The draft terms of reference are here!          

David Murray, former CEO of the Commonwealth Bank and the Future Fund, will lead the Financial System Inquiry (FSI) as committed to by the new Government. 

The final report is expected to be delivered to the Government by November 2014.


The FSI forms part of the Government’s broader deregulation agenda.

The FSI will examine “how the financial system could be positioned to best meet Australia’s evolving needs and support Australia’s economic growth”.[i]  Importantly, the FSI will report on the developments in the Australian financial system since the 1997 Wallis Inquiry, led by Stan Wallis.

Looking back

The Wallis Inquiry identified inefficiencies in the financial services system at that time in terms of product disclosure, licensing, conduct and financial markets.  The current financial system is the result of an extensive legislative and regulatory reform agenda which followed the Wallis Inquiry.

It’s an extensive agenda

The draft terms of reference (listed below) will be finalised and announced mid-December, as will the final composition of those who will head the FSI.

Click here to view table.


Those interested have until Thursday, 5 December 2013 to make submission to the Government.