Treasurer Scott Morrison has shrugged off the instances of misconduct heard by the banking royal commission, saying the government already knew about them.
Mr Morrison told a business summit in Sydney that the federal government, which had long been opposed to a royal commission, had already begun tackling misconduct through initiatives such as the banking executive accountability regime (BEAR), the push for open banking and support for rival fintechs.
"We weren't waiting: we were getting on with it," Mr Morrison said on Wednesday.
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