Media and industry lobby groups this morning are being held in a three-hour lock-up to digest the long-awaited final report of the Banking Royal Commission headed by commissioner Kenneth Hayne.

Treasurer Josh Frydenberg has indicated that the Government will give in-principle support to all of Hayne’s recommendations.

Shadow treasurer Chris Bowen has also pledged to implement the recommendations in full if Labor wins the coming federal election.

Senior staff at the big four banks – Commonwealth, NAB, Westpac and ANZ – are especially nervous, given allegations of criminal conduct by many of their highest ranking staff during the royal commission hearings.

The banks have been especially furious that they would not be permitted inside the industry lock-up, according to a Fairfax report.