Financial Services Council (FSC) chief executive John Brogden described Mr Murray as the “right person at the right time” with a “deep knowledge of the financial services sector”.
“We are pleased that he will be supported by a council of international experts to advise on international competitiveness and offshore regulatory frameworks,” said Mr Brogden.
The Financial System Inquiry is likely to play a “critical role” in underpinning Australia’s economic growth, he added.
Mr Brogden said he expected the export of Australian financial services to Asia to be a particular emphasis of the inquiry.
Association of Superannuation Funds of Australia (ASFA) chief executive Pauline Vamos said the inquiry would provide her organisation with the opportunity to demonstrate how superannuation capital contributes to the Australian economy.
ASFA will provide an in-depth, evidence-based submission to the inquiry based on its “significant research resource base”, she said.
Industry Super Australia chief executive David Whiteley welcomed the focus on efficiency within the draft terms of reference, along with “the need for finance to not become disconnected from the real economy and meeting the needs of businesses and consumers”.
“Australia can sustainably grow, and it can prosper, even though the population is ageing and the mining investment boom is waning. But for this to happen, the country’s pool of savings has to be mobilised into investments in productive assets,” said Mr Whiteley.
He pointed out that a major focus of the G20 is “long-term investment in infrastructure and productivity-enhancing capital formation”.
“Industry super funds not only rely on investments to provide strong net returns to members, but also to support productivity growth and employment in Australia,” said Mr Whiteley.
Australian Private Equity and Venture Capital (AVCAL) chief executive Yasser El-Ansary also welcomed the inquiry, and called for a focus on “policy and regulatory settings that promote greater involvement by the Australian financial services industry in medium and longer-term domestic investment opportunities”.
“AVCAL supports the broad direction of the draft terms of reference, particularly the inclusion of our superannuation system, which currently struggles to play the role it should in matching our longer-term capital needs,” he said.
“The system’s settings do not currently strike the right balance and consequently too much of our superannuation investments have a short-term focus and that’s to the detriment of superannuants and the broader economy,” said Mr El-Ansary.
