator is getting an extra $58.7 million to prop up its monitoring of the sector in the aftermath of the finance services royal commission.

The new funding will ‘reinforce the resilience and soundness of our financial system at a time of significant reform’, federal Treasurer Josh Frydenberg said on Monday.

The government has also reappointed Wayne Byres as chair of the Australian Prudential Regulation Authority for another five years.