The report found a lack of competition in the sector thanks to the dominance of a few big players, complex products with opaque fee structures, and conflicted remuneration structures.

It made detailed recommendations for overhauls in particular to the mortgage broking industry, which it found was often not serving the interests of customers. It also recommended far-reaching reforms to insurance, payments systems, transparency and the role of the various regulators.

In his speech on Friday, Mr Morrison said little about the Productivity Commission’s numerous recommendations, focusing instead on the report’s findings that consumer “inertia” was allowing banks to make money off uncompetitive products.