May 8, 2020 / 4:26 AM / 25 days ago

Australia to defer banking inquiry recommendations for 6 months

SYDNEY, May 8 (Reuters) - Australia’s conservative government said on Friday it will defer by six months the implementation of recommendations in an inquiry that excoriated the country’s financial sector for misconduct.

A powerful inquiry in February 2019 outlined 76 recommendations to clean up Australia’ financial sector.

But the government said it will defer implementing those recommendations for six months to allow banks to focus their efforts on supporting customers through the COVID-19 pandemic that is expected to drive unemployment to more than 10%. (Reporting by Colin Packham Editing by Shri Navaratnam)

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