The Murray Report on Australia’s financial system has made a total of 44 recommendations which, if adopted, will significantly affect the banking, superannuation and payments sectors, other financial services participants and the capital markets.
The Inquiry has focused its Report on the present weaknesses it sees in Australia’s financial system – being distortions of funding flows to the real economy from tax and regulatory settings, a susceptibility to financial crises, inefficiency in the delivery of retirement incomes via superannuation, the prevalence of unfair consumer outcomes and a lack of policy or regulatory emphasis on the benefits of competition and innovation.
It recognises a series of material developments in the market since previous inquiries, including the GFC, technological innovation and that “the Australian financial system is part of a global economy increasingly influenced by Asia”.
In this publication we outline the key recommendations that we think are the ones to watch.
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The much anticipated China Australia Free Trade Agreement (ChAFTA) was announced earlier today. ChAFTA secures Australia’s competitive position with our largest trading partner and lays the foundation for a deeper and stronger long-term strategic partnership.
It’s a major step forward, sending a strong and unmistakable message that Australia is committed to developing a deeper engagement – economically, politically and socially – with China, and vice versa. This is the first agreement that China has concluded with a developed economy and the most comprehensive compared to any other nation.
Once ratified the key changes we can look forward to include: