Commonwealth Bank and Government Guarantee

Commonwealth Bank: Inquiry chair David Murray said while his report is a blueprint for the future of Australia financial system, it probably better for the government to clarify its position."In the markets, people will wonder about something and make decisions and guess which way the government might jump, according to Nine News Australia. So it is healthier to move on it," the former Commonwealth Bank chief told Sky News. Finance Minister Mathias Cormann said on Sunday a response to the inquiry is still months away. Meanwhile the country awaits a final decision on a bank deposit levy, a policy announced by the Rudd government in 2013 that due to start in 2016. He said while a fee was charged for an explicit guarantee during the 2008-2009 global financial crisis, unless the money is put aside from other government expenditures to deal with the problem, it would leave taxpayers vulnerable. It meant to pay for a government guarantee should a bank collapse, but the Murray inquiry doubted it would cover the size of the problem."So there wasn't a lot of point doing it," Mr Murray said. (news.financializer.com). As reported in the news.