The Australian Government has established the Financial System Inquiry, chaired by Mr David Murray AO, and charged with:
“examining how the financial system could be positioned to best meet Australia's evolving needs and support Australia's economic growth. Recommendations will be made that foster an efficient, competitive and flexible financial system, consistent with financial stability, prudence, public confidence and capacity to meet the needs of users.”
Previous inquiries in Australia led to significant changes to our financial system:
- The Campbell Report in 1981 led to the floating of the Australian dollar and deregulation of the financial sector.
- The Wallis Inquiry in 1997 led to the creation of the Australian Prudential Regulation Authority (APRA) and the Australian Securities & Investments Commission (ASIC).
Herbert Smith Freehills FSI Insights
- Payment systems and innovation
- Managed investments
31 March 2014 Initial submissions to the Inquiry closed on with more than 270 submissions received.
15 July 2014 The FSI will release an Interim Report. There will be a second call for submissions following the release of the Interim Report.
November 2014 Final Report to be provided to the Treasurer.
The Financial System Inquiry website (http://fsi.gov.au/) contains useful information about the Terms of Reference, media releases and publications. You can also sign up for regular updates.