03:29

Thanks for joining us today. Amy Remeikis had to run over to Ultimo to appear on the Drum, if you switch your television over to the ABC you may catch a glimpse.

Katharine Murphy will be along shortly with a wrap of the day’s news and Gareth Hutchens is furiously writing his analysis. In the meantime, here’s some of what we have learned today:

• Commissioner Hayne’s summary of what went wrong in the financial industry is that greed – the pursuit of short-term profit at the expense of basic standards of honesty – was allowed to take over

• The treasurer Josh Frydenberg has echoed that sentiment saysing banks and other financial institutions have put profits before people

• Labor has announced that it will, if elected, implement a royal commission ‘taskforce’

• Tanya Plibersek has called for the commission to be extended

• The final report will be released in February and the interim released today can be found here.