Next page . . . . Previous page . . . . Speeches . . . . Contents . . . . Debates(HTML) . . . .

Legislative Assembly for the ACT: 1997 Week 10 Hansard (25 September) . . Page.. 3425 ..

I am pleased to present to the Legislative Assembly the Financial Institutions (Removal of Discrimination) Bill 1997.

Most authorities or activities regulated by ACT legislation can only conduct their banking affairs with banks.

This Bill through a Schedule changes this practice by amending seventeen statutes so that credit unions and building societies can be optional financial institutions for the banking activities of these authorities. A number of ACT Acts have already been amended, in conjunction with changes in other provisions, to give effect to this policy.

The removal of the requirement that ACT regulated bodies conduct their banking affairs only with banks recognises the maturity of credit unions and building societies as members of the financial sector and allows for greater choice and competition in the provision of financial services. By enhancing the opportunity for competition this legislative package is consistent with the recent announcement by the Commonwealth Treasurer in relation the reform of Australia's financial system.

The amendments do not obligate regulated bodies to conduct their banking affairs with credit unions and building societies but simply provide regulated authorities with alternatives for the conduct of their banking affairs.

All jurisdictions, except Victoria, have enacted similar legislation to this Bill.

I commend the Bill to the Assembly.

Next page . . . . Previous page . . . . Speeches . . . . Contents . . . . Debates(HTML) . . . .