Page 3672 - Week 12 - Wednesday, 20 October 1993
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AUDITOR-GENERAL - REPORT NO. 8 OF 1993
Redundancies
MADAM SPEAKER: Members, I present, for your information, Auditor-General's report No. 8 of 1993, Redundancies.
Motion (by Mr Berry), by leave, agreed to:
That the Assembly authorises the publication of Auditor-General's report No. 8 of 1993.
Motion (by Mr Berry) agreed to:
That the Assembly takes note of the paper.
FINANCIAL INSTITUTIONS
Papers and Ministerial Statement
MS FOLLETT (Chief Minister and Treasurer): Madam Speaker, for the information of members, I present the Australian Financial Institutions Commission's annual report for 1992-93, and the Registrar of Financial Institutions' annual report for 1992-93, including financial statements and the Auditor-General's report. I ask for leave to make a brief statement.
Leave granted.
MS FOLLETT: Madam Speaker, the introduction of the financial institutions scheme on 1 July 1992 marked a major event in the history of the finance industry in Australia. For the first time a uniform national scheme for the prudential supervision of building societies and credit unions is in place. Its implementation was achieved through a high level of cooperation between the States and the Territories following the decision by the October 1990 Special Premiers Conference to establish a national scheme. The previous applicable law was contained in some 25 Acts of State and Territory legislatures. This was replaced by one principal statutory regime which was enacted as template legislation by the Queensland Parliament and adopted as applicable law by all other States and Territories. These two annual reports cover the first year of operations at the national and ACT levels.
The Australian Financial Institutions Commission is the national body charged with the responsibility for setting high prudential standards for the industry and overseeing the supervision of those standards by State and Territory supervisory authorities. The commission reports to the Ministerial Council for Financial Institutions, on which each State and Territory has equal representation. The ACT Registrar of Financial Institutions was established as the ACT supervisory authority on 1 July 1992, with responsibility for the day-to-day supervision of institutions to ensure compliance with all applicable standards. Madam Speaker, I am pleased that the ACT is a full and equal participant in the financial institutions scheme, which is an excellent example of the micro-economic reform achievable through cooperation between the States and Territories.
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