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Into To Deregulation

The financial system is essential to the well-being of all Australians.

The system is undergoing change under the pressure of new market and

customer needs, new technologies and global competitive forces. The last

comprehensive review of the system was undertaken by the Australian

Financial System Inquiry (the Campbell Committee), which presented its

report in 1981. Decisions taken in the following years set in train substantial

reforms of the regulatory framework generally described as ╦ťfinancial

The Treasurer, the Hon. Peter Costello MP, established the present Financial

System Inquiry in June 1996 with the following mission:

The Inquiry is charged with providing a stocktake of the results arising

from the financial deregulation of the Australian financial system since the

early 1980s. The forces driving further change will be analysed, in

particular, technological development. Recommendations will be made 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,

The full Terms of Reference are reproduced in Appendix A.

The Inquiry is required to provide a final report to the Treasurer by the end

The Committee has adopted several lines of inquiry in its approach to the

Terms of Reference. Shortly after its establishment, the Inquiry invited

submissions from the public. A total of 268 submissions were received.

Analysis of these submissions by the Inquiry is continuing and they have

provided valuable input for this paper.

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