Date/TimeDate(s) - 10/07/13
4:30pm - 6:00pm
10 Shelley Stret
The Australian Centre for Financial Studies (ACFS) will launch the Funding Australia’s Future project to undertake a stocktake of the Australian financial system, and its role in facilitating economic growth within the wider economy. The launch will host guest speaker Guy Debelle, Assistant Governor (Financial Services), Reserve Bank of Australia.
ACFS has instigated Funding Australia’s Future to examine current issues in the Australian Financial Sector and the need for reform. While the sector has played an important role in an economy which has enjoyed 21 years of consecutive economic growth, and shown resilience through the GFC which is the envy of many nations, the past decade has been one of significant change.
The rapid growth of the superannuation sector, the emergence of the Global Financial Crisis (GFC) from 2007, and the wave of re-regulation that followed have reshaped the sector. As a consequence, deficiencies in the financial sector, its institutions, markets and regulation, have been revealed which can potentially impede economic growth into the future. The concentration of savings into superannuation funds, the potentially reduced availability of credit in the banking sector, the loss of a viable securitisation market, the lack of a corporate debt market, and a lack of funding for infrastructure and innovation are just some of the issues which present a threat to the financial sector’s ability to allocate resources to where they are most needed.
In undertaking this analysis, ACFS has worked with a key group of financial sector stakeholders, including the ABA, Abacus, AFC, AFMA, ASFA, ASF, ASX, the Future Fund, FSC, ICA, and NAB, as well as the Treasury and the RBA.
In Stage 1 an evidence base is developed which identifies issues that warrant further investigation and consists of the following three papers:
“Financing Australia’s Future: from where do we begin?” – authored by Professor Kevin Davis, ACFS, University of Melbourne;
“The Future Demand and Supply of Finance” – authored by Professor Rod Maddock, Monash University; and
“Improving Australia’s Financial Infrastructure” – authored by Dr Daniel Mulino, Pottinger.
The three papers will be released for public comment on 10th July.
Venue Partner: KPMG