ACFS initiated Funding Australia’s Future in 2012 to better understand the changing dynamics of the financial system and its impact on future economic growth.These three papers, released in July 2013, provide an evidence base on the current state of the Australian financial system, how it has evolved over the last 10 years and how it is likely to change in the future. The papers also provide an overview of the regulatory and financial infrastructure that governs the system.

The papers were launched by Guy Debelle, Assistant Governor of the Reserve Bank of Australia.

Keynote address | Summary of research | Media release

Details of each paper can be accessed using the links below.


From Where Do We Begin?
Professor Kevin Davis

The Global Financial Crisis (GFC) marked a turning point in the dynamic evolution of the structure of the Australian financial sector. A number of pre-existing trends disappeared and many of the changes can be linked directly or indirectly to the GFC. Whether these changes are likely to be transient or longer-lasting is a key question for further research and analysis… Read more


The Future Demand and Supply of Finance
Professor Rodney Maddock and Peter Munckton

Households, businesses, and government experience periods when their demand for funds exceeds their own savings, and other periods when their savings exceed their needs. In understanding how Australia will fund its future, we thus need to form views about the net savings/borrowings of the domestic sectors and about the availability of foreign capital to fill any shortfall… Read more


Improving Australia’s Financial Infrastructure
Dr Daniel Mulino

The productivity of Australia’s financial system is one of the key determinants of Australia’s overall economic performance and the wellbeing of its population. Throughout the economy, the finance sector underpins the efficient allocation of existing resources, the accumulation of resources for future use and the management of risk… Read more


A key objective of this project is to ensure the papers bring together a diverse range of insights and opinions from all areas of the Australian financial services sector, however in accordance with the ACFS Code of Research Conduct, the final outcomes are independent. This project was supported by the following organisations:




Professor Kevin DavisProfessor Kevin Davis is the Research Director of the Australian Centre for Financial Studies and has been Professor of Finance at The University of Melbourne since 1987. He currently holds a part time appointment at Melbourne University and also as a Professor at Monash University in his role as Research Director of ACFS. He is a member of the Australian Competition Tribunal, a Director of SIRCA, and was on the Board of Melbourne University Credit Union from 1991 – 2011. Kevin has co-authored/edited sixteen books and has published numerous chapters in books and articles in academic journals. Kevin has extensive consulting and training experience, is a regular contributor to public debate on financial matters, and a regular speaker at industry and academic conferences. In 2003 Kevin was appointed by the Federal Treasurer to prepare a report on “Financial System Guarantees”, assessing the case for introduction of deposit insurance.

Professor Rodney MaddockProfessor Rodney Maddock is an Adjunct Professor at Monash University and was a senior executive at the Commonwealth Bank for the last decade after earlier stints as Chief Economist for the Business Council of Australia, and Head of Economic Policy in the Victorian Cabinet Office. Prior to that, Rod was one of Australia’s leading academic economists as Professor of Economics at Latrobe University and as a Professor of Economics at La Trobe University. He is currently working on a book on the history of the Australian economy.

Dr Daniel MulinoDr Daniel Mulino is the Director, Policy at Pottinger (an independent corporate advisory firm). He has a PhD in Economics from Yale University (2005), a Master of Economics from the University of Sydney (Hons, 1st), and a Bachelor of Arts/Bachelor of Laws (Hons) from Australian National University. Daniel has undertaken research into the relationship between international capital flows, migration and the impacts of an ageing society at the Board of Governors of the Federal Reserve of the United States and worked as a consultant to the Private Sector Advisory Services Group of the World Bank. In Australia, he was Economic Adviser to the Minister for Employment and Workplace Relations, Minister for Financial Services and Superannuation, where he led the establishment of, and the Minister’s interaction with, the Natural Disaster Insurance Review, as well as government adoption of the Investment Manager Regime, the key recommendation arising from the Johnson Review into Australia as an international financial centre.

Peter MuncktonPeter Munckton is a Sydney-based consultant. He has long experience in the sector having been General Manager for Strategy at the Commonwealth Bank and earlier Head of Debt Market Research at CBA. Prior to that Peter was one of Australia’s leading financial-market researchers, including roles as the Chief Debt Strategist at CBA, an equity strategist at Bankers Trust Alex. Brown and as Senior Economist at Bankers Trust. Peter also worked in various roles at the Commonwealth Treasury in Canberra.

The Australian Centre for Financial Studies (ACFS) initiated the Funding Australia’s Future project in late 2012 to undertake a stocktake of the Australian financial system, and its role and challenges in facilitating future economic growth within the wider economy.

In an economy that has enjoyed 21 years of consecutive economic growth and shown a resilience through the Global Financial Crisis (GFC) which is the envy of many nations, the financial sector has played a strong and pivotal role. The past decade, however, has been one of significant change. The impact of the GFC and the subsequent wave of global re-regulation have had a profound effect on patterns of financing, financial sector structure, and attitudes towards financial sector regulation. Identifying the extent to which these changes are transitory or likely to be more permanent is crucial to understanding how financing patterns and the financial sector will develop over the next decade or so.

The Funding Australia’s Future project is in three stages, the first of which analyses the interaction between suppliers of funds, financial sector participants, and end users throughout the economy and assesses issues likely to affect the future demand for and supply of finance in Australia.