The final report of the banking royal commission has been handed to Governor-General Peter Cosgrove ahead of its public release on Monday afternoon. Commissioner Kenneth Hayne and commission chief executive Toni Pirani delivered the report to Government House in Canberra on Friday morning.
The final report will include three books and, according to sources, will stretch for more than 1000 pages.
Treasurer Josh Frydenberg and his team will spend the weekend poring over the report ahead of its public release.
Mr Frydenberg and Commissioner Hayne held a brief and extremely awkward photo opportunity after the release of the report where Commissioner Hayne declined requests by photographers to shake Mr Frydenberg's hand for the camera.
In a series of media interviews on Thursday, Mr Frydenberg indicated the government would give in-principle support to all of Commissioner Hayne's recommendations.
Pretty uncomfortable: Commissioner Kenneth Hayne and Josh Frydenberg at their extremely awkward photo opportunity on Friday.CREDIT:AAP
Shadow treasurer Chris Bowen earlier in the week pledged to implement the recommendations from the Hayne commission in full.
The media and industry lobby groups will have access to the report during a three-hour lock-up to be held in Canberra on Monday before the release of the report.
As The Age and The Sydney Morning Herald revealed on Friday morning, the banks are furious they will not be permitted inside the industry lock-up.
The Australian Banking Association, which will focus on the policy findings as opposed to the alleged offences or breaches of each bank, will attend the lock-up.
Banks are nervously waiting the outcomes. During the royal commission, all of the big four banks and AMP were alleged by counsels assisting, led by Rowena Orr, QC, of engaging in a slew of misconduct.
This included allegations of criminal conduct by Commonwealth Bank, AMP, National Australia Bank and insurance house ClearView - all of which have denied the allegations.
The financial services sector is also dreading some structural recommendations Commissioner Hayne could recommend.
The mortgage broking industry is particularly concerned Commissioner Hayne will recommend major changes to the commissions brokers receive from the big banks. Given the high use of mortgage brokers by consumers, such a change could have radical impacts on how and where Australian consumers get their home loans.
Commissioner Kenneth Hayne hands the final report of the banking royal commission to Peter Cosgrove.
Industry and retail super are particularly worried Commissioner Hayne will support recommendations from the recently released Productivity Commission review on superannuation, including the controversial plan to base default options for workers on the top 10 performing super funds.
Other sweeping reforms could see the end to vertical integration by the banks - though all of the big four, barring Westpac, have sold or are in the process of selling their wealth management and life businesses.This article was first published by https://www.smh.com.au
Author: Sarah Danckert