Reserve Bank warns royal commission will hit bank profits

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Assistant governor says economic impact of the financial services inquiry could roll on

The fallout from the banking royal commission may hurt bank profits, and rising trade tensions could spark a sharp global downturn that puts Australia’s highly indebted households at risk, the Reserve Bank has warned.

Michele Bullock, an RBA assistant governor, has told an audience at the Commonwealth Bank global markets conference in Sydney that the banking royal commission had only had a small direct financial impact on Australia’s banks, given the fines to date had been “relatively small” compared with the sector’s annual profits of $30bn.

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