Australia: More questions than answers in the Murray Report

When Australia commits itself to undertaking comprehensive inquiries into its financial services industry, it’s worth keeping an eye on their longer-term impact. The Campbell Report in 1981 led to the floating of the Australian dollar, while a by-product of the Wallis Inquiry of 1997 was the creation of the Australian Prudential Regulation Authority (Apra). Australia’s first financial system inquiry since then was led by David Murray, who between 1992 and 2005 was CEO of Commonwealth Bank of Australia (CBA) before becoming inaugural chairman of the Future Fund.