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A blueprint for the next decade

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Joe Hockey says the final report from the independent financial system inquiry lays out a blueprint for the next decade.

The treasurer released the report that was put together by David Murray, the former boss of the Commonwealth Bank of Australia and inaugural head of the Future Fund, and his team after a year-long review.

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“The financial system is vitally important to boosting productivity and growth in the Australian economy,” Mr Hockey said at the release of the report in Sydney.

The report sets out a package of 44 recommendations to lay a blueprint to guide the financial system over the next decade.

“The recommendations of the inquiry seek to improve efficiency, resilience and fair treatment and in the financial system allowing it to achieve and support growth and a better standard of living for future and current generations,” Mr Hockey said on Sunday.

The government intends to further consult with industry and consumers before making any decisions on the recommendations.

This consultation will occur up until March 31, 2015.