The Financial Sector and Deregulation in Australia: Drivers of Reform or Reluctant Followers?

Amanda Fitzgibbons

Accounting, Business and Financial History, 2006, vol. 16, issue 3, pages 371-387

Abstract: This paper argues that contrary to capture theory, a key feature of financial deregulation in Australia was the lack of support from financial sector interest groups. An examination of the Campbell Inquiry (1979--1981) reveals that deregulation was not initiated by either the regulated banks or unregulated non-bank financial institutions (NBFIs). In fact, both groups were resistant to change prior to the establishment of the Inquiry. During the Inquiry, neither group advocated wide-ranging deregulation, preferring the retention of many financial regulations.

Keywords: Financial deregulation; banks; non-bank financial institutions; Campbell Inquiry (search for similar items in EconPapers)

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