THE Turnbull government's response to David Murray's -financial system inquiry (FSI) is not ringing any new warning bells that should make any of us think "watch out". 
In fact, the biggest pain for borrowers has already been flagged, with Westpac announcing it will raise interest rates on home loans by 20 basis points in   November.
It hasn't happened yet, but other banks are bound to follow after Westpac endures most of the heat for hitting the hike button first.
The FSI was concerned about banks' capital holdings compared to loans they have issued and so the Australian Prudential Regulatory Authority forced the big banks to increase their shares on the stock market. This has dragged down share prices, hurting investors' and super funds' returns, so -average Australians have suffered to have safer banks.
By the way, even though there has been a slug on borrowers because of these new capital raisings, at least term deposit rates are set to rise which should please many risk-averse retirees. The government yesterday backed these FSI/APRA -actions and there could be more capital raising ahead, so share prices could fall again.
Also in yesterday's ann-ouncements were new laws to force financial advisers to raise their professional standards, which can only be a good thing, provided it improves their ethical standards at the same time.
The recommendation to stop self-managed super funds borrowing for property was rejected for better monitoring of this lending to limit the growth of cowboy property spruikers.
This is a win for DIY super fund people who don't want to be overexposed to shares.And consumers have to cheer a commitment to ban -excessive surcharging on credit cards. Boy, is that one overdue.