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FAF the Future Demand and Supply of Finance

FAF the Future Demand and Supply of Finance

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Published by David Smith

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Published by: David Smith on Aug 07, 2013
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The Funding Australia’s Future ProjectProfessor Rodney Maddock and Peter Muncktonwww.fundingaustraliasfuture.com/thefuturedemandandsupplyoffinance
The Funding Australia’s Future Project
Funding Australia’s Future
The Australian Centre for Financial Studies (ACFS) instigated the project
Funding Australia’s Future
inlate 2012 to undertake a stocktake of the Australian financial system, and its role in facilitatingeconomic growth within the wider economy.In an economy which has enjoyed 21 years of consecutive economic growth and shown resiliencethrough the Global Financial Crisis (GFC) which is the envy of many nations, the financial sector hasplayed a strong and pivotal role. The past decade, however, has been one of significant change. Theimpact of the GFC and the subsequent wave of global re-regulation have had a profound effect onpatterns of financing, financial sector structure, and attitudes towards financial sector regulation.Identifying the extent to which these changes are transitory or likely to be more permanent is crucialto understanding how financing patterns and the financial sector will develop over the next decadeor so.The
Funding Australia’s Future
project is in three stages, the first of which analyses the interactionbetween suppliers of funds, financial sector participants, and end users throughout the economyand assesses future demand for and supply of finance in Australia.In undertaking this analysis, ACFS has worked with a group of financial sector stakeholders, includingthe Australian Bankers Association (ABA), Abacus, the Australian Finance Conference (AFC), theAustralian Financial Markets Association (AFMA), the Association of Superannuation Funds of Australia (ASFA), the Australian Securitisation Forum (ASF), the Australian Securities Exchange (ASX),the Future Fund, the Financial Services Council (FSC), the Insurance Council of Australia (ICA), andNational Australia Bank (NAB), as well as Treasury and the Reserve Bank of Australia (RBA).This paper is one of three in Stage One, which include:
“Financing Australia’s Future: from where do we begin?” – authored by Professor KevinDavis, Australian Centre for Financial Studies, University of Melbourne;
“The Future Demand and Supply of Finance” – authored by Professor Rod Maddock, MonashUniversity and Peter Munckton, independent financial consultant; and
“Improving Australia’s Financial Infrastructure” – authored by Dr Daniel Mulino, Pottinger.Issues identified in Stage One of the project will be examined in some detail in Stage Two, withpolicy options being addressed in Stage Three.
Stage 1:Setting theSceneStage 2:Exploringthe IssuesStage 3:IdentifyingOptions
The Funding Australia’s Future Project
Notes on the Authors
Professor Kevin Davis:
Kevin is the Research Director of the Australian Centre for Financial Studiesand has been Professor of Finance at The University of Melbourne since 1987. He currently holds apart time appointment at Melbourne University and also as a Professor at Monash University in hisrole as Research Director of ACFS. He is a member of the Australian Competition Tribunal, a Directorof SIRCA, and was on the Board of Melbourne University Credit Union from 1991 – 2011. Kevin hasco-authored/edited sixteen books and has published numerous chapters in books and articles inacademic journals. Kevin has extensive consulting and training experience, is a regular contributor topublic debate on financial matters, and a regular speaker at industry and academic conferences. In2003 Kevin was appointed by the Federal Treasurer to prepare a report on “Financial SystemGuarantees”, assessing the case for introduction of deposit insurance.
Dr Daniel Mulino:
Daniel is the Director, Policy at Pottinger (an independent corporate advisoryfirm). He has a PhD in Economics from Yale University (2005), a Master of Economics from theUniversity of Sydney (Hons, 1st), and a Bachelor of Arts/Bachelor of Laws (Hons) from AustralianNational University. Daniel has undertaken research into the relationship between internationalcapital flows, migration and the impacts of an ageing society at the Board of Governors of theFederal Reserve of the United States and worked as a consultant to the Private Sector AdvisoryServices Group of the World Bank. In Australia, he was Economic Adviser to the Minister forEmployment and Workplace Relations, Minister for Financial Services and Superannuation, where heworked on the establishment of, and the Minister’s interaction with, the Natural Disaster InsuranceReview, as well as government adoption of the Investment Manager Regime, a key recommendationarising from the Johnson Review into Australia as an international financial centre.
Professor Rodney Maddock:
Rod is an Adjunct Professor at Monash University and was a seniorexecutive at the Commonwealth Bank for the last decade after earlier stints as Chief Economist forthe Business Council of Australia, and Head of Economic Policy in the Victorian Cabinet Office. Priorto that, Rod was one of Australia’s leading academic economists as Professor of Economics atLatrobe University. He is currently working on a book on the history of the Australian economy.
Peter Munckton:
Peter is a Sydney-based consultant, He has long experience in the sector havingbeen general manager for strategy at the Commonwealth Bank and earlier Head of Debt MarketResearch at CBA. He has also worked as an economist and equity strategist at Bankers Trust of Australia, and earlier he worked in various roles at the Commonwealth Treasury.* The Australian Centre for Financial Studies (ACFS) is a not-for-profit consortium of Monash, RMIT,Deakin, Griffith and Melbourne Universities, and Finsia (Financial Services Institute of Australasia).ACFS facilitates industry-relevant and rigorous research and consulting, thought leadership andindependent commentary. Drawing on expertise from academia, industry and government, theCentre promotes excellence in financial services.www.australiancentre.com.au

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