Biographic Details and Topic of This Week's Speaker

 

Nick Hossack is Principal at Pegasus Economics, an economics consultancy specialising in financial services. Nick is currently advising Australia's Regional Banks on the Government's Financial System Inquiry (FSI). Prior to being an economics consultant, Nick was Policy Director at the Australian Banker's Association where he had responsibility prudential regulation, payments system, competition policy and industry structure. In the 1990s, Nick served as an adviser to Federal Politicians, including the Prime Minister, Hon. John Howard MP. Nick is published on financial issues, is a regular contributor in media and industry conferences.

 

Topic: Financial System Inquiry

 

Australia's financial system performed well through the Global Financial Crisis (GFC), no bank failed and no taxpayer's money was used to prop up the system. When the Treasurer Joe Hockey formally announced a Financial System Inquiry (FSI) in late 2013, to be chaired by former CBA CEO, David Murray, it was assumed that the Inquiry would find little case to change what is regarded as a successful industry. Yet, David Murray has proven to be quite radical in his thinking and foreshadowed reforms. While yet to finally report, Australia's financial system looks set for a shake-up with far reaching implications for banks, shareholders, superannuants, customers and all Australians.

 

In this talk, Nick Hossack explains the nature of the financial system, how it works, and uses that framework to discuss key issues being examined in the FSI. These include: competition in banking, superannuation fees, the problem of 'too big to fail', system safety, small business finance, housing finance, and financial advice.