Labor has restated calls for the banking royal commission to be extended after an interim report contained no draft recommendations.
Commissioner Kenneth Hayne released a scathing three-volume report on Friday highlighting an insidious culture of greed and profit over basic decency permeating the big banks.
He also took aim at regulators for cosying up to financial services firms and striking limp deals in response to systemic misbehaviour rather than pursuing tough prosecutions.
The federal government has indicated it will give the royal commission more time if needed, but no such request has been made.
Opposition Leader Bill Shorten says the commission has done an excellent job within an "incredibly short" time frame.
But he is urging the prime minister to change the commission's deadlines so the financial sector can work through changes and recommendations.
The final report is due to be delivered in four months time on February 1.
In a joint statement with his shadow treasurer and financial services spokeswoman, Mr Shorten said it was now "beyond doubt" the commission did not have enough time to do its job properly.
"We believe this is a once in a generation opportunity for reform. But we'll only get that if the commission has time to consult properly on specific proposals," he said on Sunday.
Labor wants the royal commission to consult on recommendations with the banking sector and victims' groups to ensure there are no unintended consequences.
"This sector is one on which almost every Australian depends. Financial services is integral to Australia's economy and we need to get it right," Mr Shorten said.
"Labor wants this to be a road map for reform - not another royal commission report left in the top drawer."
The opposition also wants additional public hearings scheduled to hear from banking customers in regional towns.
