Unlike the UK and the US, Australia does not have a formal investor compensation scheme specifically for losses incurred due to broker insolvency or misconduct.
ASIC does, however, require financial services licensees to have adequate compensation arrangements in place.
This typically involves holding professional indemnity insurance to cover claims of negligence or misconduct.
Brokers must also segregate client funds from their own operational funds to protect clients in case of broker insolvency.
Have a further read here: https://www.daytrading.com/brokers/regulated/asic
Christian Harris