When David Murray delivers the report of the Financial System Inquiry to the Treasurer in November it will be less about regulatory processes and short-term fixes and more about creating a blueprint for the long-term future of the Australian financial system and economy. Murray, who is chairing the inquiry, spoke at an Australian Centre for Financial Studies forum in Sydney yesterday. He said the broad terms of reference for the inquiry meant that it would be more like the Campbell Inquiry of 1979 than the 1996 Wallis Inquiry. Murray said: "Wallis was more about the regulation of the system. It had narrower terms of reference than we have. It made progress on regulatory structures. "Campbell had to deal with how to manage a system that was almost fully regulated and was moving to an open economy. It became a bit of a blueprint for operational efficiency, allocative efficiency and dynamic efficiency. "We are looking at those things too but in our case we are asking how well the deregulated system has worked. "People went back to first principles with Campbell. We can do that. Like Campbell, we can lay down a blueprint for our financial system." Murray said he was interested in looking at how well the system handled developments that were not anticipated by Wallis, such as the growth of the superannuation system and the financial crisis. He said the process of technological change had become a big driver of competition and had created a new competitive landscape in the financial system. The inquiry would look at how the financial system intersected with the economy and whether it was set up to help policy makers achieve their economic goals. "Do we want to be more like Europe and the US or more like Asia and the people we want to be growing with," he said. "Could we get much higher productivity in our economy and lift our trend growth? Can our financial system manage higher growth? Are we doing as well as we should in developing Australia as a financial centre? "I don't see why we should have a low target." Murray said what had surprised him most since taking on the job was the technology side of the issue. "Technology makes the array of business models endless," he said.