Good morning readers. Here’s what is shaping today’s business landscape:

• The head of the financial ser­vices royal commission has laid down the law to the big banks on the inquiry’s opening day.
• APRA boss Wayne Byres is working on the key competitive issue for the big banks, his responses to Basel’s risk weightings reform, writes John Durie.
• Western Australia’s longest mine strike is over after workers agreed to a 20pc pay cut.
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What to watch for: 

Keep up with the latest business developments in our live blog, Trading Day.

Who said:

“I wanted to be a star, not a gallery mascot.”