Murray on the money with his inquiry

By The Canberra Times
Updated April 23 2018 - 11:18pm, first published December 9 2014 - 7:29pm

When former Commonwealth Bank chief executive David Murray was appointed last year to head an inquiry into Australia's financial system, there were many who predicted it would take a pro forma approach, as well as handling the biggest and most influential industry players with kid gloves. The report handed to the federal government at the weekend is less a whitewash, however, than a bracingly direct manifesto on what Mr Murray says is a clear need to to improve the resilience and the integrity of Australia's financial system. Among the more contentious recommendations: higher capital reserve requirements for Australia's major banks, compelling the big four banks to hold a higher level of capital against their mortgage books (similar to the regional players), banning self-managed super funds from borrowing to buy existing housing stocks, diluting the influence of unions and employer associations on industry superannuation funds boards, and raising the competency standard of financial advisers and planners.

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