Royal commission report delayed by government

While the government will receive the much-anticipated final report on Friday, 1 February, the financial services industry and the Australian public will have to wait until Monday at 4:10pm to see the final result of an inquiry that was established in December 2017 and has received more than 10,000 submissions. 

“The Australian government will receive the final report of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry on Friday, 1 February 2019,” said Treasurer Josh Frydenberg. 

“The final report will be publicly released at 4.10pm on Monday, 4 February 2019, following the close of trading on the ASX.”

The Treasurer has previously shared his concerns that the release of the report could impact the share market, stating that the public release of the report and its recommendations would “take into account” its potential market ramifications. 

“The government recognises the potential market sensitivity of the final report and will take this into account in considering the timing of its release.”

Meanwhile, shadow treasurer Chris Bowen wrote to the Treasurer last week, urging him to release the royal commission’s final report once the government receives it.

“It is in the national interest for the Australian people and victims of banking scandals to be able to access the Hayne banking royal commission’s final report and form their own views, at the earliest opportunity, and that means on Friday, 1 February,” Mr Bowen said. 

“I have written to the Treasurer requesting the release of the final report and related documents of the banking royal commission as soon as practicable after it is received by the government.”

He continued: “The Liberal Party has no excuses not to release the final report of the Hayne royal commission when they receive it on 1 February.

“Josh Frydenberg released the royal commission’s interim report on the day they received it – and that was appropriate,” he noted.

“Refusing to release the royal commission’s final report immediately would unnecessarily politicise the handling of the report and give rise to potential material market risks around leaks of all or part of the report,” the shadow treasurer added.