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 â€˜financial.
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,.
integrity and fairness.
The members of the Inquiry are:.
Mr Stan Wallis (Chairman).
Mr Bill Beerworth.
Professor Jeffrey Carmichael.
Professor Ian Harper.
Mrs Linda Nicholls.
The Secretary is Mr Greg Smith.
Financial System Inquiry.
iv . . .
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.
of March 1997.
Approach of the Committee.
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.
The Inquiry has also held discussions with a number of financial system.