A new anti-corruption body will cost $262 million over four years to ensure it is resourced well enough to improve integrity in public life.
Attorney-General Mark Dreyfus briefed the Labor caucus on the legislation on Tuesday morning and will introduce the bill to parliament on Wednesday.
He said the cost was $90 million more than the former coalition government committed.
"This funding will ensure that the commission has the staff, capabilities and capacity to properly consider referrals and allegations, conduct timely investigations and undertake corruption prevention and education activities," Mr Dreyfus told reporters in Canberra on Tuesday.
The laws will provide for a parliamentary committee to review and publicly report on the commission's budget.
The body, to be known as the National Anti-Corruption Commission, will investigate serious or systemic corrupt conduct across the entire federal public sector.
Mr Dreyfus said design principles would include a broad jurisdiction, covering ministers, parliamentarians and their staff, statutory office holders, employees of all government entities and government contractors.
It will be independent of government with discretion to start inquiries on its own initiative or in response to referrals, including from whistleblowers and the public.
It will have retrospective powers and the power to hold public hearings "in exceptional circumstances and where it is in the public interest to do so".
The commission will be empowered to make findings of fact, including findings of corrupt conduct and refer findings that could constitute criminal conduct to the Australian Federal Police or the Commonwealth Director of Public Prosecutions.
Findings will be subject to judicial review, with strong protections in place for whistleblowers and exemptions for journalists to protect the identity of their sources.
The coalition have indicated they would support the establishment of a national commission, but haven't tied themselves to Labor's model.
Labor is aiming to have the legislation passed this year, but committee processes and Senate procedure could delay the legislation passing until March.
The Greens will be seeking to ensure the bill has a wide jurisdiction and that commission is give as broad a scope as possible to hold public hearings.
