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Government releases its Response to FSI Final Report. The Australian Government has released its Response to last December’s Final Report of the Financial System Inquiry or ‘Murray Inquiry’. The Government appears to have accepted almost all of the Inquiry’s recommendations and has also proposed additional measures that are consistent with the Murray Inquiry’s underlying philosophy. The Government’s financial system program will be implemented in stages over the coming years and will involve further detailed consultations…
The Murray Inquiry asserts that Australia’s financial system has performed well since the Wallis Inquiry and has many strong characteristics.  But it also has a number of weaknesses: taxation and regulatory settings distort the flow of funding to the real economy; it remains susceptible to financial shocks; superannuation is not delivering retirement incomes efficiently; unfair consumer outcomes remain prevalent; and policy settings do not focus on the benefits of competition and innovation.  As a result, the…
On Sunday 7 December 2014 the Federal Treasurer, Mr Joe Hockey, released the Final Report of the Financial System Inquiry (or ‘Murray Inquiry’ after its Chair, David Murray) having received it at the end of November in accordance with the Terms of Reference.   The Inquiry was established by the Treasurer in December 2013 to review Australia’s financial system in the aftermath of the global financial crisis. In the press release which accompanied the Final Report…
On 15 July 2014, the Interim Report of the Financial Systems Inquiry (or ‘Murray Inquiry’) was issued. Overall, the Murray Inquiry’s initial assessment is that, to date, the Australian financial system has performed reasonably well in meeting the financial needs of Australians and facilitating productivity and economic growth.  Many areas of the financial system are operating effectively and do not require substantial change.…