Australia's banks are bracing for a tough final report from the financial services royal commission after enduring their most difficult year in a generation.
Royal commissioner Kenneth Hayne QC will hand over his report from the $75 million, one-year inquiry on Friday, before its public release after the stock market closes on Monday.
He is expected to recommend wide-ranging reforms across the banking, superannuation and financial services industry, after an interim report that blamed greed for widespread misconduct.
Australian Banking Association CEO Anna Bligh expects it will be a pretty tough report that will make for sobering reading for the sector.
"There's no doubt that the banking sector and the member banks have heard the message from the commission already loud and clear that customers need to come first, that reputation matters and that ethical banking is important," she said this week.
Ms Bligh said banks have already made a number of changes but there is still much more to do.
"What I'm hoping for, and what I think the Australian people deserve, is a report that is carefully thought-through, is rigorous and is workable, and will become a blueprint for how to build the best possible banking system."
University of Sydney experts predict the final report will have a monumental impact across the Australian financial system.
"Hopefully it will also provide clear guidance on how to enhance the integrity of the financial services industry," Associate Professor in finance Eliza Wu said.
A research report by Citi banking analysts described 2018 as a damning year for Australian banks.
"2018 was the most difficult year in a generation, as the sector faced the indignity of a royal commission, a material contraction in residential property prices, unprecedented regulatory oversight, record fines and compensation, as well as meaningful senior management and board turnover."
Australian Associated Press