Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  News  >  Economy & Forex  >  All News

News : Economy & Forex
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance ProfessionalsCalendarSectors 
All NewsEconomyCurrencies / ForexCryptocurrenciesEconomic EventsPress releases

Australia unveils roadmap for speeding changes to clean up banking sector

share with twitter share with LinkedIn share with facebook
share via e-mail
0
08/18/2019 | 08:35am EDT
A worker cleans up a water fountain in Sydney's central business district

MELBOURNE (Reuters) - Australia's treasurer on Sunday released a roadmap outlining how the government intends to push for swift implementation of recommendations from a high-powered inquiry for changes to help clean up the country's financial sector.

A government-appointed inquiry, known as a Royal Commission, in February made 76 recommendations after months of revelations of financial wrongdoing against consumers that wiped billions of dollars off market capitalisation from finance stocks.

In recent months, some Australian media reports have said the government, to which 54 of the commission's recommendations were directed, has been slow to take action to make needed change.

On Sunday, the government released a roadmap setting out how it will provide a comprehensive response to the Royal Commission's recommendations.

The roadmap "underlines our determination to bring about change to the financial system by implementing the Commission's recommendations swiftly and effectively," Treasurer Josh Frydenberg was quoted in the document as saying.

The treasury pledged to implement more than 50 of the commitments or have legislation before the parliament by mid-2020.

An additional A$9.3 million (5.2 million pounds), on top of A$12.1 million in this year's budget, will be provided to the Treasury and Office of Parliamentary Counsel to make sure the government's timetable can be met, the treasury said.

"Industry is on notice," Frydenberg said. "The public's tolerance has been exhausted. They expect and we will ensure that the reforms are delivered and the behaviour of those in the sector reflects community expectations."

A review on the effectiveness of the measures implemented by the government, regulators and financial services entities was recommended by the commission to be completed by 2022.

(Editing by Richard Borsuk)

By Lidia Kelly

share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news "Economy & Forex"
03:00pWALMART TO STOP SALES OF E-CIGARETTES IN U.S. STORES : company memo
RE
02:57pRON KIND : Dairyland Democrats Send Letter Expressing Concerns After the Administration Strikes Backroom Deal with Japan That Could Leave the U.S. Dairy Industry Behind
PU
02:52pU.S. repo rate falls after Fed repo operation
RE
02:43pStocks hit as China cancels U.S. farm visits, yields slip
RE
02:43pGlobal stocks hit as China cancels U.S. farm visits, yields slip
RE
02:42pEXCELERATE ENERGY LP : U.S. Ambassador to Pakistan Visits the Exquisite – the Hardest Working FSRU
PU
02:38pTODAY'S LOGISTICS REPORT : Amazon Plugging In; Shipbuilding Gassing Up; Resetting Oil Tankers
DJ
02:37pUSTDA U S TRADE AND DEVELOPMENT AGENCY : Connects U.S. Companies to LNG Opportunities in the Dominican Republic
PU
02:34pEU court ruling on Starbucks, Fiat million euro tax orders on September 24
RE
02:31pA big fiscal splash still a step too far for Europe
RE
Latest news "Economy & Forex"