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Bank lobbyist questions FSI scope

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By James Mitchell
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2 minute read

The Murray Inquiry should "stop looking for problems" with Australia's financial system, argues Australian Bankers' Association chief executive Steven Münchenberg.

Answering questions during a panel session at a Centre for International Finance and Regulation conference in Sydney yesterday, Mr Münchenberg said that if Australia was going to have a problem, we would have had it over the last six years.

“I caveat that by saying it is not a cause for complacency and it is not a cause for not making change and improvement, but there is an awful lot of trying to find the problems,” he said.

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“It’s almost as if Australia somehow feels left out.”

Mr Münchenberg said there is a common attitude towards ignoring the fact the economy works and instead searching for problems because “everybody else had a bloody great big crisis and we didn’t, and we are going to look and look and look until we find the reason".

“I keep harping on about this and I will for the next three or four years for the whole course of the [Financial System Inquiry]: we have a system that is basically working well,” he said.

“It’s like having a car that gets you from A to B and does it fine, but let’s make sure we are using the right petrol, let’s fine tune it, let’s change the oil. 

“But let’s not just constantly try and find the reason we are going to have a crisis because everyone else had one and we missed out.”

Bank lobbyist questions FSI scope

The Murray Inquiry should "stop looking for problems" with Australia's financial system, argues Australian Bankers' Association chief executive Steven Münchenberg.

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