Harsher penalties for corporate criminals

Corporate crooks could face 15 years' jail and dodgy companies could be fined more than $500 million under tough new penalties that have cleared federal parliament.

The Labor-driven sanctions, which raise the penalties from 10 years behind bars and more than double the maximum fine, passed with support from the coalition government on Monday.

Labor MP Clare O'Neil told parliament the reforms were appropriate following the shocking revelations of the banking royal commission.

"We should not live in a country where if you steal from a bank you end up in jail, but if the bank steals from you they end up getting a promotion at the end of the year and a big fat bonus," she said.

"That's just not the way we run things here in our county."