The Wire

David Murray has released the Financial Services Inquiry report. Shifting the last resort liability for the big banks from the Federal Government and Reserve bank back to the big four – ANZ, CBA, NAB & Westpac is one of the recommendations, as is other “market distortion” factors. ANZ has warned that rates could go up by 1% as a result, but the smaller banks will be more competitive. Financial advisors will need more qualifications, and self managed super funds also come in for some attention.