The federal government is seeking submissions for its inquiry into the nation's financial system, the first in 16 years.
The Department of Treasury says the inquiry will lay out a blueprint for the financial system for the next decade.
The department on Thursday said that while the financial sector had served Australia well, it had been transformed by domestic as well as international economic forces.
There had also been a substantial regulatory reform agenda and growth in superannuation, as well as changes in the structure of the industry, technology, innovation and broader macro-economic trends, it said.
Submissions are due by March 31.
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The financial system inquiry, chaired by former Commonwealth Bank of Australia boss and Future Fund chairman David Murray, will provide an interim report by midyear and a final report in November.
Previous financial system inquiries include the Campbell report in 1981, which led to the floating of the Australian dollar and the deregulation of the financial sector.
The Wallis Report in 1997 led to streamlined financial services regulation, the creation of the Australian Prudential Regulation Authority and the current structure of the Australian Securities and Investments Commission.
