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The Global Financial Crisis has brought to light many of the excesses of our financial and corporate systems. As US banks start to return to profitability and economic forecasters point to signs of recovery, we cannot afford to simply return to business as usual. Every crisis offers opportunity and we should not miss this moment to strengthen our financial system though better, stronger regulation that delivers for all.
Despite the GFC, what induced it and common recognition that regulation has been a contributing factor to Australia dodging its worst impacts; we are now hearing a chorus line from the captains of our banking and finance industry warning against stronger regulation.
There is an opportunity not only to better regulate our finance industry but to develop a plan for the industry to promote its strengths and services to our region of the world. This means investing in Australian jobs and skills and ceasing the practices of job cutting and sending our jobs offshore.
Related FSU submissions now available on our website.
Proposed extensions to governance requirements for APRA regulated institutions
Post your comments on our online forum. What should government and the industry do to ensure we don’t miss the opportunity to build a better finance sector? How can we promote genuine competition while building sustainable finance sector jobs?
Authorised by FSU National Secretary Leon Carter back to top