Australia's Financial Regulatory System after Murray Review

Posted: 20 Mar 2016

See all articles by Milind Sathye

Milind Sathye

University of Canberra - School of Accounting, Banking and Finance; University of Canberra - School of Business and Government

Date Written: October 6, 2015

Abstract

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

Sathye, Milind, Australia's Financial Regulatory System after Murray Review (October 6, 2015). Available at SSRN: https://ssrn.com/abstract=2750232

Milind Sathye (Contact Author)

University of Canberra - School of Accounting, Banking and Finance ( email )

Canberra, Australian Capital Territory 2601
Australia

University of Canberra - School of Business and Government

Canberra, ACT 2601
Australia

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