Draft terms of reference announced for Financial System Inquiry

The federal government has released the draft terms of reference for the Financial System Inquiry, to be led by David Murray, former chief executive officer (CEO) of the Commonwealth Bank of Australia.

The inquiry has one year to consider and make recommendations on: fostering ‘an efficient, competitive and flexible financial system, consistent with financial stability, prudence, integrity and fairness’; reducing costs and fees and obtaining greater efficiency in the allocation of capital; reducing ‘the regulatory burden on the financial services sector wherever the benefits to competition, efficiency, market stability or consumer protection are questionable’; ‘a root and branch examination of the nation’s financial system’; how Australian sourced capital can be efficiently allocated ‘to minimise our exposure to volatility in global capital markets’; the role and impact of new technologies, market innovations and changing consumer preferences; and international integration and regulation.

Apart from Murray, the inquiry will comprise a committee of four members from the finance, business and academic sectors and will draw on the expertise of a Special External Council comprising five international business people. The members of the committee and external council will be announced in mid-December along with the final terms of reference. The inquiry will publish an interim report by September 2014, with a final report due by November 2014…

If you are registered and logged in to the site, click on the link below to read the rest of the Minter Ellison briefing. If not, please register or sign in with your details below. 

Sign in or Register to continue reading this article

Sign in


It's quick, easy and free!

It takes just 5 minutes to register. Answer a few simple questions and once completed you’ll have instant access.

Register now

Why register to The Lawyer


Industry insight

In-depth, expert analysis into the stories behind the headlines from our leading team of journalists.


Market intelligence

Identify the major players and business opportunities within a particular region through our series of free, special reports.


Email newsletters

Receive your pick of The Lawyer's daily and weekly email newsletters, tailored by practice area, region and job function.

More relevant to you

To continue providing the best analysis, insight and news across the legal market we are collecting some information about who you are, what you do and where you work to improve The Lawyer and make it more relevant to you.


Level 40, Governor Macquarie Tower
1 Farrer Place

Jurisdiction: Australia
No. of offices: 14
No. of qualified lawyers: 1085