November 29, 2017 / 10:24 PM / a year ago

Australia to hold wide-ranging inquiry in to financial sector

SYDNEY, Nov 30 (Reuters) - Australia will begin a powerful Royal Commission, the most powerful type of government inquiry, into the country’s scandal-hit banking sector, Prime Minister Malcolm Turnbull said on Thursday.

“It will cover the nation’s banks, big and small, wealth managers, superannuation providers, insurance companies,” Turnbull told reporters in Canberra. “This will not be an open-ended commission, it will not put capitalism on trial ... we’ll give it a reporting date of 12 months.” (Reporting by Tom Westbrook, editing by G Crosse)

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