Prime Minister Malcolm Turnbull is about to make his first major economic policy announcement — unveiling the Government's response to the financial system inquiry.

The inquiry was tasked with laying out a blueprint to fortify the system against the risk of another global financial crisis-style shock.

Released in December 2014, it made recommendations, opposed by the major banks, to lift their funding requirements.

At the time, the inquiry chairman, former Commonwealth Bank chief executive David Murray, warned the circumstances that helped Australia get through the global financial crisis would not be present in future crises.

"These crises impose massive costs on economies and societies," he said.

"In the event of a crisis, which will happen again, we want the taxpayers off the hook as far as possible."

A key finding of the report was that Australia's major banks sit only middle of the road by international standards in the amount of capital they hold to cover potential loan losses.

In reaching the finding, the FSI expressly rejected research commissioned by the Australian Bankers' Association that put Australia's banks in the top quarter of institutions globally.

Labor's financial services spokesman Jim Chalmers said it was crucial any changes made in the wake of the Government's response to the inquiry protect consumers.

"It's important that any flow-on changes that the banks make after the Government's announcement are justified and they will have to make the case for any changes that they make," Dr Chalmers said.