Banking report will not leak: Treasurer

Treasurer Josh Frydenberg has guaranteed the banking royal commission report will not leak during the three days the government has it before it's released.

Prime Minister Scott Morrison

The timing of the banking royal commission report will prevent a shock to markets, the PM says. (AAP)

Federal treasurer Josh Frydenberg has guaranteed the market-sensitive banking royal commission report will not leak despite the government holding it for three days before its release.

The official report from the royal commission will be handed to the government on Friday, but it will not be released until the stock market closes on Monday.

The report is expected to have significant ramifications for the banking and financial services industry, meaning any leaks could impact trading in shares of listed financial institutions.

"We will ensure that no Treasury official (will leak) ... and certainly I and the prime minister are not going to be putting any information out there," Mr Frydenberg told reporters in Melbourne on Wednesday.

"What we are seeking to do is to proceed in a careful and considered manner about something which is very important to the community and very important to the economy."

The Australian Stock Exchange has said it will monitor trading of financial services companies over Friday and Monday until the report is released.

Shadow treasurer Chris Bowen believes the report should be released publicly earlier than Monday.

"I'm more than happy to have a conversation about the impact on the market but this is just a pathetic excuse for these people to have three days to work out what they should do," he said.

Prime Minister Scott Morrison argues the release is timed to prevent unnecessary shocks to the economy.

"You don't go shocking financial markets, you take your time on this," he told ABC TV's 7.30 on Tuesday.

Mr Bowen accepted the report should not be released during trading but wants it to be made public on Friday afternoon or the weekend.

Mr Morrison said the government would "in principle" implement the royal commission's recommendations but wants to see the report before locking in a position.

The opposition has made a similar commitment.

"There would need to be a very good reason not to implement a royal commission recommendation," Mr Bowen said.

The prime minister commended royal commissioner Kenneth Hayne QC for finalising the report within the given time frame.

He said Mr Hayne had been careful not to exacerbate problems in the financial system, particularly around credit restrictions.

The inquiry into banking, superannuation and financial services uncovered shocking misconduct, with Mr Hayne releasing a scathing interim report in September.


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Source: AAP


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