The Treasurer announced on 30 May 1996 the establishment of an Inquiry into the Australian financial system, to report to him by 31 March 1997.
The Inquiry was directed to provide a stocktake of the results arising from the financial deregulation of the Australian financial system since the early 1980s. The forces driving further change were analysed, in particular, technological development. The Inquiry made recommendations on the nature of the regulatory arrangements that will best ensure an efficient, responsive, competitive and flexible financial system to underpin stronger economic performance, consistent with financial stability, prudence, integrity and fairness.
The Inquiry was chaired by Australian businessman, Mr Stan Wallis and was supported by a full time secretariat. The Secretary was Mr Greg Smith who was seconded from the Treasury. The secretariat was responsible exclusively to the Inquiry and included staff from the private sector and staff seconded from other agencies.