On 7 December 2014, the Government released the final report of the Financial System Inquiry.
The report makes 44 recommendations to serve as a blueprint for the financial system over the next decade. The recommendations focus on two general themes: funding Australia’s economy and boosting competition; and five specific areas: resilience; superannuation and retirement incomes; innovation; consumer outcomes and the regulatory system.
The Government is consulting on the Inquiry’s recommendations before making any decisions, and is calling for written submissions from all stakeholders, including industry and members of the public.
A number of the Inquiry’s recommendations are the responsibility of the financial regulators – APRA, ASIC and the RBA. While each regulator will consider the recommendations that relate to their legislative mandate the Government would welcome submissions on these recommendations.
The Inquiry has made a number of observations on tax issues. These will be considered under the Tax White Paper process and submissions on tax issues should be directed to that process, with details to be announced shortly.
Making a Submission
Interested parties are invited to comment on the Inquiry’s recommendations.
While submissions may be lodged electronically or by post, electronic lodgement is preferred. For accessibility reasons, please submit responses sent via email in a Word or RTF format. An additional PDF version may also be submitted.
All information (including name and address details) contained in submissions will be made available to the public on the Treasury website unless you indicate that you would like all or part of your submission to remain in confidence. Automatically generated confidentiality statements in emails do not suffice for this purpose. Respondents who would like part of their submission to remain in confidence should provide this information marked as such in a separate attachment.
As a number of recommendations are the responsibility of the financial regulators – APRA, ASIC and the RBA – your submission will be made available to these agencies unless you indicate otherwise.
Legal requirements, such as those imposed by the Freedom of Information Act 1982, may affect the confidentiality of your submission.
Closing date for submissions: Tuesday, 31 March 2015
Address written submissions to:
Senior Adviser
Financial System and Services Division
The Treasury
Langton Crescent
PARKES ACT 2600
Email: fsi@treasury.gov.au
For enquiries please call David Crawford (02) 6263 2757.
