David Murray has released the Financial Services Inquiry report. Shifting the last resort liability for the big banks from the Federal Government and Reserve bank back to the big four – ANZ, CBA, NAB & Westpac is one of the recommendations, as is other “market distortion” factors. ANZ has warned that rates could go up by 1% as a result, but the smaller banks will be more competitive. Financial advisors will need more qualifications, and self managed super funds also come in for some attention.
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