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Government response to the Financial System Inquiry

The Government established a Financial System Inquiry (‘the Inquiry’) in late 2013, delivering on our election commitment to hold a root and branch examination of Australia’s financial system.

The Inquiry, chaired by Mr David Murray AO, was asked to make recommendations that would position the financial system to best meet Australia’s evolving needs and support economic growth. The Inquiry found that Australia has a well performing financial system. The Government’s response will ensure it is the best in the world.

Following extensive domestic and international consultations, the Inquiry delivered its final report to the Government on 28 November 2014. When releasing this report, the then Treasurer announced a period of consultation to help inform the Government’s response to the Inquiry’s final recommendations. More than 180 written submissions were received, complemented by extensive stakeholder engagement through meetings and roundtables.