David Murray says the success of his financial system inquiry will partly depend on the quality of submissions.

Contributions from independent research bodies and “impartial” submissions from industry will be critical, the review chairman told an Australian Centre for Financial Studies event last week.

Submissions close at the end of this month. The five-member panel will then publish a mid-year interim report before handing final recommendations to Treasurer Joe Hockey by November.

“I have been encouraged by what ‘my little gang’ has heard to date,” Mr Murray said. “We have already had extensive consultations with industry, regulators, government and research bodies, and it seems people are genuinely committed to contributing to this inquiry.”

Issues include how super funds allocate capital and whether Australia’s financial services should be more attuned to fast-growing Asian economies or the slower ones of Europe and the US.

Federal Treasurer Joe Hockey has appointed an international advisory panel to assist the inquiry and provide expert perspectives on issues such as technological change, Australia’s global competitiveness and offshore regulation. The panel will comprise Michael Hintze, David Morgan, Jennifer Nason and Andrew Sheng.

The extra input will help the inquiry make recommendations that foster an efficient, competitive, and flexible system, consistent with financial stability, prudence and public confidence, Mr Hockey says.

Mr Murray says his panel wants to “provide a blueprint for the future. That is probably the most powerful value-add we can achieve.”

The inquiry’s role is different from the previous Campbell and Wallis reviews, he says.

“The 1981 Campbell inquiry was all about the opening up of the Australian economy and the role of the financial services sector in that change process. It was akin to Australia’s economy getting rid of its L-plates.

“The Wallis inquiry, by contrast, was more focused on how you regulate that system. This inquiry has to come to terms with a post-global financial crisis world.”