Financial system inquiry


The Federal Government will be conducting an inquiry into Australia’s financial system in 2014. The role of the inquiry is to examine how the financial system could be positioned to best meet Australia’s evolving needs and support economic growth. It is anticipated the inquiry will result in recommendations that foster an efficient, competitive and flexible financial system, consistent with financial stability, prudence, integrity and fairness. Mr David Murray AO will head the inquiry.

Draft Terms of Reference have been released for consultation, and the closing date for submissions is 5 December 2013. The draft Terms of Reference and instructions on how to make a submission can be viewed here.

The final Terms of Reference and composition of the inquiry are expected to be announced by the end of 2013, with the inquiry to publish an interim report by September 2014 and deliver a final report by 1 November 2014. We will keep an eye on these developments and provide updates as the inquiry progresses.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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