Submissions, Speeches and Meetings

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Appendix B

Submissions, Speeches and Meetings

The Committee wishes to express its appreciation for the valuable insights and information provided by those who made submissions, provided technical briefings and participated in public consultations.

B.1 Submissions

The Inquiry invited submissions on its terms of reference shortly after it commenced. It received a total of 268 initial submissions and a further 155 supplementary submissions following the release of the Discussion Paper. Copies of submissions made by the people and organisations listed below were made available to the public through the Expo Document Copy Centre. Those received in electronic form were also made available on the Inquiry’s home page. The Inquiry also received 29 confidential submissions (not listed below).


Advance Bank Australia Limited

Ms Elsie Ahrens

Mrs S. H. Allen

American Express

Mr Bruce Andrews

ANZ Banking Group Limited

Ms Myrna Apostol

Asia Pacific Investment Register Pty Ltd

Asia Pacific Smart Card Forum

The Association for Australian Pacific Co Operative Development Ventures

Association of Superannuation Funds of Australia


Attorney-General’s Department

AusAsean Services Ltd


Austock Brokers Pty Ltd

Austraclear Ltd

Austral Mortgage Corporation

Australian Association of Permanent Building Societies

Australian Bankers’ Association

Australian Banking Industry Ombudsman

Australian Bureau of Statistics

Australian Business Chamber

Australian Centre for Family Business

Australian Chamber of Commerce and Industry

Australian Chamber of Manufactures

The Australian Coalition for Economic Justice

Australian Competition and Consumer Commission

Submissions to the Inquiry (continued)

Australian Consumers’ Association

The Australian Council of Housing Societies Pty Ltd

Australian Custodial Services Association

Australian Direct Marketing Association

Australian Finance Conference Limited

Australian Financial Counselling & Credit Reform Association Inc

Australian Financial Institutions Commission

Australian Financial Markets Association

Australian Friendly Societies Association

Australian Home Loans Limited

Australian Institute of Superannuation Trustees Inc

Australian Investment Managers’ Association (with the Investment Funds Association and the Life, Investment & Superannuation Association)

Australian Investors Association Ltd

Australian Lifewriters Association (with National Council of Life Agents Association)

Australian Mutual Provident Society

Australian Owned Companies Association

Australian Payments Clearing Association

The Australian Privacy Charter Council

Australian Retirement Income Streams Association Limited

Australian Securities Commission

The Australian Securitisation Forum

Australian Shareholders’ Association Limited

Australian Society of Certified Practising Accountants

Australian Society of Certified Practising Accountants (with The Institute of Chartered Accountants in Australia)

Australian Society of Corporate Treasurers Limited

Australian Stock Exchange

Australian Superannuation Savings Employment Trust

Australian Unity Friendly Society

Austrapay Limited

Mr J. Axtens

Mr James K. Bain

Mr Guy T. Baker

Bananacoast Community Credit Union Ltd

Bank of Melbourne

Bank of Western Australia Ltd

Bankers Trust Australia Limited

Mr D. Banks (with Mr J. Berry)

Mr A. V. Barker

Mr Peter J. Bellamy

Bendigo Bank Limited

Mr J. Berry (with Mr D. Banks)

Better Beverages Pty Limited

Mr Richard Blake

Bretroe Pty Limited

Mr Adrian C. Bryant

Buoyant Economies

Mr Edmund L. Burgi

Mrs V. D. Burnett

The Hon Alan Cadman MP

Capricornia Credit Union Ltd

Card Technologies Australia Limited

Ms Norma M. Catto & Family

Centre for Australian Financial Institutions

The Centre for Electronic Commerce

Centre for International Research on Communication and Information Technologies

Mr Kevin Childs (with Jan Sharples)

Citibank Limited

Citizens Electoral Council of Australia

City Acceptance Corporation Pty Ltd

Colonial Group

The Combined Council of Associations of State Retirees (Victoria) Inc

Commercial Union Insurance

Committee for Melbourne

Commonwealth Bank of Australia

Commonwealth Law Enforcement Board

Companies and Securities Advisory Committee

Connelly Temple Limited

Mr David Connolly

Consumer Credit Legal Centre (NSW) Inc

Consumers’ Federation of Australia Inc

Mr L. Cook

Mr Stan Cooke

Dr Kathie Cooper

Coopers & Lybrand Actuarial & Superannuation Services Pty Ltd

Submissions to the Inquiry (continued)

Mr Stuart Coppock

Corrs Chambers Westgarth

Council of Financial Supervisors

Council of Small Business Organisations of Australia Ltd

Mr Laurence G. Cox

Mr E. H. Craill

Credit Reference Association of Australia Limited

The Credit Union of Canberra Ltd

Credit Union Services Corporation (Australia) Limited

Cumpston Sarjeant Pty Ltd

Ms C. Currie

Mr Albert Date

Professor Kevin Davis

Ms Alice De Jonge

Department of Justice (Queensland)

Diners Club Limited

Disability Discrimination Commissioner

Mr Ian Donaldson

Mr James Hugh Donohoe

Mr Ric Donovan

Economic Reform Australia South Australian Division Incorporated

Economic Reform Australia (New South Wales)

Mr Piyadasa Edirisuriya

Ernst & Young

Federation of Building Societies of WA

Fidelity Investments

Finance and Administration Industry Training Advisory Body Ltd

Finance Sector Union of Australia

The Finance Sector Union (New Zealand)

Financial Planning Association of Australia Limited

Financial Services Network

Mr D. Ford

Department of Foreign Affairs and Trade

Foreign Currency Borrowers Association

Mr G. J. Fox

Mr John Fox-Little

Mr P. D. Glover

Godfrey Pembroke Financial Consultants

Good Shepherd Youth and Family Service

Mr B. Grove

Mr Bruce W. Hamilton

Dr Kim Hawtrey

Head Injury Council of Australia Inc

Health Employees Superannuation Trust Australia

Mr Laurence F. Hoins


The Howard Group

Mr J. A. Iliffe

Department of Industry, Science and Tourism

Dr D. C. Ingamells

The Institute of Actuaries of Australia

The Institute of Actuaries of Australia Superannuation Practice Committee

The Institute of Chartered Accountants in Australia

The Institute of Chartered Accountants in Australia (with Australian Society of Certified Practising Accountants)

Institute of Public Insurance Assessors Inc

Insurance Council of Australia Limited

Insurance Enquiries & Complaints Ltd

Insurance and Superannuation Commission

International Accounting Standards Committee

International Banks and Securities Association of Australia

Intersure Pty Ltd

Investment Company Institute

Investment Funds Association of Australia Limited (with the Australian Managers’ Association and the Life, Investment & Superannuation Association)

Mr A. Jacobs

James N. Kirby Pty Ltd

Mrs Joan Jennings

Mr Jeremy Johnson

Mr J. Jordan

Mr Steve Keen

A. G. Kelly

Kendalls KBM

Mr L. Kennedy

Mr B. Kenrick

KPMG Chartered Accountants

Submissions to the Inquiry (continued)

KPMG Chartered Accountants (with Phillips Fox)

Mr Jaynendra Kumar

Law Council of Australia

Law Institute of Victoria

The Law Society of New South Wales

Legal & General Life of Australia Limited

Mr John LeMaistre

Mr G. & Mrs M. G. Lennox

Life Insurance Complaints Service Limited

Life, Investment & Superannuation Association (with Australian Investment Managers’ Association and the Investment Funds Association)

Life Office Compliance Managers’ Association

Mr Kevin Lindeberg

Dr David Lynch

Mr J. P. McAuley

Mr John H. McKay

Macquarie Bank Limited

Management and Investment Services Pty Limited

MasterCard International Ltd

Mr R. S. Matthews

Ms Evelyne Meier

Mercantile Mutual

Mr G. W. Miller

Ministerial Council of Consumer Affairs

Ministry of Fair Trading (WA)


Mortgage Industry Association of Australia

Motor Accident Insurance Commission (Queensland)

Motor Accidents Authority of New South Wales

Senator Shayne Murphy

Murray Regional Development Board (with Riverina Regional Development Board)

National Australia Bank

National Caucus of Disability Consumer Organisations

National Council of Life Agents Association (with Australian Lifewriters Association)

National Credit Union Association Inc

National Farmers’ Federation Australia

National Insurance Brokers Association of Australia

National Legal Aid

National Mutual Holdings Limited

National Party of Australia (W.A.) (Incorporated)

National Seniors Association Limited

Natwest Markets Australia Ltd

New South Wales Farmers Berrigan Branch

New South Wales Financial Institutions Commission

New South Wales Government

Northern Territory Government

Norwich Union Financial Services Group

Ms Irene Notaras

NRMA Limited

NSW Farmers’ Association

NSW Farmers Federation

Mr A. R. Nuttgens

Ms C. O’Donnell

OPTUS Communications Pty Limited

Pannell Kerr Forster

Parkes Shire Council

Mr R. K. D. Part

Mr Arthur Peel

Permanent Trustee Company Limited

Phillips Fox (with KPMG Chartered Accountants)

Pollitecon Publications

Price Waterhouse

Department of Primary Industries and Energy

Printing Industries Association of Australia

Privacy Commissioner

Privacy Committee

Queensland Government

Queensland Law Society Inc

Queensland Office of Financial Supervision

Queensland Professional Credit Union Ltd

Queensland Retail Traders and Shopkeepers Association

Quicklink Card Systems Ltd

RACV Superannuation Fund Pty Limited

Rainbow Financial Services Pty Ltd

Mr I. Ramsey

Submissions to the Inquiry (continued)

Rand Merchant Bank Limited

Registered Australian Mortgage Securities Corporation Limited

Mr Alex Reid

Reserve Bank of Australia

Retired State Employees Association Victoria Incorporated

Mr D. Van Rheeden

Riverina Regional Development Board (with Murray Regional Development Board)

Mr Victor Robb

W. J. Robinson

Mr Patrick Roe

Rosedoor Pty Limited

Rothschild Australia

St. George Bank Limited

Ms Jan Saitta

Mr Richard Sanders

Mr G. F. K. Santow


Securities Exchanges Guarantee Corporation Limited

Securities Institute of Australia

Sedgwick Noble Lowndes Limited

Jan Sharples (with Mr Kevin Childs)

Mr J. Sibly

Mr Ken M. Sillock

Mr A. Skyring

Department of Social Security

South Australian Government

South Australian Office of Financial Supervision

Stephen Page & Co

Superannuation Complaints Tribunal

Sydney: A World Financial Capital

Sydney Futures Exchange Limited

Mr Ian Sykes

Mr Justin Sykes

Syscorp Pty Limited

Thinkbank Pty Ltd

Dr G. H. Thompson

Mr R. N. Thorp

Mr Raymond Thyer

Department of the Treasury

The Government of the State of Victoria

Trust Company of Australia Limited

Trustee Corporations Association of Australia

TS Accountants

Mr J. Turner

Mr Mark Vaile MP

Vanguard Investments Australia Ltd

Victims of the State Bank of NSW Association

Victoria’s Golden Regional Development Organisation

Mr Chris Viney

Mr Bruce Wallis

Mr T. Walshaw

Mr Ian E. Webber

Mr G. Weissmann

The Hon M. Weldon

Mr E. Michael Wells

Wesley Financial Counselling Services

Westpac Banking Corporation

Dr K. Wiegel

Woodleigh Nominees Pty Ltd

Mr J. Ziedars

Mr D. Zihrul

B.2 Speeches by Committee Members

Inquiry members addressed a number of conferences and seminars during the course of the Inquiry as listed below.
Committee Member

25 June 1996

Mr Stan Wallis

Committee for Economic Development of Australia, Sydney

23 August 1996

Mr Stan Wallis

Order of Australia Association, Melbourne

5 September 1996

Mrs Linda Nicholls

Economic Society of Australia, Victorian Division

26 September 1996

Prof Ian Harper

First Pacific Stockbrokers, Australasian Banking Conference, Melbourne

27 September 1996

Prof Jeff Carmichael

Bond University Queensland Business Round Table, Gold Coast

15 October 1996

Mr Bill Beerworth

CPA Congress 1996, Sydney

29 November 1996

Prof Ian Harper

University of Melbourne Money and Finance Conference, Ballarat

2 December 1996

Mrs Linda Nicholls

ASC Seminar, Melbourne

2 December 1996

Mr Stan Wallis

Price Waterhouse/Melbourne Business School Colloquium Dinner, Melbourne

3 December 1996

Prof Jeff Carmichael

Australian Business Economists and Economic Society, Sydney

5 December 1996

Prof Jeff Carmichael

Australia-Israel Chamber of Commerce, Brisbane

6 December 1996

Mr Stan Wallis

CEDA/LISA National Savings Summit, Sydney

10 December 1996

Prof Ian Harper

Australian Society of Corporate Treasurers, Melbourne

11 December 1996

Mr Bill Beerworth

Australian Institute of Company Directors, Perth

12 December 1996

Mr Stan Wallis

Australian Institute of Company Directors, Adelaide

5 February 1997

Mr Stan Wallis

ASC Electronic Commerce Conference, Sydney

B.3 Public Consultations

The Inquiry held a series of public consultations in December 1996 to discuss regulatory options outlined in the Discussion Paper. The consultations were advertised in the national press and were open to the public. Transcripts of the consultations were made available to the public through transcript service, Spark and Cannon and on the Inquiry’s home page. People and organisations participating in the public consultations are listed below.

Sydney 6 December 1996

Charles Macek, Australian Investment Managers’ Association
John Maroney, Life Investment & Superannuation Association
Peter Hutley, Investment Funds Association

Peter Kell, Australian Consumers’ Association

Ben Slade, National Legal Aid

Tony Rumble, University of New South Wales

Alan Jacobs

Steve Keen, University of Western Sydney

Ken Breakspear, Financial Planning Association

Anne Stringer and Chris Connolly, Consumer Credit Legal Centre

Frances Milne and Professor Stuart Rees

Shann Turnbull

Brisbane 10 December 1996

Stephen Maitland and Kerry Prior, Queensland Office of Financial Supervision

Evelyn Meier

Fiona Guthrie, Queensland Consumers Association

Austin Donnelly, Australian Investors’ Association

Philip Elliott and Derek Weatherley, National Credit Union Association

John Cumming, Austand

Raymond Thyer

Richard Sanders and Brian O’Halloran, Australian Coalition for Economic Justice

Alan Skyring

Simon Cleary, Legal Aid Office and Randal Dennings, Queensland Law Society

Public Consultations (continued)

Perth 11 December 1996

Dr Hilda Turnbull MLA, National Party of Western Australia

Michael Hovane and Andrew Moore, Consumer Credit Legal Service

Wayne Leggett and Steven Birch, Australian Lifewriters Association

Dr Gertrud Thompson

John McKay

Adelaide 12 December 1996

Barry Fitzpatrick, Adelaide Bank

Dennis Dorney, Economic Reform Association

Gerhard Weissmann

Geoff Casey (by telephone)

Melbourne 13 December 1996

Barry Hahn, Good Shepherd Youth and Family Service Inc

Cliff Stephens, National Caucus of Disability Consumer Organisations and Rod Irwin, Head Injury Council of Australia

Edith Morgan and Gerard Thomas, Australian Pensioners’ and Superannuants’ Federation

Greg Kirk and Anne Stringer, Consumers’ Federation of Australia

Diana Olsberg and Ian Court, Australian Institute of Superannuation Trustees

Tony Beck, Finance Sector Union of Australia

E. Michael Welles

Ian Sykes

Simon Begg and Lyn Boxall, Law Institute of Victoria

David Boymal and Colin Parker, Australian Society of Certified Practising Accountants

Peter Foxton and Susan Ryan, Association of Superannuation Funds of Australia

Robert Williams, Consumer Credit Legal Service, Victoria

B.4 Meetings

The Committee met with a large number of organisations and individuals both in Australia and overseas. Committee members would like thank the organisations listed below for their time and insight into the future of the Australian financial system.

The Inquiry would also like to thank the large number of organisations (not listed) which met with the Secretariat and provided valuable technical input and information.


Adelaide Bank


Bendigo Bank


Australian Financial Institutions Commission

Metway/Suncorp/Queensland Investment Development Corporation


Australian Competition and Consumer Commission

Commonwealth Law Enforcement Board

Insurance and Superannuation Commission

Charles Taylor


ANZ Banking Group

Australia Post

Australian Association of Permanent Building Societies

Australian Financial Markets Association

Bank of Melbourne

Banking Industry Ombudsman

Colonial Mutual Group

GE Capital

Senator Shayne Murphy

National Australia Bank

National Mutual Holdings Limited

Professor Neil Quigley (Victoria University, New Zealand)

Standard and Poor’s

Telstra Corporation

Dick Viney (Mallesons Stephen Jaques)


Inquiry Meetings (continued)


Advance Bank

AMP Society


Australian Consumers’ Association

Australian Home Loans Limited

Australian Investment Managers’ Association;

Investment Funds Association; and
Life, Investment & Superannuation Association

Australian Securities Commission

Australian Stock Exchange

Bankers Trust Australia

Citibank Ltd

Commonwealth Bank of Australia

Consumers Federation

Credit Union Services Corporation (Australia) Limited

International Banks and Securities Association

Lend Lease Corporation

Macquarie Bank Limited

Reserve Bank of Australia

St George Bank Limited

Sydney Futures Exchange


Westpac Banking Corporation


Bank of Canada

Competition Bureau, Industry Canada

Canada Deposit Insurance Corporation

Canadian Bankers Association

Canadian Life and Health Insurance Association

Consumers’ Association of Canada

Department of Finance

Manulife Financial

Office of the Superintendent of Financial Institutions

Ontario Securities Commission

Royal Bank of Canada

Toronto Stock Exchange


Danmarks Nationalbank (Central Bank)

Finansrädet (Danish Bankers Association)

Finanstilsynet (Danish Financial Supervisory Authority)

Inquiry Meetings (continued)


Bundesaufsichtsamt für das Kreditwesen (Federal Banking Supervisory Office)

Bundesaufsichtsamt für das Versicherungs-wesen (Federal Insurance Supervisory Office)

Bundesaufsichtsamt für den Wertpapierhandel (Federal Securities Office)

Bundesversicherungsamt (Federal Insurance Office)

Deutsche Bundesbank (Central Bank)

Europäisches Währungsinstitut (European Monetary Institute)

Hong Kong

Hong Kong Monetary Authority

Mandatory Provident Fund Authority

Office of the Commissioner of Insurance

Securities and Futures Commission


De Nederlandsche Bank (Central Bank)

Ministerie van Financien

New Zealand

AMP Society, New Zealand

ANZ Bank, New Zealand

ASB Bank

Business Round Table

Ergo Personal Financial Services

Finance Sector Union

International Business Councils of New Zealand

Reserve Bank of New Zealand

Securities Commission


Monetary Authority of Singapore


Finansinspektionen (Financial Supervisory Authority)

Ministry of Finance

Sveriges Riksbank (Central Bank)


Bank for International Settlements

United Kingdom

Association of Private Client Investment Managers and Stockbrokers

Bank of England

BZW Asset Management

Consumers’ Association

Deloitte & Touche Consulting Group


Investment Management Regulatory Organisation

Lloyds TSB Group

London Stock Exchange

Inquiry Meetings (continued)

United Kingdom

Marks & Spencer Financial Services

Mondex International

National Westminster Bank

NM Rothschild

Occupational Pension Regulatory Authority

Office of Fair Trading

Personal Investment Authority


Prudential Corporation

Schroder Investment Management

Securities and Futures Authority

Securities and Investments Board

Department of Trade and Industry

Tradepoint Investment Exchange

United States

Andersen Consulting

Antitrust Division, US Department of Justice

Bankers Trust Company

Professor Alan Blinder (Princeton University)

Charles Schwab & Co.

CIGNA Corporation

Coopers & Lybrand

Countrywide Credit Industries

Ernst & Young

Federal Reserve Bank of New York

Federal Reserve Board

Federal Trade Commission

Fidelity Investments

Forrester Research

GE Capital

IBM Insurance Research Center


Department of Justice

Dr Robert Litan (Brookings Institution)

McKinsey & Company

Moody’s Investors Service

New York Stock Exchange

Securities and Exchange Commission

State Street Bank and Trust Company

Department of the Treasury

Paul Volcker (BT Wolfensohn)

Wells Fargo Bank

. . .

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