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Australia's financial sector condemned in interim inquiry report

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By Reuters

SYDNEY (Reuters) – A powerful inquiry into Australia’s financial industry on Friday delivered a scathing assessment of the sector’s culture, conduct and compliance, Treasurer Josh Frydenberg said.

The release of the interim report comes after several months of revelations of systemic wrongdoing across the financial sector, hurting the share prices of some of Australia’s biggest companies and prompting several executive resignations.

“Banks and other financial institutions have put profits before people,” Frydenberg told reporters in Melbourne.

(Reporting by Colin Packham in Sydney; Editing by Stephen Coates)