Australia's Financial Regulatory System after Murray Review
Posted: 20 Mar 2016
Date Written: October 6, 2015
The Global Financial Crisis of 2008-09 has forced governments across the world to rethink the financial regulatory system. In Australia too, the Financial System Inquiry or Murray Inquiry (2014) considered the post-Wallis Inquiry (1997) scenario and examined, among others, the financial regulatory architecture and its adequacy to meet the changing needs of the economy. As the Australian government is still considering the regulatory changes suggested by the Murray Inquiry it is appropriate time to reflect on the evolution of Australian financial regulation. The present paper (a) provides a historical account of the evolution of the Australian financial regulatory system (b) examines whether the regulatory reforms proposed by the Wallis Inquiry achieved the set objectives (c) discusses the new regulatory approach proposed by the Murray Inquiry and (d) analyses the adequacy of Murray recommendations to meet the desired public policy objectives.
Keywords: Murray Review, Australia, Financial Regulation
JEL Classification: G21, E61
Suggested Citation: Suggested Citation