On 7 December 2014, the Government released the final report of the Financial System Inquiry. The report makes 44 recommendations to serve as a blueprint for the financial system over the next decade. The recommendations focus on two general themes: funding Australia’s economy and boosting competition; and five specific areas: resilience; superannuation and retirement incomes; innovation; consumer outcomes and the regulatory system. The Government is consulting on the Inquiry’s recommendations before making any decisions, and is calling for written submissions from all stakeholders, including industry and members of the public. A number of the Inquiry’s recommendations are the responsibility of the financial regulators – APRA, ASIC and the RBA. While each regulator will consider the recommendations that relate to their legislative mandate the Government would welcome submissions on these recommendations. The Inquiry has made a number of observations on tax issues. These will be considered under the Tax White Paper process and submissions on tax issues should be directed to that process, with details to be announced shortly.
This consultation process has now been completed. Submissions availableDate