Chartered Accountants Australia and New Zealand says companies in both countries are too laid back about corruption, bribery and fraud.

The group has produced a report saying corruption is a growing problem in both countries that needs tougher policies to respond.

The authors recommend rewards for whistleblowers and recovering the proceeds of corruption.

They say any companies listed on the stock exchange should have anti-corruption policies in place, and increased transparency in government contracts is needed too.

“What we are seeing is a level of complacency,” the organisation's chief executive, Lee White, told ABC reporters.

“This is a threat and it's a threat to the prosperity of Australia and New Zealand's reputation.

“How often do we hear the right conversations and the right discussions about bribery and corruption.

“There needs to be greater transparency in how the public sector is awarding contracts.

“We are also very firmly of the view that no public sector contracts should be awarded to anyone or any organisation that already had previous convictions regarding corruption or fraud.

Mr Lee said whistleblower protections should be increased protections and combined with financial rewards to encourage them.

“This might be seen as controversial but this is the right conversation, should we actually go further in not only protecting and supporting whistleblowers but perhaps rewarding them?” he said.

The report found that while corruption is relatively low in Australia, the incidence appears to be growing, as evidenced by recent high profile cases like the NAB insider trading scandal.

Other Australian companies hit with strong corruption allegations include former Reserve Bank subsidiaries, Securency and Note Printing Australia, BHP Billiton, AWB, and Leighton Holdings.