Articles on financial system inquiry

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With banks pulling back on lending to small business, the sector has had to look elsewhere for funding. Shutterstock

Small business feeling the lending crunch – and three ways to help

Since the global financial crisis, credit growth in Australia has returned. But while growth in home lending between 2008 and 2014 was relatively strong (0.49% per month), it was actually negative for…
Greater asset diversification would help Australian banks lock in a buffer for future downturns. Joel Carrett/Flickr

Australian banks are too exposed to mortgages, but what if the world was flat?

One of the issues currently being considered by Australia’s Financial System Inquiry is the heavy exposure of Australian banks to the residential mortgage market. The exposure to domestic mortgages, which…
David Murray has suggested splitting of investment and retail banking. AAP/Lukas Coch

Should we follow the US and UK and separate our banks?

Australia’s Financial System Inquiry chairman David Murray dropped something of a bombshell in suggesting he may recommend the separation of Australian retail banking from investment banking. The carefully…
The Global Financial Crisis showed financial markets consistently let down individuals and society. SEIU/Flickr

Time to bring some science to financial regulation

The recent report by the Senate Inquiry into ASIC documenting wide-ranging illegal and unethical conduct by financial advisers, is just another piece of evidence suggesting that regulation of the financial…
The big four banks have a well-entrenched sales culture. deepwarren/Flickr

The future of financial advice is set to remain conflicted

Reading between the lines it appears the panel behind Australia’s wide-reaching Financial System Inquiry believes all is not well in the financial advice industry, despite last year’s implementation of…
Financial System Inquiry chair David Murray delivered the 460 page interim report at the National Press Club today. Lukas Coch/AAP

Infographic: the financial system inquiry at a glance

The last financial system inquiry held in Australia happened in 1997. More than a decade and a global financial crisis later, the sector is under scrutiny again. The inquiry delivered its interim report…
Australia’s massive superannuation sector is costly compared with its global counterparts. Joel Carrett/AAP

Financial system inquiry sets sights on super: experts react

Australia’s financial system is competitive and well regulated, but more work is required to boost superannuation competition, according to the interim report of the Financial System Inquiry, led by former…
Conflicts abound in Australia’s financial system. Dan Peled/AAP

Three financial system flaws David Murray can’t ignore

At the current frequency of financial system inquiries (Campbell 1982, Wallis 1997, Murray 2014) there will not be another until 2030. That makes this week’s interim report from David Murray all the more…
The spotlight is on the David Murray’s Financial System inquiry following a report critical of the Commonwealth Bank and Australia’s corporate regulator. AAP/Joel Carrett

No Royal Commission; but banks not too big to be held to account

The Senate inquiry in the actions of the Commonwealth Bank and the Australian Securities and Investment Commission has drawn a line in the sand, holding the banks and financial advisers to account for…
The government’s financial system inquiry should consider whether growth in the system is hampering economic growth. AAP/Tony McDonough

Is Australia’s financial system a zero sum game?

Governments seem to be enamoured with financial markets, judging by the support they give them around the world to encourage their growth. The assumption seems to be that there’s always a positive relationship…
The Reserve Bank’s mandate is much broader than that of prudential regulator, APRA. ArchivesACT/Flickr

The case for the Reserve Bank to swallow APRA

One of the major recommendations made by the 1997 Wallis Inquiry into banking was to establish a prudential regulator for the financial sector separate from the Reserve Bank of Australia. The new regulator…
All banking comes with risk, but it could be better disclosed. Shutterstock

Why your bank account should come with a risk rating

What is the interest rate on your savings account? If you don’t know, you can easily find out. Banks advertise their rates prominently. They want you to know what they’re offering. After all, the interest…
Electronic payments will eventually trump cash. Dan Peled/AAP

Building a financial system for a cashless age

If the Financial System Inquiry is to achieve its aim of helping to promote growth and productivity in the Australian economy it will need to focus strongly on electronic payments. Submissions to the inquiry…
Banks are asking former CBA chief David Murray, now heading the Financial Systems Inquiry, to consider tax breaks on interest income. AAP/Dean Lewins

Banks want you to pay less tax on interest, but why?

Australia’s big banks want the government to give their customers tax breaks on interest income, having told the Financial Systems Inquiry it would encourage more savings. In turn, the banks will have…
Business Council of Australia and now National Commission of Audit head Tony Shepherd is unlikely to make recommendations that don’t fit with the Coalition’s agenda. Nikki Short/AAP

Beware the veil of independence in government reviews

The Abbott Coalition government, like the incoming Labor government before it, has marked the beginning of its term with a raft of reviews, including the wide ranging National Commission of Audit. Given…

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