Anna Bligh admits industry has failed customers as Labor goads Morrison government

Australia’s big banks have launched a public mea culpa ahead of the release of the long-anticipated, likely scarifying, findings of the banking royal commission, acknowledging they have failed their customers, and arguing the Hayne report is a chance to reset the sector.

With institutions and their shareholders braced for a major shake-up when the final report and the Morrison government’s response is made public after financial markets close on Monday, the chief executive of the Australian Banking Association, Anna Bligh, said banks had “not lived up to the high standards Australians rightly expect of the industry”.

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