HomeView 2015 Media ReleasesFederal Budget must fund FSI implementation

The Customer Owned Banking Association has called for funding to be allocated in the May Federal Budget to ensure the Financial System Inquiry’s blueprint is implemented effectively.

The Customer Owned Banking Association has called for funding to be allocated in the May Federal Budget to ensure the Financial System Inquiry’s blueprint is implemented effectively.

“The Murray Report is a landmark report and it is in the interests of a competitive and stable financial system that its recommendations are implemented without delay,” COBA CEO Mark Degotardi said.

“Australian consumers will be the losers if this report is left to gather dust.

“The FSI recommendations aim to promote competition, consumer trust, resilience and innovation in the financial system and to ensure greater accountability of regulators.

“Six million dollars has already been committed to the FSI, so it’s vital this investment is not wasted.

“Our pre-budget submission charts a course to turn the Murray Report’s recommendations into action,” Degotardi said.

COBA’s 2015-16 pre-budget submission recommends the following measures:

  • A modest investment of up to $3 million to fund the establishment of a Taskforce which would oversee implementation of the Murray Report’s recommendations;
  • Setting up a Business Advisory Forum, to ensure stakeholders continue to be part of the FSI implementation process;
  • A commitment to respond to the Murray Report by May;
  • Regular progress reports on FSI implementation to ensure transparency and accountability; and
  • Provide business certainty by immediately adopting the FSI’s recommendation that the previous Government’s proposed tax on deposits be scrapped.

 For more information please contact:

Daniel McDougall, Senior Manager – Media and Communication

02 8035 8444 or 0407 637 541, This e-mail address is being protected from spambots. You need JavaScript enabled to view it

Customer Owned Banking Association is the industry body for credit unions, building societies, mutual banks and friendly societies.  See coba3.nexusone.com.au

Pre Budget Submission381.46 KB

Media Release143.67 KB


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