The Financial System Inquiry today released its interim report.
The report sets out the Committee’s views on the objectives of the financial system and the principles that should guide its development.
It discusses the financial system from nine perspectives and makes 28 observations on how system is currently working. For each of these observations, it sets out a range of options for change, including the option of no change.
The Inquiry is seeking feedback on these observations and options to inform the recommendations in its final report in November.
In releasing the Interim Report, the Chairman of the Inquiry, Mr David Murray AO, highlighted the extent to which the financial crisis has changed the way we think about vulnerabilities and threats to financial stability.
‘Given developments and lessons learned since the Wallis Inquiry and, in particular, the events of the financial crisis, it seems to us that we are embarking on a phase when confidence will have to be sustained in light of some new realities in the world’.
‘Sustaining confidence in our financial system has been central to the work of the Inquiry’.
The Committee would like to thank all those who provided first round submissions and now invites interested parties to provide submissions on the principles, observations and options in the interim report.
Those wishing to make submissions are encouraged to lodge their submission online.
The closing date for second round submissions is 26 August 2014.
The Inquiry will also hold public forums in August in Sydney, Melbourne, Brisbane and Perth.
These will allow members of the public to present views to the Inquiry.
Information on these forums will be provided on the Inquiry’s website.
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