Royal commission commitments delayed

The Morrison government has announced a six-month deferral to the implementation of the recommendations of the royal commission.

"The deferral will enable the financial services industry to focus their efforts on planning for the recovery and supporting their customers and their staff during this unprecedented time,” Treasurer Josh Frydenberg said in a statement.

Measures the government had indicated would be introduced to Parliament by 30 June 2020 will now be introduced in December. Related exposure draft legislation issued prior to the pandemic will also be extended by six months.

“This announcement today balances the need to implement the recommendations of the royal commission with the need to ensure our financial institutions are in a position to devote their resources to responding to the significant challenges posed by the coronavirus,” Mr Frydenberg said.

“The changes will also provide certainty and clarity to all stakeholders about the government’s commitment to implementing the recommendations arising out of the royal commission.”