Royal Commission sobering and overdue: Labor

Shadow Treasurer Chris Bowen said a Labor government will establish a Treasury taskforce to help implement all of the recommendations from the banking and financial services Royal Commission.

Responding immediately after the public release of the Royal Commission's final report, Bowen said it was a document that was sobering and long overdue.

"This is a dark day for Australia's banks and financial institutions," Bowen said.

He went on to say these institutions should work on an ethical basis.

"They should be strong, they should be profitable, they should be robust and they should be, above all, ethical," Bowen said.

Labor, in principle, accepts all of Commissioner Kenneth Hayne's 76 recommendations.

"We would have a Treasury taskforce to work with a Shorten Labor government on implementing the report's recommendations. We would consult broadly with the implementation details with all the affected parties - the financial sector, the victims groups, and consumer groups," Bowen said.

"We regard this report as being the minimum of action that should be taken through the banking and financial services sector."

He believes if the current government were competent, they would get straight to task on submitting legislation to parliament that would have bipartisan support.

"This is the Royal Commission Scott Morrison did not want you to see. This is the report Scott Morrison never wanted delivered. Today is the day that Scott Morrison and his entire government voted 26 times to avoid this report ever seeing the light of day," Bowen said.

Read more: LaborScott MorrisonChris BowenRoyal CommissionBill ShortenKenneth Hayne
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