How does Murray measure up to Wallis?

David Murray's Financial System Inquiry report has echoed some of the recommendations made by the 1997 Wallis inquiry. Will the government listen this time?

There is much to like about the Murray Report. It is more succinct than the Wallis report and, aside from some abstruse concepts, it is mostly a straightforward read. It outlines the three touchstones of a well-functioning financial system: resilience, efficiency and fairness.  

Many recommendations are broad exhortations for excellence and will allow considerable latitude in interpretation and adoption. But some are surprisingly specific.

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