The Royal Commission into Australia's banking industry will hold it's initial public hearing today.

The Royal Commission into Australia's banking industry will hold it's initial public hearing today (12/02).

A Royal Commission was resisted by the federal government and Australia's big banks - the Commonwealth, A-N-Z, National Australia and Westpac - for years.

But a series of scandals has paved the way for an inquiry, with Prime Minister Malcolm Turnbull now calling it an important step in rebuilding trust.

An interim report is due in September, with the final report expected next February (2019).