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Government fast-tracks banking overhaul

Article image for Government fast-tracks banking overhaul

Treasurer Josh Frydenberg says the government is committed to acting on the recommendations of the Banking Royal Commission.

The government has announced it will implement the government’s share of 76 recommendations made by Commissioner Kenneth Hayne.

Mr Frydenberg is expected to introduce 40 new pieces of legislation by the end of next year.

He tells Ross Greenwood these are the most comprehensive reforms to the financial sector in 30 years.

“No one begrudges a business that goes out and tried to win more customers, but if the behaviour and the conduct of the executives and the institutions fall below community expectations, and do indeed break the law, then the relative people should be held to account.

“I have said today that we’ll make sure the Treasury department briefs the Opposition… because it’s important to have their support given that they have said publicly that they will act on the royal commissions recommendations, so we’ll hold their feet to the fire, so to speak, and we don’t expect any undue delays.”

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Image: Getty/ Tracey Nearmy 

Brooke Corte