Banking royal commission final report to be released next week

Australia

Prime Minister Scott Morrison says it’s the government’s intention “in principle” to implement all of the recommendations from the banking royal commission.

But Mr Morrison says he’ll wait until he sees the report being making a decision.

The final report will be made public on Monday afternoon following the close of trading on the Australian Securities Exchange.

The federal government will get the report on Friday, before Treasurer Josh Frydenberg releases the findings on Monday at 4.10pm.

Mr Morrison says the timing of the report’s release will prevent “unnecessary shock” to the financial system.

The prime minister also commended royal commissioner Kenneth Hayne QC for finalising the report within the given time frame.

“He has also been very mindful, I think, of the impact of this royal commission on the financial system,” Mr Morrison told ABC’s 7.30 program on Tuesday.

“And I think he’s been very careful not to exacerbate problems, particularly around credit restrictions.

“It’s important we ensure stability on how we respond to this report, and making sure the economy can continue to kick along without any unnecessary shocks.”

The inquiry into banking, superannuation and financial services uncovered shocking misconduct, with Mr Hayne releasing a scathing interim report in September.

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