CANBERRA, Feb. 22 (Xinhua) -- Victims of banking misconduct will be eligible for up to 2 million Australian dollars (1.42 million U.S. dollars) in compensation under a plan revealed by the opposition Australian Labor Party (ALP).

The ALP on Friday released its response to the landmark Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry, including a "groundbreaking victim compensation package."

Under the plan, the compensation cap for credit-related disputed for small business would be doubled from 1 million Australian dollars (710,000 U.S. dollars) while for consumers it would be quadrupled from 500,000 Australian dollars (355,000 U.S. dollars).

The scheme would be retroactive, allowing the Australian Financial Complaints Authority hear unresolved claims dating back to 2008 and, for the first time, claims for non-financial loss would be elevated to the same importance as those involving financial loss.

Clare O'Neil, the ALP's financial services spokesperson, said that unlike the government's 30 million Australian dollars (21.3 million U.S. dollars) compensation scheme, Labor's plan would be funded by the financial services sector.