On 20 November 2013, the former Treasurer, the Hon. Joe Hockey MP, released a draft terms of reference for the Financial System Inquiry (the Inquiry) for consultation with interested stakeholders.
After completing this consultation process on 20 December 2013, the former Treasurer released the final terms of reference and appointed a Committee, independent of Government, to undertake this task. The members of the Committee are listed on the following pages.
The Committee was charged with examining how the financial system could be positioned to best meet Australia’s evolving needs and support Australia’s economic growth.
On 24 March 2014, the former Treasurer appointed an International Advisory Panel (the Panel) to the Inquiry. The Panel’s role was to provide the Inquiry with an expert perspective on aspects of the terms of reference, including technological change, Australia’s global competitiveness and offshore regulatory frameworks.
The Financial System Inquiry Final Report was released on Sunday 7 December 2014 and the Inquiry has concluded.
On Tuesday 20 October 2015 the Hon Scott Morrison and the Hon Kelly O’Dwyer released the Government’s response to the Inquiry.