News National Labor attacks PM over banks report timing

Labor attacks PM over banks report timing

The bank stocks have surged. Photo: Getty
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Labor has demanded the government release the final banking royal commission report the same day it receives it, accusing the coalition of mishandling the timing.

The government will receive the report on Friday and take the weekend to read it before making it public on Monday after trading on the stock exchange finishes.

But shadow treasurer Chris Bowen believes the opposition and the public should get the same opportunity, calling for the findings to be released sooner.

“This is just an arrogant mishandling by the same people who opposed this royal commission all the way,” he told ABC’s Radio National on Wednesday.

Prime Minister Scott Morrison argues the release is timed to prevent unnecessary shocks to the economy.

“You don’t go shocking financial markets, you take your time on this,” he told ABC TV’s 7.30.

Mr Bowen accepted the report should not be released during trading but wants it to be made public on Friday afternoon or the weekend.

Mr Morrison said the government would “in principle” implement the royal commission’s recommendations but wants to see the report before locking in a position.

The opposition has made a similar commitment.

“There would need to be a very good reason not to implement a royal commission recommendation,” Mr Bowen said.

The prime minister commended royal commissioner Kenneth Hayne QC for finalising the report within the given time frame.

He said Mr Hayne had been careful not to exacerbate problems in the financial system, particularly around credit restrictions.

The inquiry into banking, superannuation and financial services uncovered shocking misconduct, with Mr Hayne releasing a scathing interim report in September.