Prime Minister Scott Morrison says it would be reckless to make federal parliament sit for an extra two weeks in March to fast-track its response to the banking royal commission.
The comments came as the prudential regulator revealed it was examining 12 matters arising from the banking royal commission.
Labor, which has been crying out for the extra sitting days, says there are "obvious" changes to law that would be easy to achieve.
Mr Morrison has told the National Press Club in Canberra at least 40 pieces of legislation are required to response to commissioner Kenneth Hayne's recommendations, which should not be prepared so quickly.
"You cannot go and put together what is at least 40 pieces of legislation, or thereabouts, scramble it together in a couple of weeks, throw it into a feverish sitting of the Australian parliament just before the election and then be surprised at the result that you think that you might get on the other side," he said on Monday.
"I would call that type of financial legislation reckless."
He said Labor leader Bill Shorten's push for extra sitting weeks before the election showed he didn't understand the complexity of the measures or the consultation and drafting that needs to be done.
"This guy doesn't get it. He doesn't understand how to legislate financial services reform," Mr Morrison said.
Shadow treasurer Chris Bowen says Labor is not suggesting all of the parliament's response to the inquiry should be done immediately.
"What we are suggesting is that there are sensible good things that the Australian people deserve now," he told reporters in Canberra.
"There are some which are so self-evident and obvious and easy to draft and would receive bipartisan support, probably unanimous support across the parliament."
The coalition has promised to act on all 76 recommendations from the inquiry, but the prime minister said he will tread carefully.
The Law Council of Australia has urged political leaders to give the inquiry's recommendations careful consideration, allowing enough time for meaningful consultation with stakeholders.
"We must ensure a real opportunity to set this right through meaningful reform is not lost in the race to the election," council president Arthur Moses said on Monday.
As the parliament considers its response to the commission, one of the key regulators in the financial services sector has laid out its own.
The Australian Prudential Regulation Authority has vowed action on each of the 10 recommendations it believes require its "direct attention", as well as investigate 12 matters in relation to individual entities.
Four actions are expected to be fulfilled by the end of 2019, including extending the principles of the Banking Executive Accountability Regime - which requires financial institutions to lay out their accountability obligations and those of their top executives - to APRA itself.
APRA will also review its co-operation arrangements with the Australian Securities and Investments Commission by the end of the year.
Another six recommendations will be complete by the end of 2020.
They include APRA reviewing its standards for supervision of remuneration in financial institutions, so it not only considers financial risk but other issues such as misconduct and compliance.