This is great news, reported by The Australian:
THE nation's major banks are gearing up for a "root and branch" review of the financial system of the type promoted by the opposition Treasury spokesman Joe Hockey.
While a federal election is not due until November next year, and Treasurer Wayne Swan remains opposed to an inquiry until the dust settles from the financial crisis, The Weekend Australian has learned that the banks are well advanced in their preparations...
In late 2010, Mr Hockey issued a nine-point plan to intensify competition in banking, which was followed by proposed terms of reference for a financial system inquiry.
Mr Murray and Mr Harper are understood to have contributed to the terms of reference.
Among the terms are the impact of new technology, the trade-off between heightened regulation and lowering the cost of capital, increased government involvement, the sector's ability to fund the economy, the outlook for competition and the shift in savings from the banking system into super.
