Royal Commission: changes in progress
12 November 2020
Australia’s banks are ready for the next phase of implementation of Royal Commission recommendations, after the introduction of legislation into federal parliament today.
Implementing the changes remains a priority for the banks, and significant steps have already been taken to respond to the recommendations.
The final report of the Royal Commission includes 76 recommendations; 31 relevant to banks, 8 of which were directed at the industry to implement with the remaining number to be implemented by regulators and Government.
Banks have already fully implemented five of these recommendations, including substantial changes to the Banking Code of Practice, with progress being made implementing the remaining three.
“Australian banks have already been acting on the findings of Commissioner Hayne and remain fully engaged for this next phase”
ABA CEO Anna Bligh
“Australian banks have already been acting on the findings of Commissioner Hayne and remain fully engaged for this next phase”, said Australian Banking Association CEO Anna Bligh.
“Banks have partnered with the government during the pandemic to support customers and the economy and look forward to continuing that engagement as the Royal Commission legislation is considered”, she said.
The ABA will continue to work with the Government and regulators on the next round of changes and will be ready for their implementation from next year.
Latest news
E&OEPodcastFear + Greed8 July 2026. Topics: Household ownership of banks; Banking as critical infrastructure Sean Aylmer: Welcome to Fear and Greed Q&A, where we ask and answer questions about business, investing, economics, politics and more. I’m Sean Aylmer. We talk plenty about the banks on this podcast. After all, the big four and Macquarie are… Read more »
The ABA welcomes today’s consultation paper from APRA on proposed changes to bank credit risk capital settings, which have the potential to support more lending and lift productivity. ABA CEO Simon Birmingham said the consultation was a welcome step towards a more efficient capital framework while still retaining the underlying strength and stability of Australia’s… Read more »
E&OETV InterviewSky News Business Weekend with Ross Greenwood21 June 2026 Topics: Economic contribution of banks Ross Greenwood: Well Australia’s banks, love them or loathe them, they are a necessity. We need them strong to provide the security for lenders and depositors. We need them well-regulated to keep them from again putting profit ahead of their… Read more »