Banks may tighten lending after Australian report
A royal commission into Australia's banking sector has referred 24 instances of potential criminal behaviour by banks to prosecutors. The long-awaited report from the royal commissioner, High Court judge Kenneth Hayne, declares the the time has come to overhaul the Australian financial services sector. Justice Hayne unveiled 76 recommendations which will challenge key aspects of banking, superannuation, financial advice and the rural lending industries. He was particularly scathing of what he called a sales culture that worked against the interests of customers. Australia's Treasurer, Josh Frydenberg says change is coming. New Zealand's four main banks are Australian-owned. The Finance Minister Grant Robertson says the Government will study the recommendations and see whether changes are needed here. We can talk now to KPMG's head of banking and finance, John Kensington, who's been studying the Royal Commission's report.