Financial System Inquiry
The Financial System Inquiry Final Report was released on Sunday 7 December and the Inquiry has concluded.
The Financial System Inquiry will establish a direction for the future of Australia's financial system. The Inquiry will lay out a 'blueprint' for the financial system over the next decade.
Previous financial system inquiries, including the Campbell Report in 1981 and Wallis Report in 1997, were the catalysts for major economic reforms in Australia. The Campbell Report led to the floating of the Australian dollar and the deregulation of the financial sector. Whilst the Wallis Inquiry led to streamlined financial services regulation, the creation of the Australian Prudential Regulation Authority (APRA), and the current form of the Australian Securities and Investments Commission (ASIC).
These reforms underpinned Australia's economic stability and growth over the past thirty years. The deregulation of the financial sector has meant the volume and quality of financial services in Australia has dramatically improved, while the restructure of financial regulators is considered to be one of the main reasons Australia weathered the global financial crisis well relative to international peers.
It has been sixteen years since the last financial system inquiry. While the financial sector has served Australia well in this time, it has been transformed by forces such as domestic and international economic and financial crises, a substantial regulatory reform agenda, the growth in superannuation, changes in industry structure, new competitive dynamics, technology, innovation and broader macroeconomic trends.
All Australians are encouraged to have their say on the future of the Australian Financial System.