Morrison Government: Photo Opportunity and Josh Frydenberg

morrison government: The Morrison government took possession of the final report from commissioner Kenneth Hayne on Friday afternoon, with the treasurer, Josh Frydenberg, enduring an awkward photo opportunity with the former judge; and has taken the weekend to formulate a response, according to The Guardian. Bill Shorten Labor 'not for turning' on negative gearing and dividend changes Read more There is widespread anticipation the report could flag legal actions as a consequence of the litany of horrors unveiled during the royal commission process, and could also recommend reform of regulation across the financial services sector, as well as action on controversial remuneration and reward structures inside institutions. With institutions and their shareholders braced for a major shake-up when the final report and the Morrison government's response is made public after financial markets close on Monday, the chief executive of the Australian Banking Association, Anna Bligh, said banks had not lived up to the high standards Australians rightly expect of the industry . While we don't know the recommendations in the report, we do know this is an opportunity to reset the industry and to make things better for our customers, Bligh said. Labor on Sunday attempted to goad Scott Morrison, who has been highlighting the risks of a credit crunch if the response is fumbled, into committing to adopting all of Hayne's recommendations. With the banks facing their day of reckoning on Monday, and the government response in the spotlight, the shadow treasurer, Chris Bowen, will use the Chifley Oration to lay down markers in the economic policy debate in the run up to the federal election. Bill Shorten contended the reality is this is a government that can always find a way to not bring the banks to heel . It is unclear whether the response to the royal commission will be bipartisan, with the major parties now locked in an intensifying battle over the economy and tax policy in the countdown to the federal election. (news.financializer.com). As reported in the news.