Treasurer Josh Frydenberg has put the big banks and regulators on notice to stamp out a deep-rooted culture of "profit over people".
A scathing interim report of the financial services royal commission has found Australia's big banks have pursued greed and short-term profits at the expense of basic standards of honesty.
"Australians expect and deserve better," Mr Frydenberg said on Friday.
"It is incumbent upon those in the financial services sector and those regulators who are charged with enforcing the law to lift their game."
He pointed out the government has already taken action to reform the financial sector, including establishing a "one-stop shop" for customer complaints and a new framework to hold executives accountable.
In a three-volume interim report, Commissioner Kenneth Hayne said from the executive suite to the front line, big banks had been searching for their share of customers' wallets.
Mr Hayne found when misconduct was revealed, it either went unpunished, or the consequences did not reflect the seriousness of what had been done.
Acting Opposition Leader Tanya Plibersek says if Labor wins the next election it will establish a task force to deliver the recommendations of the commission's final report, which is due on February 1.
"We'll crack down on the sickening rorts and rip-offs that have been exposed through the royal commission," she said.
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