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Treasurer Scott Morrison says revelations at the banking royal commission should serve as a ‘wake-up call’ for all of corporate Australia, not simply the finance sector.

Mr Morrison was asked in Melbourne on Friday about revelations of misconduct against AMP, which triggered fury from shareholders at a meeting on Thursday.

‘This should be a wake-up call for all of corporate Australia, not just banks and financial institutions,’ Mr Morrison said.

‘All of these boards have governance responsibilities for these large corporations – millions of Australians have invested in these public companies – and they have a duty of care and a responsibility to know, to inquire.

‘It’s not a retirement gig, it’s a very serious job. I know there are thousands of directors who take that job very seriously but it’s time to step up.’