Murray's modesty highlights the financial system's virtues

In spite of its treatment of the big four banks, the inquiry's conservatism suggests the financial system is already fairly robust.

Anyone looking for big and bold proposals for reform to emanate from the Financial System Inquiry would have been disappointed by its relatively low-key reality. Apart from the well-flagged punishment of the major banks for being too big and an interesting idea for driving down superannuation costs, it is, despite its 320 pages, a report full of modest and largely platitudinous recommendations.

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