[Updated] The Federal budget's allocation for state legal aid has been labelled "very disappointing" by key legal bodies.

Environmental initiatives were a focus of Treasurer Wayne Swan's 2009 budget speech, with the Government announcing the establishment of a $4.5 billion Clean Energy Initiative to support law emission energy generation.

The Government has signaled its commitment to a more vigilant stance on company regulation as a result of the global financial crisis, allocating the Australian Securities and Investments Commission (ASIC) $81.9 million dollars over the next four years in the Federal Budget.