The Murray Inquiry into Australia’s financial system releases its interim report today.
The Government, in establishing this inquiry, said that it will “establish a direction for the future of Australia’s financial system. The inquiry will lay out a ‘blueprint’ for the financial system over the next decade.”
So the managers of Australia’s banks, building societies, credit unions, wealth managers and other financial providers – and no doubt regulators such as the RBA, APRA, and ASIC – will be interested on what Murray has to say.
And of course, so will consumers, because consumers and competition within Australia’s financial system was one of the primary drivers of the inquiry.
The key issues which Murray signaled back in May were:
- The competitive landscape. Big providers told the inquiry things work fine; smaller ones said they were disadvantaged and needed a level playing field
- Access to credit by smaller Australian businesses
- Consumer questions about “disclosure and financial advice and investment.” The financial planning industry will be particularly attuned to this given the recent CBA problems and FOFA rollback
- Regulators and regulations. The regulators want more power but the banks say they have too much
- Demographics and longevity
- Technology, new providers and disruption from technological changes to industry
We’ll also be very interested in any discussion about the impact of the major banks’ too-big-to-fail status.
The report is out at 8am and David Murray will address the National Press Club at 12.30pm. Business Insider will have coverage throughout the day.