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

Media release: 17 March 2000

ASIC, IFSA AND SUPERFUNDS TO FACE PARLIAMENTARY INQUIRY ON GLOBALISATION

Public hearings in the House Economics Committee's inquiry into International Financial Markets will continue in Sydney on Wednesday, 22 March.

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 witnesses today are important members of the financial community: the Australian Securities and Investment Commission, the Association of Superannuation Funds of Australia, the Investment and Financial Services Association and economist Dr John Edwards. The Committee anticipates that the information they will provide will be very useful in the formulation of its report", said Mr Hawker.

Mr Hawker added: "This inquiry is an important one because of Australia's prominent role in world financial markets and its heavy reliance on trade. It is very much in Australia's interests to see international financial markets strengthened and the incidence of financial crises reduced."

Members of the public are welcome to attend the hearing, which will be held in the 8th Floor Conference Room, Commonwealth Parliament Offices, 70 Phillip St, Sydney, from 9.30am to 3.30pm on Wednesday, 22 March. (Access to the Conference Room is via Reception on the 11th floor)

Ends
17 March 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

8th Floor Conference Room, Commonwealth Parliament Offices
70 Phillip Street
SYDNEY NSW 2000

(N.B. Access to the Conference Room is via Reception on the 11th floor)

9.30 am - 10.45 am     Australian Securities and Investment Commission
Ms Rose Webb, Director, Office of International Relations
Mr Malcolm Rodgers, Director, Regulatory Policy Branch
Mr Andrew Larcos, Government Relations Officer

11.00 am - 12.00 pm    Investment and Financial Services Association Ltd
Mr Richard Gilbert, Deputy Chief Executive Officer

1.30 pm - 2.30 pm    Dr John Edwards
Chief Economist, HSBC Markets

2.30 pm - 3.30 pm    Association of Superannuation Funds of Australia Ltd
Ms Philippa Smith, Chief Executive Officer
Mr Ross Clare, Principal Researcher

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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