The Australian Centre for Financial Studies (ACFS) is a public-interest research centre within the Monash Business School.

Our research is accessible, evidence-based and independent, and aims to inform public policy, community debate and industry practice.

The research topics are directed by industry and government, and gathered through the support of a strong group of external stakeholders who participate in the Advisory Board and various working groups.

The work is mainly funded by external contributions though supplemented by support from Monash.

In addition to our research, ACFS acts as a platform for collaboration by experts across academia, industry and government, and supports Australia as an international centre for finance practice, research and education. We do this through our major ongoing projects including Financial Integration in the Asia Pacific, the Australian Equities Database, the Melbourne Mercer Global Pension Index and Funding Australia’s Future, as well as through research and dialogue arranged with and through our stakeholder network.

Our Mission, Vision, Code of Conduct, and History are as follows:


To support the essential role of financial services in the economy through evidence-based research, insightful dialogue and meaningful collaboration across industry, government and academia.


To be recognised internationally as the pre-eminent research centre for facilitating knowledge creation, knowledge transfer and thought leadership in the Australian financial sector.

Code of Research Conduct

ACFS conducts independent research into issues related to the financial sector. Contracted research is undertaken for industry research partners, or for the purpose of informing public debate about issues of concern to the sector and the wider community.

The strength of ACFS research is that it is driven by demand from industry, and is undertaken with a high level of expertise both within ACFS and across our wide network of academic and practitioner collaborators. We produce accessible, evidence-based and applied research that is non-partisan and non-sectoral in its perspective. While we welcome a diversity of views, the value of our work is underpinned by its independence.


MCFSACFS began life on 18 August 2005 as the Melbourne Centre for Financial Studies, with seed funding from the Victorian government. The initial members of the consortium were the University of Melbourne, Monash University, RMIT University and Finsia (Financial Services Institute of Australasia). The inaugural Executive Director of MCFS was Professor Kevin Davis.

In 2010, MCFS was re-launched as the Australian Centre for Financial Studies. It operated as a consortium of Monash University, RMIT University and Finsia, with the University of Melbourne, Victoria University, Deakin University and Griffith University contributing funds as ‘Associate Universities’ at various times. Professor Deborah Ralston served as Executive Director from 2009 to 2015.

In 2016, the consortium was disbanded and ACFS formally became a research centre of Monash Business School. Amy Auster was appointed Executive Director. ACFS retains close working links with its former Consortium and Associate Universities but continues to be operationally independent. In August 2016, Professor Rodney Maddock took over as interim Executive Director.

Annual Reviews

Australian Centre for Financial Studies: Annual Review 2016
Australian Centre for Financial Studies: Annual Review 2015
Australian Centre for Financial Studies: Annual Review 2014
Australian Centre for Financial Studies: Annual Review 2013
Australian Centre for Financial Studies: Annual Review 2012
Melbourne Centre for Financial Studies: Annual Review 2009 *
Melbourne Centre for Financial Studies: Annual Review 2007-08
Melbourne Centre for Financial Studies: Annual Review 2006-07
Melbourne Centre for Financial Studies: Annual Review 2005-06

* Note: Annual Reviews were not produced in 2010 and 2011.