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Two of the recommendations by the Murray Report  were directed at payment systems: Clearer graduated payments regulation The Inquiry noted that Australia has a complex, fragmented and less than clear framework for regulating payments, which is administered by ASIC, APRA and the Payment Systems Board (PSB). It proposed that the regulators should publish a clear guide to the framework for industry, in particular for new entrants, that outlines thresholds and regulatory requirements. Changes were also…
The Murray Inquiry’s Final Report has identified a number of taxes that distort the allocation of funding and risk in the economy. It also indicated that the major review of Australia’s taxation system currently being undertaken – the Tax White Paper due for release in 2015 – should consider reform in these areas. However, consistent with the taxation comments foreshadowed in the Interim Report, and having regard to the Tax White Paper, the Inquiry…