No clear indication banking royal commission was leaked: Creigton

The Australian’s Economic Editor Adam Creighton says it’s not clear whether the banking royal commission was leaked before it was officially handed down by the government on Monday. Labor is urging the finance department to investigate whether the report was leaked to investors prior to its official release, prompting a buy-up in bank shares. Commissioner Kenneth Hayne’s report was handed to the Coalition on Friday before its release to the public the following Monday. Prior to the government handing down the report, investors bought half a billion dollars worth of bank shares, netting them a profit in excess of $22 million dollars within 24 hours. Mr Creighton says no one knows whether anyone passed the details onto investors prior to its release, since people could have guessed that Commissioner Hayne was not going to ‘come down hard’ on the financial sector.

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