Inquiry into the international financial market effects on government policy
Media Releases

Media release: 12 April 2000

TREASURY TO AGAIN FACE PARLIAMENTARY COMMITTEE ON GLOBALISATION

Public hearings in the House Economics Committee's inquiry into International Financial Markets will continue in Canberra on Thursday, 13 April.

Committee Chairman, David Hawker MP, said: "The inquiry is examining the impact of globalisation of international financial markets on Australia's monetary and fiscal policies. It also will consider the role of hedge funds in the Asian financial crisis and particularly their attack on the Australian dollar in 1998."

"The Treasury plays a key role in Australia's involvement with international financial markets and the Committee found that the evidence given at Treasury's previous appearance was a useful contribution to the inquiry", said Mr Hawker.

"This additional hearing has been arranged to further examine some issues which could not be covered in detail at the last hearing", he said. These include transfer pricing and E-commerce.

"Australia has a keen interest in ensuring that the international financial system works as efficiently as possible. This inquiry is an important part of Australia's contribution to the work of strengthening the financial regulatory framework", Mr Hawker concluded.

Members of the public are welcome to attend the hearing. Details of the program are shown over the page.

Ends
12 April 2000

Further information:
David Hawker MP (Chairman) (02) 6277 4837 (Parliament House)
Tas Luttrell (Inquiry Secretary) (02) 6277 2375
Email: EFPA.Reps@aph.gov.au

Program: Public Hearing

Committee Room 2R2
Parliament House
CANBERRA

10.15 am - 11.30 am     The Treasury

Mr David Grecian
Assistant Commissioner, International Tax Division

Dr Ken Henry
Executive Director, Economic Group

Mr Bruce Paine
General Manager, Business Entities and International Tax Division, Budget Group

Committee Membership 39th Parliament

Chairman: Mr David Hawker MP
Deputy Chairman: Mr Gregory Wilton MP
Members:
Mr Anthony Albanese MP
Ms Anna Burke MP
Ms Teresa Gambaro MP
Mrs Kay Hull MP
Mr Mark Latham MP
Mr Christopher Pyne MP
Hon Alex Somlyay MP
Dr Andrew Southcott MP

Terms of Reference

The globalisation of international financial markets has raised important issues for the conduct of macroeconomic policy and the operation of financial markets. This inquiry will examine these matters with particular reference to:

1. The implications of the globalisation of international financial markets for the conduct of fiscal and monetary policies in Australia, including medium-term and other strategies to cope with potential volatility in markets.

2. Information requirements for the stable and efficient operation of international financial markets, including the provision of information by governments and disclosure by market participants, especially by large market participants including highly leveraged institutions.

3. The relevance to these issues of recent developments in the international framework for financial regulation.

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