Mr Elliott said: “This is a critical moment for the industry, our bank and our people to continue the urgent work required to fix the significant failures highlighted by the Commission. We accept responsibility and we are determined to improve.
“ANZ is taking action to fast-track changes – leadership, strategic, systems, people and cultural. We will make the investments required to build a bank worthy of the trust and respect of our customers and the community.
“While this work is well underway, there is more to do and today’s report clearly sets out the damage we can do when we fail our customers.
“We will analyse the report in detail and respond directly to the Commissioner. We will also continue to engage constructively through the remainder of the process.”