Australian financial system review sets priorities for next decade

SYDNEY, July 15 Mon Jul 14, 2014 6:52pm EDT

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SYDNEY, July 15 (Reuters) - A government-backed review of the Australian financial system said on Tuesday it has performed "reasonably well" in facilitating economic growth, but highlighted a number of looming challenges, including fiscal pressures, slowing productivity growth and technological change.

The panel chaired by the former head of the Commonwealth Bank of Australia is tasked with laying out a blueprint for the financial system over the next decade. It identified a several priority issues in a 460-page interim report, including superannuation efficiency, regulatory architecture and technology risks.

The government will hold further consultation with industry on Tuesday's interim report, with a final report due by November.

(Reporting by Swati Pandey. Editing by Jane Wardell and Dan Grebler)

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