By Janine Perrett

A quick guide to the pros and cons of the big ASIC announcement yesterday.

PRO - ASIC will have it's budget boosted by $120 million bringing its total budget to about $350 million to act as the tough "cop on the beat".

CON - The money only restores what this same Coalition Government has ripped out of it over the last two budgets and it has never resembled a tough "cop on the beat" no matter what level of funding it enjoyed.

TRANSLATION - still more a watch puppy than watchdog but let's watch for a bite rather than a louder bark - or don't expect anything to change anytime soon.

PRO - The extra funding will be a users pay model for financial firms with the bulk coming from the big banks who might have to pay millions of dollars a year for their own enforcement just as the stockbrokers currently have to do.

CON - The banks might pass on the extra costs to the consumer just as they do every other impost.

TRANSLATION - The Treasurer said they shouldn't pass it on because he would be "furious", but they are more likely just relieved at paying a miniscule fine instead of enduring a lengthy Royal Commission.

CON - ASIC chief Greg Medcraft has been reappointed which is a disgrace given for the past five years he presided over most of the scandals which have led to this shakeup and it beggars belief he would be the man to oversee the overhaul and change the heavily criticised ASIC culture.

PRO  - He has only been reappointed for 18 months and hopefully in that time the Government will have a proper search for a top candidate to oversee our corporate regulator who can truly change the culture.

TRANSLATION: Don't expect anything to change anytime soon.

CON - Despite all the sound and fury yesterday the Government did not publicly release the contents of their own review into ASIC which would have told us what is actually wrong and what was recommended be done about it.

DOUBLE CON - They announced three further reviews into problems with the ASIC model.

PRO - At least the Government was forced to do something by Labor's Royal Commission wedge and it is a step in the right direction.

TRANSLATION - don't expect anything to change dramatically anytime soon.

BIGGEST CON - No mention of whistleblower protections, which are at the heart of preventing any future criminal activity. Remember the CBA scandals and others that were uncovered by brave employees speaking out and either silenced or sacked; so still no incentive or protection for those crucial to uncovering wrongdoing in the financial sector.

TRANSLATION - don't expect anything to change anytime soon.