Misbehaving bankers and financiers have been given a six-month reprieve as a result of the coronavirus pandemic.
The Morrison government has delayed the implementation of commitments associated with the banking royal commission so lenders can concentrate on addressing the COVID-19 crisis.
The new timeline will see legislation scheduled for introduction before 30 June, moved to December 2020, and measures originally set for implementation by December shifted to June 2021.
In a statement on Friday, Treasurer Josh Frydenberg said the deferral would allow the financial services industry to support customers and staff during this unprecedented time.
"This announcement today balances the need to implement the recommendations of the royal commission with the need to ensure our financial institutions are in a position to devote their resources to responding to the significant challenges posed by the coronavirus," he said.
"The changes will also provide certainty and clarity to all stakeholders about the government's commitment to implementing the recommendations arising out of the royal commission."
Mr Frydenberg said the government has already implemented 24 of the Commission's 76 recommendations since the report was released in February last year.
People in Australia must stay at least 1.5 metres away from others. Check your state’s restrictions on gathering limits. Testing for coronavirus is now widely available across Australia.
If you are experiencing cold or flu symptoms, arrange a test by calling your doctor or contact the Coronavirus Health Information Hotline on 1800 020 080. The federal government's coronavirus tracing app COVIDSafe is available for download from your phone's app store.
SBS is committed to informing Australia’s diverse communities about the latest COVID-19 developments. News and information is available in 63 languages at sbs.com.au/coronavirus.
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