Tougher foreign bribery laws in parliament

Foreign bribery laws will be beefed up under a federal government crackdown on white collar crime, which costs Australia billions of dollars.

Legislation tabled in parliament on Wednesday extends foreign bribery offences to companies' employees and contractors, as well strengthening offences for offshore companies.

Attorney-General George Brandis told parliament corporate crime costs Australia an estimated $8.5 billion annually.

"It hurts business, it hurts Australia's international reputation and it hurts our economic well-being," Senator Brandis said on Wednesday.

The new regime will encourage companies to self-report misconduct and is based on offences in the UK and United States.