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Restoring trust in Australia’s financial system

Media Releases

Date : 04 February 2019

THE HON SCOTT MORRISON MP
Prime Minister

THE HON JOSH FRYDENBERG MP
Treasurer

JOINT MEDIA RELEASE

 

4 February 2019

RESTORING TRUST IN AUSTRALIA’S FINANCIAL SYSTEM

Today, the Government releases its response to the landmark Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry.

The Government has agreed to take action on all 76 recommendations contained in the Royal Commission’s Final Report and, in a number of important areas, is going further.

Commissioner Hayne’s recommendations and the Government’s response advance the interests of consumers in four key ways:

In outlining its response to the Royal Commission, the Government’s principal focus is on restoring trust in our financial system and delivering better consumer outcomes, while maintaining the flow of credit and continuing to promote competition.

Today, the Government is announcing it is taking further action by:

The Government is confident that the actions announced today will put in place the necessary legislative framework, providing regulators with the power and resources to hold those who abuse our trust to account.

The Coalition Government through both its actions to date and its response today is demonstrating its commitment to ensuring a financial system that is working for all Australians and is one they can trust.

The Government would like to thank Commissioner Hayne for the outstanding manner in which he has conducted the Royal Commission and express its gratitude for the tireless work of those involved. We also wish to acknowledge all of those individuals who provided submissions and came forward to give evidence.

Ends

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