Room 11-019, "The Spot", Faculty of Business and Economics
The University of Melbourne, Victoria, 3010 Australia
Ph: +61 3 8344 5098 (Unimelb)
Mobile: 0409 970 559
Orcid ID 0000-0002-5810-7172

As of January 1, 2021 I am an Emeritus Professor at Melbourne University.

I was also a member of the Financial System (Murray) Inquiry panel announced by the Federal Treasurer in December 2013 and which reported in November 2014.Since 2011 I have been a member of the Australian Competition Tribunal. In October 2019 I was appointed to the Board of Superannuation Consumers Australia.

Bank and Financial Institution Management in Australia

click to access file to download entire book or individual chapters  or contents list)

Bank and Financial Institution Management in Australia (last update 23/02/2023) by Kevin Davis is licensed under CC BY-NC 4.0

Recent Additions


Research Areas

Credit Unions and Demutualisation 

Australian Financial Sector Development and Regulation

Protecting Employee Entitlements

Access Pricing

Derivatives, Financial Engineering and Innovation 

Corporate Finance and Taxation

The Global Financial Crisis 

Banking and Funds Management

Funds Management and Superannuation

Financial Regulation



Additional Tier 1 Bonds (Submission to APRA consultation, November 8, 2023)

Bailing out of Bail-In Bonds (October 30, 2023)

Managed Investment Schemes Review-A Submission   (Treasury consultation submission, September 26, 2023)

Payments Systems Changes (ABC Money Show - interview, from 19th minute of audio)

(with Christine Brown) Submission to Senate Economics Committee Inquiry into Treasury Laws Amendment (2023 Measures No. 1) Bill 2023 [Provisions] on Off-market Buybacks and Restrictions on Paying Franked Dividends (March 23, 2023)

Review of "The Millionaires' Factory" (March 15, 2023)

Is this the start of another banking crisis (The Australian, March 20, 2023)

(with Christine Brown) Let's be Frank about Franking Law Changes (March 8, 2023)

How Good were the Covid Loan Support Schemes? (February 23, 2023)

(with Owen Covick) A Helping Hand for Treasurer Chalmers' Proposed Taxonomy (February 16, 2023) First Links, March 23, 2023)

(with Owen Covick) Why a $5 coin and not a $5 note repays public debt (First Links, February 8, 2023)


Buy Now Pay Later regulation (Submission to Treasury Consultation December 15, 2022)

(with Christine Brown) Off-market buybacks Scare Campaign (Letter to The Editor, AFR December 9, 2022)

(with Christine Brown) Improving the integrity of off-market share buy-backs (December 7, 2022, Submission to Treasury Consultation)

(with Christine Brown) The Franking Credits Policy Horse Race (December 5, 2022) The Age and SMH December 10, 2012)

(with Christine Brown) Off-market buybacks: Time to end regulatory capture (November 2, 2022) Pearls and Irritations November 7, 2022

(with Christine Brown) Noise, but not much logic in opposition to budget announcement re treatment of off-market-buybacks (AFR 31 October 2022)

(with Christine Brown) Franked Dividends and Capital Raisings (submission to Treasury Consultation) Sept 16, 2022

No more Wagyu and Beef for Household Mortgage Borrowers (in AFR Sept 12, 2022 as "Bad old days of credit regulation may be better than rate rises")

Superfunds should be long term lenders (August 23, 2022) (in FirstLinks edition 475, Sep15)

ADI Public Disclosures (Submission to APRA Discussion Paper on proposed changes to disclosure requirements) July 16, 2022

Designating Crypto as a Financial Product: A Perilous Approach to Regulation (May 31, 2022) (in AFR  June 7, 2022 as :"Regulation of crypto doesn't deserve credence")

Submission to Treasury Consultation on Crypto Asset Secondary Service Providers (May 26, 2022)

Basel Liquidity Requirements: Submission to APRA Review (April 8, 2022)

A fixed or floating mortgage rate: Does it matter? (The Conversation April 5, 2022)

An Opt-in, Universal (non-means-tested) Pension can fix several Super problems. (March 8 2022, First Links 450, 16 March 2022)

The Crypto Craze - Craziness! (Australian Financial Review, January 25, 2022 titled "Cryptocurrencies are gambling dressed up as investments")

Limiting Investor Harm: Is more needed in the case of CFDs? (January 14, 2022), FirstLinks January 27, 2022


The housing affordability crisis: What role for Basel? (October 5, 2021)

A good time to abolish negative gearing: If only bi-partisanship was possible (October 5, 2021) in Pearls and Irritations (October 18 2021)

Liquidity Regulation Changes should go beyond removing CLF (September 14, 2021)

Go Hard, Go Early: Good Advice, but the PM won't race. (Pearls and Irritations) September 13, 2021

Bank Share Buy-backs: Not a Good Look! September 6, 2021 (The Conversation, September 23, 2021 as Australia’s banks got $188 billion in cheap loans from the RBA. Now they’re funding share buybacks ), also in Pearls and Irritations

"Will BNPL survive?" August 21, 2021 (ANZ BlueNotes version, September 6, 2021)

"No Longer a temporary COVID measure, the government's super changes will most help wealthy tax-dodgers" The Conversation August 19, 2021 (also in First Links 13 October 2021)

"BNPL: Beautiful Now, Problems Later?" Webinar for University of Melbourne Consumer Finance Salon, 17 June 2021

"Small shareholders can be left worse off when companies raise funds. Here's how to protect them" (with David Petrie), The Conversation, 22 April 2021

"Bank Subsidy Disclosures Lacking" (The Australian 29/3/21 as "Canberra's Cheap Loan Schemes lack visibility") March 29, 2021

"The Greensill Supply Chain Finance collapse: a cautionary tale for Buy-Now-Pay-Later Schemes and their Regulators?" March 25, 2021

"Hard Bump Ahead?: Drop in insolvencies and bankruptcies is a ticking time bomb" The Conversation, March 11, 2021

"The New Reality for Financial Services" pp 43-44 in 30 Voices on 2030: The New Reality for Financial Services KPMG  February 22, 2021

"How Responsible Lending should look" Interview for Informa January 21, 2021

"Ideology triumphs over evidence: Morrison government drops the ball on banking reform" The Conversation, January 20, 2021


Protecting Borrowers When Interest Costs Are Hidden (Pearls and Irritations, 9 December 2020)

Home Ownership and Super: A Battle of the Sacred Cows (The Australian Financial Review 26 November 2020 as "Advantage in borrowing super to get on the housing ladder")

Why I signed the "Save Fair Lending" Letter (The Guardian, 26 November 2020 as "Why is the federal government trying to abolish a valuable safeguard for consumers"

The ASIC Governance Blues 28 October 2020, (The Conversation, 29 October 2020, version)

Home Equity Access to Wealth  (video presentation to Third Pillar Forum - Retirement Insights, 12 October 2020)

Can Removal of Responsible Lending Obligations be justified October 1, 2020 (The Conversation, 13 October, 2020)

Preventing a Mortgage Default Flood (Australian Financial Review, August 24, 2020 titled "How to avoid a flood of foreclosures when loan holiday ends")

(with Christine Brown) Time to Kill Off Tax-Driven Off-Market Buybacks (July 10, 2020, AusTaxPolicy Blog)

"Punting with Financial Products" (June 20, 2020) (FirstLinks, edition 366)

"Protection of Employee Entitlements should include temporary visa holders" (June 30, 2020) (The Conversation, 17 July 2020)

Shareholder Class Actions Make No Sense (submission to Parliamentary Joint Committee June 18 2020, shorter version in AFR 16 June 2020)

“Bank dividends are bare. Here's why some shareholders hate it more than they should” (The Conversation, May 7, 2020)

Super Fund Borrowing - Policy Inconsistencies (April 23,2020) (The Conversation version here)

Does Deferral of Bank Dividends Matter (April 10, 2020) (appendix with some numbers) (AFR online version) (Australian Tax Policy Blog)

Super Fund Borrowing and Liquidity (April 2, 2020)

Superannuation Liquidity: Fallacies Galore (April 1, 2020) (The Australian as "RBA can give liquidity support to super funds" (April 6, 2020)

Super Cash Needs: Not so simple (A response to Andrew Braggarticle in The Age, 30 March 2020)

Are additional crisis measures needed for supply chain finance? (March 25, 2020) (Australian Financial Review as "Fortify credit arsenal to avert supply chain finance meltdown", Tuesday 31 March 2020)

Can Super Soften the Blow? March 19, 2020 (version on The Conversation)

How to Abolish Property Stamp Duties (Australian Financial Review as "How to get the States off the Stamp Duty Drug" February 18, 2020)
DDO’s won’t protect financial consumers from overpriced products (February 5, 2020) (version on The Conversation)

Submission to Retirement Incomes Review (February 2, 2020)

Fixing the Tax Super Retirement Mess (January 30, 2020, also part of submission to retirement incomes review) (version on The Conversation, reprinted in The Canberra Times February 10, 2020, p 18).


Our leaders ought to know better: failing to pass on the full rate cut needn't mean banks are profiteering (The Conversation, October 10, 2019)

Tax-driven Off-Market Buybacks (TOMBs): Time to Lay Them to Rest (with Christine Brown) August 2019 (Australian Tax Forum, 36 (2), 2020 pp232-257 )

Hayne and The Future of the Australian Finance Sector Melbourne Money and Finance Conference, July 2019

Property Taxes and Stamp Duties (July 31, 2019)

APRA's Cultural Capital Levy (Australian Financial Review, July 16, 2019)
'Do no harm' isn't enough. Why the banking royal commission will ultimately achieve little. (The Conversation, May 20, 2019)
Fund Manager Risk and Return projections: Are they realistic? (Working paper April 2019)

The Hayne Royal Commission and Financial Sector Misbehaviour: Lasting Change or Temporary Fix? (forthcoming The Economics and Labour Relations Review, 2019 Issue 2)

Sam and the honest broker: why Commissioner Hayne wants mortgage brokers to charge fees (The Conversation, 24 March 2019)

Is a competitive banking fifth pillar feasible? (Australian Financial Review, 1 January 2019)


Will banks in the dock always work? (Australian Financial Review, 5 December 2018)

Australian Financial Regulation Developments: Issues for Mutual ADIs (presentation to COBA Annual Conference, 23 October 2018)

(with Rodney Maddock) Depositor Protection, Bank Liquidity Regulation and Taxation: Distortions affecting Superannuation (26 September 2018), forthcoming Australian Economic Review, 2019

(with Rodney Maddock) How to cut the red tape hurting super savers (Bluenotes 24 Sept 2018)

(with Rodney Maddock) Depositor Protection, Bank Liquidity Regulation and Taxation: Distortions affecting Superannuation (Australian Centre for Financial Studies, Commissioned Research by ANZ Bank) - AFR article by Joanna Mather summarizing main issues (August 20, 2018)

Shareholder Class Actions Make No Sense (submission to Australian Law Reform Commission Inquiry, 20 July 2018)

Should Dividend Imputation make us rethink company tax cuts? (Australian Financial Review 13 July, 2018)

(with Henry Herkes) Agribusiness MIS failures: Policy Lessons from the Quintis failure (3 July 2018) forthcoming Company and Securities Law Journal 2019, v37, 1, pp 4-22

Financial Product Design, Retail Investor Sophistication, and Issuer Incentives: A Case Study (3 July 2018), forthcoming Australian Accounting Review

Fintech: Implementation Status of the AFSI recommendations on Innovation (ACFS, Funding Australia's Future Stage 4) 20 May 2018

Banking royal commission: dodgy financial dealings expose greed and moral vacuum (Monash Lens) May 7, 2018

Bad Behaviour in Australia's Banking Sector (East Asia Forum, 14 April 2018)

Regulatory Changes to bank liability structures: implications for deposit insurance design (heavily revised version of "Depositor Preference and Deposit Insurance" presented at Auckland Uni symposium, 9 April 2018), forthcoming Journal of Banking Regulation


Broad mandate for financial services royal commission takes the heat off banks (The Conversation, 1 December 2017)

Replacing stamp duties: Securitisation may hold the key (Australian Centre for Financial Studies, Financial Policy Brief 2017-10, 26 October 2017)

Bail-in Securities: Fit for Purpose   (Productivity Commission Seminar, 14 September 2017)

Financial Sector Evolution since the Murray Inquiry: Current Status of Innovation Recommendations (overheads for talk, Oct 11, 2017)

MySuper Dashboards: Not so Super! (ACFS Financial Policy Brief, 2017-09, August 28, 2017)

Banker remuneration and accountability (ACFS Financial Policy Brief, 2017-08, August 8, 2017)

The case against stapled securities (prepared for the The Australian Tax System: The 2017 Great Debate, Tax Institute, Sydney August 16)

A fine time for moving money (AFR 4 August as "Bank royal commission odds just shortened")

Are the banks too big? (overheads from Melbourne Institute-The Australian Outlook Conference, July 21, 2017)

Banking Regulation: Has Complexity Worked? (Melbourne Money and Finance Conference, July 10-11, 2017) (JASSA version)

Bank Director Remuneration: Why No Downside Risk (ACFS Financial Policy Brief, 2017-07, June 2017)

A better bank tax (reported in The Australian, 9 June 2017), version on The Conversation

Reforming the Fair Entitlements Guarantee Scheme (submission to government consultation) ACFS Financial Policy Brief 2017-06 May 2017

(with Martin Foo and Rod Maddock) Catching up with Indonesia's Fintech Industry ACFS working paper May 2017 (Law and Financial Markets Review, forthcoming 2017)

Designing Capital Instruments for Mutual ADIs (submission to Hammond Review) ACFS Financial Policy Brief, 2017-05, May 2017

Rationalising the Big Bank Tax (AFR 15/5/17)

The Big Bank Tax, ACFS Financial Policy Brief 2017-03, May 2017

Proposed Revisions to Prudential Standard APS 330 Public Disclosure (Submission to APRA consultation)

Bank disclosures could be better (ACFS Financial Policy Brief 2017-02) March 2017

Central Banking and Prudential Regulation: How the wheel turns (forthcoming, Oxford Handbook of Central Banking), February 2017

Despite Superannuation Changes One Tax Loophole Remains (The Conversation, March 1, 2017)

Putting the Age Pension Assets Taper Test into Perspective (ACFS Financial Policy Brief 2017-01)


Fintech and its Regulation in Australia, Presentation to OJK-AIPEG workshop, Jakarta, Nov 2016

Platforms and Lending: Risks, Opportunities and Regulation, Presentation to Asian Development Bank, Fintech Bootcamp, Singapore, Nov 2016

Basel Bail-In Capital Requirements: Challenges for Asia, December 2016

Why Tracker Loans are a win-win product, Australian Financial Review, October 19, 2016

Retirement Income Policy: Australian Solutions to Behavioural Problems, McDonnell International Scholars Academy GLobal Meeting, Brisbane, September 22, 2016

Is a comfortable retirement out of reach of the average Australian (with Carsten Murawski and Roger Wilkins, Pursuit 23 August, 2016

Bail In Securities, Is the game worth the candle ACFS Finance Policy Brief, September 2016

Hunting the BIRP: Is there a Bail In Risk Premium in Australian Bank Hybrids? (with Michael Saba) Draft 20 June 2016

Peer to Peer Lending: Structures, Risks and Regulation (with Jacob Murphy) Melbourne Money and Finance Conference, July 2016 (published in JASSA, September 2016)

Infrastructure Bonds: A Missing Market for Retail Investors (ACFS Report for NAB, July 2016))

Financial Sector Data Availability: Important Reforms Needed (Submission to Productivity Commission Inquiry) FPB 2016 – 01: 29 July, 2016

The Australian Financial Sector: Some Prospective Developments (Presentation at NAB Treasury& Fixed Interest Conferences, Singapore and Hong Kong, May, 2016)

Stapled Securities: Adaptable Innovation or Antipodean Anomaly (Australian Tax Forum, 2016: 2)

Cooperative and Mutual Financial Institutions: Is there a Future? (Presentation to "Reviving the Cooperative Movement" Conference, Melbourne May 23, 2016)

Dividend Imputation and the Australian Financial System, JASSA, March 2016

Why Australia does not need a Royal Commission into banking (The Conversation, April 12, 2016)

Untangling the debate on bracket creep, dividend imputation and negative gearing (The Conversation, February 12, 2016)

Three factors pushing Australian banks into a retreat home (The Conversation, February 2, 2016)


Basel IV and Australian Banks (with Mark Lawrence) JASSA 2015 Dec

Financial Advice and Financial Resilience: An Australian Perspective (for UK Social Market Foundation, December 2, 2015)

Why Levying GST on the Banks has been in the 'too hard' basket (The Conversation, December 2, 2015)

Macroprudential Regulation and Banking Regulation (November 2015, forthcoming Australian Economic Review)

Asian Banking Integration, Depositor Preference and Deposit Insurance (November 2015)

Competition and the Murray Inquiry (Unisa/ACCC Competition Conference, Adelaide, October 2015), speaking notes

Depositor Preference and Deposit Insurance (revised Sept 2015)

Dividend Imputation and the Australian Financial System: What have been the consequences? Australian Centre for Financial Studies 21 October 2015

Tax Reform Aside, There's No Case to Kill Off Dividend Imputation The Conversation, 22 Oct 2015

Governments and their Inquiries: The outlook for the Financial System (Murray) Inquiry (ASFA Member Briefing, Brisbane September 2015)

Privatising Public Information: The Sale of the ASIC Business Registers, ACFS FRDP 2015-05, 4 September 2015

No Financial Claims Scheme Levy - A Good Decision - ACFS FRDP 2015-04, 1 September 2015 (also available at ANZ BlueNotes)

Bail In: Not a Panacea ANZSFRC Statement 13, 28 August 2015

"Trouble for the Banks" Radio National Interview (link)

P2P Lending Eureka Interactive Interview with Alan Kohler

"Banks are raising capital, but should we be worried?" The Conversation, 11 August 2015

Basel 4 and Implications for Australian Banks (with Mark Lawrence) Melbourne Money and Finance Conference July 2015

Australian Debt Securities and Corporate Bonds: Improving access to the Corporate Bond Market for retail investors (ACFS Report for NAB), June 2015

Depositor Preference, Bail-in, and Deposit Insurance Pricing and Design, April 30, 2015

Beyond April 2015 - The Long View on UK Pension Reform - International Trends and Consumer Behaviour (Contribution to Reform Conference)

Changing Organizational Form: Demutualization and the Privatization of Communal Wealth - Australian Credit Union Experiences (November 2015 revision - published in Annals of Public and Cooperative Economics)

What you need to know about Peer to Peer Lending (The Conversation, 30 March)

Speech to CIFR FSI Workshop (video) 11 March

CIFR FSI Panel Session - Regulation (video) 11 March

CIFR FSI Panel Session - Resilience (video) 11 March

AB+F report article Davis on Australian banks' rego check, 17 March, 2015

AB+F interview article FSI Pragmatism kills two birds with one stone, 17 March

AB+F interview article FSI is no shift back to regulation, 17 March, 2015

FSI Recommendations: Superannuation and Retirement Incomes. ASFA Luncheon Melbourne, February 2015

Retirement incomes policy reform in Australia (Reform Symposium, London, 10-11 February, 2015)

FactCheck: is Australia’s corporate tax rate not competitive with the rest of the region? (The Conversation 10 February, 2015)

InFinance profile interview (by Marion Fahrer) - contains commentary on FSI issues, January 2015 

Basel 3++: Buttons, Belts and Braces (ACFS FRDP 2015-01) January 21 2015


Risk Sharing and Access Pricing (December 2014) (revised version of earlier paper)

Liquidity Regulation in Asia: Are there benefits from Basel? November 2014

Financial System Inquiry, Final Report, November 2014

Competition and Financial Regulation, September 2014

Bank Capital Requirements, ROE and Pricing, September 2014

Financial System Inquiry, Interim Report July 2014

Challenges posed by underdeveloped financial markets and instruments (APEC presentation)

Measuring Adequacy of Retirement Savings, John Burnett, Kevin Davis, Carsten Murawski, Roger Wilkins and Nicholas Wilkinson Melbourne Institute Working Paper Series Working Paper No. 5/14, March 2014

Consumer Financial Protection (Invited talk, Fudan University, June 2014)

The Age of Retirement (ACFS Report prepared for AIST)

Financial Institution Leverage: Some Notes February 2014

How does the Financial System Work?, February 2014

"Australian Debt Securities and Corporate Bonds Trends and Prospects" 4th ACFS Bond Market Report for NAB, February 2014

"The Debt Maturity Issue in Access Pricing" Economic Record, Vol 90, No 290, September 2014, 271-281


"The Financial Claims Scheme" (An ACFS report for Challenger) August 2013

"Post Crisis Regulatory Change in Australia and New Zealand" (with Christine Brown and David Mayes) prepared for Joint International Meeting of Shadow Financial Regulatory Committees, Tokyo, Japan, 26-28 October, 2013

"Mutual Equity Interests: An oxymoron?" ACFS FRPD 2013-03 November 2013

Misdiagnosis of Crisis has led to Botched Liquidity RegulationShadow Financial Regulatory Committees of Asia, Australia-New Zealand, Europe, Japan, Latin America and the United States Joint Statement, Tokyo, October 28,2013

"Debt Securities and Corporate Bonds" ACFS Report for NAB, October 2013

"Hockey should put Islamic Finance on his Inquiry's agenda" The Conversation 7 August 2013

"Paying for the Financial Claims Scheme: Expanding the Options" (ACFS FRDP 2013-02, 3 September 2013)

"The Right Price for Low Risk Banks" Australian Financial Review 2 August 2013

Review of "The Bankers' New Clothes" by Anit Admati and Martin Hellwig (18 July 2013)

Rise of the super funds will shape financial sector, The Conversation 15 July 2013

Measuring Retirement Adequacy in Australia (with John Burnett, Carsten Murawski, Roger Wilkins, Nicholas Wilkinson) presented at 18th Melbourne Money and Finance Conference, July 1-2, 2013

Funding Australia's Future: Where do we begin? July 2013

Corporate Bond Market: Prospects for Growth (with Deborah Ralston) InFinance, June 2013, v127, No.2, pp 41 - 43

Understanding Corporate Bonds (ACFS Report for NAB), July 2013 

Dividend Washing (ACFS FRDP 2013-01, 7 June 2013) Also published on The Conversation

Privatizing Communal Wealth: Alternative Demutualization Strategies of Australian Credit Unions (working paper, 20 May, 2013)

Credit Risk and Public Sector Financial Risk Management (Presentation (overheads) at ERM Conference Canberra, 24 April, 2013)

Financial Policy and Regulation: APEC Region Initiatives (Presentation, Asia Pacific Financial Forum Symposium, Sydney, April 2013)

Of Financial Advice and Advisers (ANZSFRC Statement No 11, April 5, 2013)

Super funds: an investment vehicle for scientific research? (Op ed on The Conversation 25 February 2013)

How Does Five Billion Dollars Rate? (6 February 2013) (Op ed on The Conversation 7 February 2013 titled "US government’s lawsuit against S&P puts ratings agencies back in the spotlight"

Australian Corporate Bonds: The Missing Asset Class for Australian Retail Investors (ACFS Report for NAB, January 2013)

Risk Management and Climate Change: The Role of the Financial Sector (Think Tank Report for VCCAR)

Risk Management and Climate Change: The Role of the Financial Sector (Background Paper for ACFS and VCCCAR Think Tank, 5 December 2012)


Financial Crisis Management: Who Has Power: Who's Accountable? (InFinance, Nov/Dec 2012, V126 No 4, pp44-45)

Remittances: Their Role, Trends, and Australian Opportunities (Report by ACFS for Western Union) November 2012

Trade in Financial Services (Background paper for MAFC Training Program, Singapore, November 2012)

Australia's Trade in Financial Services in PwC, Melbourne Institute, AsiaLink, ANZ Services Report, October 2012

Down the Yellow Brick Road - or up the garden path? (The Conversation 8 November, 2012)

Basel 3: Implications for the Australian Financial System (Talk to CEDA function 8 October 2012)

Government Cost of Capital (FTA Congress presentation, Melbourne, November 2, 2012)

Corporate tax cuts: who needs them? (26 October 2012) (The Conversation, 31 October 2012)

Tail Wags Dog in Retail Government Bond Market Development (18 September 2012)

Financial Crisis Management - Power and Accountability (ACFS, FRDP 2012-05, 17 September 2012)

Stapled Securities: Antipodean Anomaly or Adaptable Innovation? (revised version of earlier working paper, 16 September 2012)

Off-Market Buybacks in Australia: Tax Changes and their Consequences (working paper, 5 September 2012, with Christine Brown)

Britain's Banking Reforms - Is this the future shape of banking? (ACFS Financial Regulation Discussion Paper 2012-04, 12 September 2012)

Should there be a bank deposit guarantee fee? (The Conversation, 5 September 2012)

The Debt Maturity Issue in Access Pricing (working paper, September 2012)

Yes, Bonds are Risky  (op ed), (AFR 22 August 2012)

Testimony to Senate Economics Committee Inquiry into the post-GFC banking sector 8 August 2012 (link to Hansard)

Introductory Remarks to Senate Economics Committee Inquiry into the post-GFC banking sector  8 August 2012

Financial Regulatory Reform: What is the Australian Vision? Address to NSW Economics Society Forum 19 July 2012

Why Stapled Securities? ACFS Financial Regulation Discussion Paper 2012-03, 15 June 2012

Reserve Bank Interest Rate Cut, commentary - The Conversation, 5 June 2012

The Australian Banking Sector Post-GFC  ACFS Submission to: Senate Economics Committee “Inquiry into the post-GFC banking sector” (Submission 49), June 4, 2012

Small Cap Equity Raisings: Are the ASX Proposals the Best Option (ACFS Financial Regulation Discussion Paper 2012-2), May 14, 2012

Buybacks Beware (ACFS commentary, with Christine Brown) May 3, 2012

Don't forget the debt: there's more to fiscal prudence than a return to surplus (The Conversation, May 2, 2012)

Too Big to Swallow (published in Business Spectator (May 1, 2012) as The Four Big Elephants in the Room

A system at risk: the case for regulatory overhaul in Australia's banking sector, (on The Conversation)

ANZSFRC Statement No 10 Do the Big Four Australasian Banks Require Special Regulation? April 12, 2012

Superannuation: Individual experiences over the past decade (An ACFS report for AIST using data from the HILDA survey), March 2012

Can a Corporate Bond Market solve the Super Equity Bias? (Australian Financial Review op-ed 20 March 2012 - retitled as "Traps lurking in new corporate bond market"

Proportionate Financial Regulation (Melbourne APEC Finance Centre workshop, 5-9 March 2012)

Interview with Satyajit Das (on The Conversation)

Banking Profitability, Bank Capital and Competition (Australian Centre for Financial Studies, Financial Regulation Discussion Paper 2012-1, 20 February 2012)

Slower Credit Growth: A Benefit for Bank Capital Positions (Australian Financial Review op-ed 21 February 2012 - retitled as "Benefits of Slower Credit Growth)

Rates of wrath: understanding the Big Four's actions on interest rates (The Conversation, 15 Feb 2012)

Sky News Interview on Bank Interest Rates 9 February 2012

Why the Equity Bias (Australian Financial Review op-ed (retitled "Tax system drives us to equities") 7 Feb 2012)

Higher Bank Capital: What's Wrong with That? (Australian Financial Review op-ed (retitled "Social Dimension to Bank Capital Ratios"), 30 Jan 2012)

Finance Sector Employment on a Slippery Slope (Australian Financial Review op-ed 18 Jan 2012)

Stapled Securities: Antipodean Anomaly or Adaptable Innovation (working paper) January 2012


"The Global Financial Crisis and Financial Regulation in the Antipodes" by Christine Brown, Kevin Davis, Mervyn Lewis, David Mayes, in R Litan (ed) WORLD IN CRISIS: Insights from Six Shadow Financial Regulatory Committees From Around the World

Should Banks Be Compelled to Pass on Interest Rate Cuts? (The Conversation, 6 Dec, 2011) 

Eurozone debt on ABC 24 9 December 2011

Superannuation: Trends and Issues (ACFS-KPMG report)

The contagion effect: how much will Australian banks be buffeted by Europe? (The Conversation, 24 November 2011)

12 per cent: What's it worth? (ACFS report for AIST)

Rogue Traders (comments on ABC Inside Business, Sunday 2 Oct)

The Vickers Report: Implications for Australia (ACFS FRDP 2011-4)

Response to the Exposure Draft of the 2011 Strategic Roadmap for Australian Research Infrastructure

Living Wills (The Conversation, 7 October 2011) also on Business Spectator

Different Times - Less Fuss on Deposit guarantee (AFR 14 Sept 2011)

Private Saving: The Role of Life Event Products (ACFS Report for Abacus)

The role of credit ratings agencies (The Conversation, 2 August 2011)

Household Saving and Investing for Life-Cycle Events:Government Incentives and Insurance Bonds

The Australian Financial System in the 2000s (Reserve Bank Conference Paper) (August 2011)

Taxes, Tenders and the Design of Australian Off-Market Share Repurchases (August 2011) (published in Accounting and Finance, October 2012)

Million Dollar cap doesn't fit (AFR 8 June 2011)

Regulatory Reform after the Global Financial Crisis (MAFC Quarterly #11, May 2011)

Cost of Equity Issues: A further report for the AER

Deposit Insurance - Getting the Financial Claims Scheme Settled (ACFS, FRDP 2011-03)

Basel III - Liquidity Options (ACFS, FRDP, 2011-02)

Self Managed is the Key (op-ed, AFR 16 April 2011)

Risk Sharing and Access Pricing

 The Future of Australian Bank Funding (ACFS-KPMG Report)

Regulatory Reform Post the Global Financial Crisis: An Overview

Off-market share repurchases: policies wanted (ACFS, FRDP 2011-01)

Buybacks - what is happening? (op-ed, AFR 9 March 2011)

Mortgage fees must be transparent (op-ed, AFR 24 Feb 2011)

Cost of Equity Issues: A Report for the AER

Housing Mortgage Contract Design and Banking Sector Competition (January 2011) Submission to: Senate Economics Committee Enquiry “Competition within the Australian banking sector”


Its Easy to Exit from Exit Fees (op-ed)

Are Tax Incentives Needed for a Fifth Pillar (op-ed)

ACFS FRDP 2010-06 What is "fair" taxation of credit unions

Housing Mortgage Contract Design and Banking Sector Competition (Senate Economics Committee Bank Competition Inquiry, Submission #8)

Taking off the bank fee blindfold (op-ed)

ACFS FRDP 2010-05 Mortgages: Time to Redesign

Mortgage Contract Redesign (op-ed)

Mortgage Market: Time for Reform (op-ed)

Mortgage Interest Rates and Mortgage Contracts (op-ed)

So many ways to sell a corporate bond (op-ed)

Why Pre-Tax Discount Rates Should be Avoided (working paper) 

The Urgent task of Recapitalizing banks: Doing it Gradually (op-ed)

Bank Governance: What do we know; What should we do? (working paper)

ACFS FRDP 2010-04 Why be Afraid of Higher Bank Capital Requirements? 

Rethinking Financial Regulation (Melbourne University Insights)

Financial Wellbeing in Retirement (AFCS-Finsia Monograph)

ACFS FRDP 2010-03 Leverage and Self Managed Super Funds

ACFS FRDP 2010-02 Deregulating Retail Bond Issuance

ACFS FRDP 2010-01 Taxing the Banks

Bank Capital Adequacy: Where to Now? (working paper). Published in Regulatory Failure and the Global Financial Crisis: An Australian Perspective edited by Mohamed Ariff, John Farrar and Ahmed M. Khalid

Regulation of Managed Investments: Lessons from the Great Southern Failure (published JASSA)

APRA's Rapid Access Proposal (AFR 3 Feb 2010)

ABC "The Money" Podcast - Challenger Banks

Link to articles for The Conversation

Link to Financial System Inquiry

Link to Study of Financial System Guarantees (2004)

Links to international comparative data sets

Useful Links

SSRN webpage


Op-Eds and Commentary

Australia-New Zealand Shadow Financial Regulatory Committee

ACFS Roundtable: Disability Insurance

ACFS Roundtable: Super and Insurance

Protection of Retail Investors in Australia - background information

Capitalising Credit Unions - a plan for survival

A Melbourne Commerce Academic's Lot  (a bit of Xmas party doggerel)

University Debt Funding

Miscellaneous Notes