20 October, AtoZForex.com, Amsterdam — Near the end of last year, the Australian government concluded its final report of the Financial System Inquiry. Delivering one of the election promise of the Coalition. Considering that the financial sector is the largest segment in Australia’s economy. Contributing $139 billion over the past year, while employing 400,000 Australians.
After, close to a year later, the Australian government has responded accordingly to the inquiry recommendations through the release of the recent report: “Improving Australia’s Financial System”. In more detail, this document sets out an agenda to improve the Australian financial system. Building on the existing Government policy, the program aims to be implemented in stages over the upcoming years.
5 distinct strategic priorities
The comprehensive agenda is set to improve the overall financial system of Australia, while being divided into five distinct strategic priorities:
1. Resilience Measures
2. Superannuation Measures
3. Innovation Measures
4. Consumer Outcomes Measures
5. Regulatory System Measures
Immunity to future financial crises?
Interestingly, Australia is one of the few countries globally that has weathered the last financial crisis in an adept manner. Yet, the government clarify that it is not a guarantee to be immune future crises.
Hence, the resilience measures are set as the number one strategic priorities of Australia’s financial system improving agenda. The government aims to ensure that their financial system remains robust, especially for the sake of encountering future external shocks.
Australia improves client funds protection
As part of the resilience measures, by the end of 2015, the Australian government aims to develop: “legislation to facilitate participation of Australian entities in international derivative markets and better protect client monies.”
Marking already good news for investors and traders in Australia, as these amendments of the government will ensure that the clients’ funds protection is going to be enhanced further in a short time span.
Think we missed something? Let us know down in the comments section.