The release on 20 October 2015 of the final Financial System Inquiry report has proved to be the largest overhaul in nearly two decades for the financial system, starting almost immediately.
Key recommendations call for
The Financial System Inquiry will establish a direction for the future of Australia's financial system and will out lay a 'blueprint' for the financial system over the next decade.
We’ve pulled together a snapshot of the headline recommendations and our initial reactions and insights.
The focus on the regulatory system provides important impetus to continue the efforts in ensuring that Australia retains a world class regulatory system.
PwC Australia recently submitted its formal response to the Australian Federal Government's inquiry into Australia's financial system. Our submission calls for wide-ranging reforms to be made to three critical areas of the nation's financial system: superannuation, bank funding and taxation.
Being more realistic about the inherent uncertainty of the future drives several key themes in our submission:
PwC's Financial Services Leader for Australia, Hugh Harley says about this submission: "Finance must be directed to the best and highest uses and our financial system needs to be sufficiently robust to withstand the inevitable stresses and surprises of coming decades. This requires consistent economic growth, genuine productivity improvements and sound Budgets."
Headed by Mr David Murray AO, the inquiry will make recommendations on the future of Australia including its financial services competitiveness, efficiency and stability. The inquiry helps shape the nation's broader deregulation agenda and follows the Wallis and Campbell inquires of the 80s and 90s.
The recommendations - 35 in total - are contained in PwC's submission to the Federal Government's Financial System Inquiry.
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