The arrests are the result of a joint Australian Federal Police (AFP) and ASIC operation after suspicious trading in foreign exchange derivatives was identified and monitored.
It was discovered that a 26-year-old man, who worked for NAB, was receiving sensitive information from a 24-year-old man, who worked for the ABS.
The trading activity, occurring between August 2013 and May 2014, resulted in profits of around $7 million, according to a joint statement by the AFP and ASIC.
“The 26-year-old Clifton Hill man has been charged with a range of offences relating to the use of inside information from ABS to unlawfully profit through the trading of foreign exchange derivatives and corrupting a public official,” said the statement.
“The 24-year-old Belconnen man has been charged with offences relating to insider trading, receiving a corrupt benefit, release of sensitive information, and abuse of public office,” it said.
AFP acting national manager for crime operations Ian McCartney said the arrests send “a strong message to those engaging in this type of criminal activity”.
“The AFP and ASIC have worked together closely on this serious and complex investigation, utilising the resources and expertise of both agencies to bring about today's arrests,” said Mr McCartney.
“The assistance of the NAB and ABS in this matter was invaluable and has greatly contributed to the successful actions of the AFP and ASIC today,” he said.
“Investigations like this send a clear message to anyone who is thinking of engaging in this type of criminal activity: we have the ability to monitor you and take action, as we've done today.”
ASIC's head of markets enforcement, Chris Savundra, said ASIC is dedicated to taking strong enforcement action against insider trading.
"Insider trading is a serious criminal offence which will not be tolerated because it has the potential to destroy trust, discourage participation, and undermine confidence in the integrity of Australia's financial markets," Mr Savundra said.
"We reiterate that the outcome of today's operation is a testament to the close working relationship and cooperation between the AFP and ASIC, and the dedication and expertise of the teams involved."
