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Australian financial inquiry warns of dangers of country's booming housing sector

SYDNEY--An inquiry into Australia's financial system highlighted in a report Tuesday the risks its booming housing sector has on economic stability and perceptions its major banks are “too big to fail.”

The inquiry is the first major investigation into the finance sector since 1997 and follows the global economic crisis, which revealed the risks and damage caused by banking collapses.

“The financial crisis has changed the way we think about vulnerabilities,” inquiry chairman David Murray, a former chief executive of the Commonwealth Bank, said in a speech.

“Sustaining confidence in the Australian financial system has been central to the work of our inquiry.”

The 460-page interim Financial System Inquiry report comes ahead of the release of the final review in November.

It did not make any recommendations but canvassed a wide range of options to address possible concerns, including the effectiveness of financial regulators.

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