Financial technology, or FinTech, is transforming our financial system and potentially our entire economy and it’s not just about digitising transactions. Just as the internet has empowered people around the globe through access to information, financial technology is reducing information asymmetry in the marketplace and thereby helping to mitigate risk and promote the efficient allocation...

The Australian Government initiated two major reviews in 2014: the Financial System Inquiry and the Competition Policy Review. These have highlighted policy trade-off between competition and financial stability. Since the global financial crisis, policymakers and economic researchers internationally have highlighted the need for prudential regulation while sidelining the importance of competition. The working paper argues...

Savings decisions are essential in reallocating income across periods but understanding this concept may be mired by low levels of financial literacy. We survey individuals to identify the role of financial literacy in savings rates. We note differences in financial literacy and savings rates between genders and across age groups and income levels. We show...

The Australian superannuation system will not reach maturity until the mid-2030s, when those on the point of retirement will have enjoyed the benefits of compulsory superannuation savings for their full working lives. Until very recently, the focus in superannuation has been on the Accumulation phase, but with the maturing of the system and increased longevity...

This report responds to the objective in the Inquiry’s Terms of Reference to best position Australia’s financial system to meet Australia’s evolving needs and support economic growth. It offers a blueprint for an efficient and resilient financial system over the next 10 to 20 years, characterised by the fair treatment of users.