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Friday 19

April, 201912:46 AM



PM's warning against credit squeeze

PM's warning against credit squeeze

A major reduction in lending in the wake of the banking royal commission would hurt small businesses and the economy, the prime minister warns.

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By AAP 01.02.2019 05:19 AM

Prime Minister Scott Morrison warns that a credit squeeze in the wake of the banking royal commission's report would have significant consequences for the economy.

The commission's final report is set to be handed over to the government on Friday ahead of its public release on Monday.

Mr Morrison told the The Sydney Morning Herald and The Age that any large reduction in lending would hurt small businesses and the economy.

""It will be a question of what suggestions or measures they put on the table but I will be very mindful that I want to see the oil that lubricates our financial system - which is access to credit - continues to flow, otherwise the consequences would be quite significant," Mr Morrison told the newspapers.

Financial services royal commissioner Kenneth Hayne QC is set to deliver the report to Governor-General Sir Peter Cosgrove in Canberra on Friday.

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