The final terms of reference are broadly in line with the draft terms, which were released in November along with the announcement of David Murray as the inquiry’s chair.
Mr Murray will be joined by former AMP chief executive Craig Dunn; investment banker Carolyn Hewson (who is stepping down from her role on the board of BT Investment Management); former chief executive of CSL Brian McNamee; and University of Melbourne professor of finance Kevin Davis.
Mr Hockey said the terms of reference have been finalised after input was received from a number of organisations and individuals during the consultation period.
“There was broad support for the draft terms of reference released last month. As a consequence, the government has made only minor changes to this document,” he said.
Financial Services Council director of policy and global markets Andrew Bragg welcomed the revised terms of reference, as well as the representation of the wealth management sector on the panel with the appointments of Mr Dunn and Ms Hewson.
“These two appointments reflect the importance of an industry with $2.2 trillion of funds under management to the Australian economy,” said Mr Bragg.
“The Financial System Inquiry review panel has the right mix of skills to make recommendations which will lead to growth, employment and ensure Australia’s largest industry is delivering for households and businesses,” he said.
Industry Super Australia also welcomed the final terms of reference, as well as the appointments of the four panellists.
“It’s a critical time in Australia’s history to forensically examine the operation of the financial system and look for ways to make it more efficient,” said ISA chief executive David Whiteley.
The Australian Private Equity and Venture Capital Association Limited (AVCAL) commended the government for making the inquiry a priority.
“It’s been a long time since the last comprehensive review into financial services, and a lot has changed in the 15 or so years since the Wallis Inquiry, so it’s the right time to be looking at the entire system again,” said AVCAL chief executive Yasser El-Ansary.
“In a highly competitive global marketplace, we have to do everything we can to ensure we have the right policy and regulatory frameworks in place domestically to invest in Australian businesses,” he said.
Submissions to the Murray Inquiry will open in early January and close at the end of March, said Mr Hockey.
