The banking royal commission’s final report has recommended sweeping changes to address the root causes of poor behaviour in the financial sector.
Treasurer Josh Frydenberg says the government has agreed to take action on all 76 recommendations handed down by Commissioner Kenneth Hayne QC on Monday, with a focus on restoring trust in the financial system while maintaining the flow of credit.
Speaking from Parliament House yesterday, the Treasurer described the financial institutions’ action as “driven by greed and behaviour that was in breach of existing law and fell well below community standards.