The Commonwealth Bank of Australia (the Group) has today lodged its final submission to the Financial System Inquiry.
The Group was pleased to submit its initial recommendations – ‘Wellbeing, Resilience and Prosperity for Australia: Financial System Inquiry’ (First Submission) – to the Inquiry in March 2014. This final submission provides responses to the July 2014 Financial System Inquiry Interim Report (Interim Report), and serves as a companion document to the First Submission.
The Group welcomes the opportunity to work with the Inquiry to develop constructive ideas and tangible outcomes to address the opportunities and challenges faced by the financial system.
Many observations in the Interim Report such as the priority of customer wellbeing and system resilience in competition, funding, stability, superannuation and technology positively reflect the Group’s views. In some areas, Commonwealth Bank has a different perspective on the observations made by the Inquiry. In such cases, it offers alternate evidence-based proposals for consideration.
The Group’s Final Submission focuses on three key themes: contributing to a prosperous future for Australians, building on a solid foundation; and maintaining system resiliency. The key recommendations made by the Group in the Final Submission include:
The Commonwealth Bank looks forward to the Final Report from the Financial System Inquiry.
Zoe Viellaris/Louise Ingram
Group Corporate Affairs
(02) 9118 6919