King & Wood Mallesons

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Australia’s Financial System Inquiry: what issues concern you?

Sixteen years after the Wallis Inquiry and 32 years after the first major investigation into Australia’s financial system by the Campbell Committee, Australia is again embarking on a new Financial System Inquiry (FSI). On Wednesday night, the federal government released its draft terms of reference. These are wide ranging. The FSI is to report by the end of 2014.

The government is inviting submissions on the draft terms of reference to ensure that the FSI does not fail to consider potentially significant issues. Now is the time to think about what you might like the FSI to consider.

Much has been learned and written about financial systems since the Wallis Inquiry. The system and its efficiency and stability are not just about banks, how they are owned and organised, how big they should be and how many of them there are; it is about government and the role that sound public finances and implicit support play in the stability of the system…

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