Bowen against industry inquiry after election
Federal Treasurer Chris Bowen says he has seen no reason for a full-blown inquiry into the financial services industry, after the Coalition indicated it would revisit the Wallis inquiry if elected.
The financial services industry is strong and well regulated, and there is no reason for a full-blown inquiry, according to Federal treasurer Chris Bowen.
Speaking at a Financial Services Council/ Industry Super Network breakfast function this morning, Bowen said he would need to be convinced of the rationale to revisit the Wallis inquiry - something the Coalition recently promised to do if elected.
“My question [to the Coalition] is, what are you trying to achieve? Is it a mechanism to get rid of four pillars? Is it a mechanism to achieve some other policy goals? Tell us what it is,” Bowen said.
He added any inquiry would open question marks about potential policy outcomes. Given the financial services industry was already strong and well regulated, the Government had so far seen no reason to conduct one, Bowen added.
“I will need to be convinced of the rationale at this point for a wide ranging inquiry into financial services and I’ve yet to hear one from the Opposition,” Bowen said.
The Treasurer also reaffirmed the Government’s commitment to legislate the five-year freeze on superannuation changes, and expressed disappointment that the timetable for the superannuation guarantee increase from 9-12 per cent is not supported by the Federal Opposition.
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