'Australia's banks need more capital to survive financial crises'
December 8 , 2014
Australia’s banks ought to hold greater capital to survive financial crises of the future, a report has said.
It also calls for a minimum education standard for financial advisers and a reduction in pension fund fees.
Reforms were particularly needed in capital levels, inefficient taxes and bank competition, the financial system inquiry report said.
David Murray, former CEO of the Commonwealth Bank of Australia, headed the report. The inquiry was launched last year.