Footnotes

Chapter 1 - Introduction

[1]        Submissions to the inquiry are available at the following link: http://www.aph.gov.au/senate/committee/corporations_ctte/sme_finance/submissions.htm  (accessed 27 April 2011).

[2]        Transcripts of the committee's public hearings can be accessed at the following link: http://www.aph.gov.au/senate/committee/corporations_ctte/sme_finance/hearings/index.htm  (accessed 27 April 2011).

[3]        Treasury, Submission 16, p. 2.

[4]        National Australia Bank, Submission 19, p. 5.

[5]        Commonwealth Bank of Australia, Submission 17, p. 1.

[6]        The Westpac Group, Submission 9, p. 2.

[7]        Abacus – Australian Mutuals, 'Mutual Banking Code of Practice', January 2010, p. 28.

[8]        NSW Business Chamber, Submission 8, p. 3.

[9]        CPA Australia, Submission 10, p. 3.

[10]      Mr Greg Evans, Director of Economics and Industry Policy, ACCI, Proof Hansard, 2 March 2011, p. 16.

[11]      Fair Work Act 2009, s. 23; Fair Work Australia, Small Business Fair Dismissal Code, http://www.fwa.gov.au/index.cfm?pagename=legislationfwdismissalcode (accessed 30 March 2011).

[12]      Treasury, Submission 16, p. 2.

[13]      Treasury, answer to question on notice, 4 March 2011 (received 29 March 2011).

[14]      Australian Bureau of Statistics, Australian industry, 2008-09, cat.no. 8165.0, http://www.ausstats.abs.gov.au/ausstats/subscriber.nsf/0/F5105AEC0D3E0B11CA257730001839E5/$File/81550_2008-09_1.pdf (accessed 19 April 2011).

[15]      RBA, Submission 3, p. 1.

[16]      Treasury, Submission 16, p. 2.

[17]      RBA, Submission 3, pp. 1–2.

[18]      AFC, Submission 15, p. 3.

[19]      Mr Evans, ACCI, Proof Hansard, 2 March 2011, p. 16.

[20]      Mr Ian Beckett, Principal Adviser, Financial Systems Division, Treasury, Proof Hansard, 4 March 2011, p. 43.

[21]      The Westpac Group, Submission 9, p. 2.

[22]      US Small Business Administration, Size standards, http://www.sba.gov/content/size-standards (accessed 21 April 2011).

[23]      Australian Bureau of Statistics, 'Employment by business size', Australian Industry, cat. No. 8155.0.

[24]      Australian Bureau of Statistics, 'Industry value added by business size (private sector), Australian Industry, cat. No. 8155.0.

[25]      Treasury, Submission 16, p. 1.

[26]      ACCI, Submission 6, p. 6; National Australia Bank, Submission 19, p. 5; NSW Business Chamber, Submission 8, p. 1; Real Estate Institute of Australia, Submission 7, p. 2; Urban Taskforce Australia Ltd, Submission 1, p. 2.

[27]      ACCI, Submission 6, p. 6.

[28]      RBA, Submission 3, p. 1.

[29]      Treasury, Submission 16, p. 1.

[30]      CPA Australia, Submission 10, p. 4.

[31]      ACCI, Submission 6, p. iii.

[32]      CPA Australia, Submission 10, p. 3.

[33]      CPA Australia, The CPA Australia Asia-Pacific small business survey 2010: Australia, Hong Kong, Malaysia and Singapore, 'Figure 4: Reasons for seeking additional funds', p. 12, as cited in CPA Australia, Submission 10, p. 4.

[34]      NAB, Submission 19, p. 1.

[35]      ACCI, Submission 6, p. 9.

[36]      NSW Business Chamber, Submission 8, p. 4.

[37]      ACCI, Submission 6, p. 11.

[38]      CPA Australia, Submission 10, p. 9.

[39]      CPA Australia, Submission 10, pp 3–4, p.6; Lismore and District Financial Counselling Service Inc., Submission 2, p. 1.

[40]      CPA Australia, Submission 10, p. 5.

[41]      ACCI, Submission 6, p. 10.

Chapter 2 - Business finance and the global financial crisis

Source: RBA D7 – Bank lending to business, as included in submission from Treasury.

Source: RBA F5 – Interest rates, as included in submission from Treasury.

[1]        G-20 Meeting of Ministers and Governors, Communiqué, 9 November 2008, http://www.g20.org/Documents/2008_communique_saopaulo_brazil.pdf (accessed 30 March 2011).

[2]        RBA, The Australian Economy and Financial Markets, Chart Pack, April 2011, p. 1.

[3]        RBA, The Australian Economy and Financial Markets, Chart Pack, p. 9.

[4]        RBA Submission 3, p. 7.

[5]        AFC, Submission 15, p. 2.

[6]        CPA Australia, Submission 10, p. 1.

[7]        ANZ, Submission 14, p. 11.

[8]        RBA, The Australian Economy and Financial Markets, Chart Pack, p. 7.

[9]        RBA, Submission 3, pp 3–4.

[10]      ACCI, Submission 6, p. 8.

[11]      ACCI, Submission 6, p. 13.

[12]      Treasury, Submission 16, p. 5.

[13]      RBA, Submission 3, p. 1.

[14]      Treasury, Submission 16, p. 5.

[15]      ANZ, Submission 14, p. 8.

[16]      CPA Australia, Submission 10, p. 3.

[17]      Treasury, Submission 16, p. 1.

[18]      NSW Business Chamber, Submission 8, p. 1.

[19]      ACCI, Submission 6, p. 1.

[20]      Treasury, Submission 16, p. 8.

[21]      RBA, Submission 3, p. 5.

[22]      CPA Australia, Submission 10, p. 5.

[23]      ABA, Submission 13, pp 1–2.

[24]      Mr Münchenberg, CEO, ABA, Proof Committee Hansard, 4 March 2011, p. 50.

[25]      Reserve Bank of Australia, The Australian Economy and Financial Markets chart pack, March 2011, http://www.rba.gov.au/chart-pack/pdf/chart-pack.pdf, accessed 30 March 2011.

[26]      OECD, OECD strategic response to the financial and economic crisis: Contributions to the global effort, 2009, p. 3.

[27]      OECD, OECD Economic Surveys, Australia: Volume 2010/21, Supplement 3, November 2010, p. 8.

[28]      Ric Battellino, 'Twenty Years of Economic Growth', RBA Bulletin, September 2010, p. 103.

[29]      ABA, Submission 13, p. 3.

Chapter 3 - Regulatory frameworks

[1]        Banking Act 1959, s. 9; Australian Prudential Regulation Authority, 'Authorised Deposit-taking Institutions Home', http://www.apra.gov.au/adi/ (accessed 1 April 2011).

[2]        Mr John F. Laker, Chairman, APRA, American Chamber of Commerce Business Briefing, 25 August 2010, p. http://www.apra.gov.au/Speeches/upload/05-AmCham-speech-25-Aug.pdf (accessed 1 April 2011).

[3]        Mr Luke Lawler, Senior Adviser, Policy and Public Affairs, Abacus, Proof Committee Hansard, 4 March 2011, p. 7.

[4]        APRA, Letter of 18 May 2007 to the Hon Peter Costello MP from Mr John F. Laker AO, Chairman APRA, http://www.apra.gov.au/AboutAPRA/upload/Ltr-to-Treasurer-Statement-of-Intent.pdf (accessed 1 April 2011).

[5]        Treasury, Submission 16, p. 10.

[6]        Mr James Tate, Chief Product Officer, Westpac, Proof Committee Hansard, 11 March 2011,
p. 22.

[7]        APRA, Submission 12, p. 1.

[8]        Treasury, Submission 16, p. 10.

[9]        Treasury, Submission 16, p. 11.

[10]      APRA, Submission 12, p. 1.

[11]      APRA, Submission 12, p. 1; Treasury, Submission 16, p. 10.

[12]      Mr Graham Johnson, General Manager, Industry Technical Services, APRA, Proof Committee Hansard, 11 March 2011, p. 48.

[13]      APRA, Submission 12, p. 2.

[14]      APRA, Submission 12, p. 2.

[15]      APRA, Submission 12, p. 2.

[16]      APRA, Submission 12, p. 1; Mr Wayne Byres, Executive General Manager, Diversified Institutions Divisions, APRA, Proof Committee Hansard, 11 March 2011, p. 41.

[17]      Mr Byres, APRA, Proof Committee Hansard, 11 March 2011, p. 42.

[18]      Abacus, Submission 18, p. 3.

[19]      Mr Lawler, Abacus, Proof Committee Hansard, 4 March 2011, p. 7.

[20]      Mr Lawler, Abacus, Proof Committee Hansard, 4 March 2011, p. 8.

[21]      Treasury, Submission 16, p. 11.

[22]      ANZ, Submission 14, p. 13; NAB, Submission 19, p. 8.

[23]      NAB, Submission 19, p. 8.

[24]      Mr Steven Münchenberg, Chief Executive Officer, ABA, Proof Committee Hansard, 4 March 2011, p. 49.

[25]      ABA, Code of Banking Practice, May 2004, items 15, 18, p. 10.

[26]      Mr Münchenberg, ABA, Proof Committee Hansard, 4 March 2011, p. 49.

[27]      ABA, Banking Code of Practice, May 2004, p. 2.

[28]      ABA, 'The main feature of the revised code', http://www.bankers.asn.au/Default.aspx?ArticleID=450 (accessed 5 April 2011).

[29]      Abacus, Mutual Banking Code of Practice, January 2010, items 4, 6, 17, pp 11, 17.

[30]      Abacus, Submission 18, p. 2.

[31]      Abacus, Mutual Banking Code of Practice, p. 6.

[32]      Abacus, Mutual Banking Code of Practice, p. 5.

[33]      Abacus, Mutual Banking Code of Practice, p. 5.

[34]      Mr Münchenberg, ABA, Proof Committee Hansard, 4 March 2011, p. 55.

[35]      Treasury, National credit reform, enhancing confidence and fairness in Australia's credit laws: Green Paper, July 2010, p. 1.

[36]      Treasury, National credit reform, enhancing confidence and fairness in Australia's credit laws: Green Paper, July 2010, pp 12–14.

[37]      The Hon Chris Bowen, Minister for Financial Services, Superannuation and Corporate Law, 'Release of green paper on phase two of the COAG national credit reforms', media release no. 085, 7/7/10.

[38]      Treasury, answers to question on notice, 25 March 2011 (received 8 March 2011).

[39]      Mr Byres, APRA, Proof Committee Hansard, 11 March 2011, p. 41.

[40]      RBA, Submission 3, p. 4.

[41]      Mr Guy Debelle, Assistant Governor, Financial Markets, RBA, Proof Committee Hansard, 11 March 2011, p. 3.

[42]      Treasury, Submission 16, p. 7.

[43]      RBA, Submission 3, p. 5.

[44]      RBA, Submission 3, p. 5.

[45]      NSW Business Chamber, Submission 8, p. 10.

[46]      Mr Peter Strong, COSBOA, Proof Committee Hansard, 4 March 2011, p. 66.

[47]      ACCI, Submission 6, p. 1.

[48]      Mr Münchenberg, Proof Committee Hansard, 4 March 2011, p. 48.

[49]      ANZ, Submission 14, p. 10.

[50]      RBA, Submission 3, p. 4.

[51]      RBA, Submission 3, p. 5.

[52]      Westpac Group, Submission 9, p. 4.

[53]      Treasury, Submission 16, p. 7.

[54]      ANZ, Submission 14, p. 13.

[55]      RBA, Submission 3, p. 4.

[56]      CBA Australia, Submission 17, p. 9.

[57]      NAB, Submission 19, p. 8.

[58]      Mr Jim Murphy, Executive Director, Markets Group, Treasury, Proof Committee Hansard, 4 March 2011, p. 35.

[59]      CBA, Submission 17, p. 9.

[60]      OECD, OECD Economic Surveys, Australia: Volume 2010/21, Supplement 3, p. 12.

[61]      OECD, OECD Economic Surveys, Australia: Volume 2010/21, Supplement 3, p. 27.

[62]      The Group of Twenty Finance Ministers and Central Bank Ministers. It was established in 1999 to promote international dialogue among key emerging market countries.

[63]      Bank for International Settlements, 'The Basel Committee's response to the financial crisis: report to the G20, http://www.bis.org/publ/bcbs179.htm (accessed 5 April 2011).

[64]      Bank for International Settlements, 'International regulatory framework for banks (Basel III), http://www.bis.org/bcbs/basel3.htm (accessed 5 April 2011).

[65]      Mr Byres, APRA, Proof Committee Hansard, 11 March 2011, pp 42–43.

[66]      Dr Malcolm Edey, Assistant Governor (Financial Systems), RBA, 'Basel III and Beyond', Basel III Conference 2001, 24 March 2001, http://www.rba.gov.au/speeches/2011/sp-ag-240311.html (accessed 5 April 2011).

[67]      Bank for International Settlements, 'International regulatory framework for banks (Basel III), http://www.bis.org/bcbs/basel3.htm (accessed 5 April 2011).

[68]      APRA, 'Letter to All Authorised Deposit-taking Institutions (ADIs), Basel III Reform Package', 17 December 2010, http://www.apra.gov.au/ADI/upload/20101217-Ltr-to-all-ADIs-re-Basel-III-package.pdf (accessed 5 April 2011).

[69]      The Hon Wayne Swan MP, Treasurer, 'Release of Basel III Global Banking Standards', Press release, 17 December 2010.

[70]      Mr Byres, APRA, Proof Committee Hansard, 11 March 2011, p. 42.

[71]      Geoff Winestock, 'No escape from new bank rules', Australian Financial Review, 6 January 2011, p. 1.

[72]      CBA, Submission 17, p. 7.

[73]      ACCI, Submission 6, p. 22.

[74]      Dr Malcolm Edey, Assistant Governor (Financial Systems), RBA, 'Basel III and Beyond', Basel III Conference 2001, 24 March 2001, http://www.rba.gov.au/speeches/2011/sp-ag-240311.html (accessed 5 April 2011).

[75]      APRA, 'Letter to All Authorised Deposit-taking Institutions (ADIs), Basel III Reform Package', 17 December 2010, http://www.apra.gov.au/ADI/upload/20101217-Ltr-to-all-ADIs-re-Basel-III-package.pdf (accessed 5 April 2011).

[76]      Mr Byres, APRA, Proof Committee Hansard, 11 March 2011, p.43.

[77]      Mr Byres, APRA, Proof Committee Hansard, 11 March 2011, p.43.

[78]      Mr Debelle, RBA, Proof Committee Hansard, 11 March 2011, p. 6.

[79]      The Hon Wayne Swan MP, Treasurer, 'Release of Basel III Global Banking Standards', Press release, 17 December 2010.

[80]      CPA Australia, Submission 10, p. 8.

[81]      NSW Business Chamber, Submission 8, p. 10.

[82]      CPA Australia, Submission 10, pp 8 – 9, Appendix A, p. 16; NSW Business Chamber, Submission 8, pp 11–12.

[83]      CPA Australia, Submission 10, Appendix A, p. 15. 'Key man insurance' is defined as 'insurance that covers the key personnel in the business and provides the banks with some certainty that the business will continue to operate under the current management.'

[84]      ABA, Submission 13, p. 2.

[85]      ANZ, Submission 14, p. 10.

[86]      CPA Australia, Submission 10, Appendix A, p. 17.

[87]      Mr John Broadbent, Head of Domestic Markets Department, RBA, Proof Committee Hansard, 11 March 2011, p. 4.

[88]      NSW Business Chamber, Submission 8, p. 11.

[89]      NSW Business Chamber, Submission 8, pp 11–12.

[90]      APESMA Connect, Submission 4, p. 3.

[91]      CPA Australia, Submission 8, p. 8, Appendix A, p. 15.

[92]      CPA Australia, Submission 8, p. 7.

[93]      Abacus, Mutual Banking Code of Practice, p. 16.

[94]      ABA, Banking Code of Practice, p. 10.

[95]      Mr Münchenberg, ABA, Proof Committee Hansard, 4 March 2011, p. 55.

[96]      CPA Australia, Submission 8, p. 8.

[97]      CPA Australia, Submission 8, p. 9.

[98]      CPA Australia, Submission 8, Appendix A, p. 16.

[99]      NSW Business Chamber, Submission 8, p. 13.

[100]    ACCI, Submission 6, p. 13.

[101]    REIA, Submission 7, p. 5.

[102]    ANZ, Submission 14, p. 6.

[103]    Mr Nick Reade, General Manager, Small Business Banking, ANZ, Proof Committee Hansard, 11 March 2011, p. 36.

[104]    Westpac Group, Submission 9, p. 4.

[105]    CBA, Submission 17, p. 2.

[106]    ABA, Code of Banking Practice, p. 5.

[107]    CPA Australia, Submission 10, p. 9.

[108]    Mr Münchenberg, ABA, Proof Committee Hansard, 4 March 2011, p. 49; ABA, Code of Banking Practice, p. 2.

[109]    CPA Australia, Submission 10, pp 9–10.

[110]    CPA Australia, Submission 10, Appendix B, pp 23–38.

[111]    CPA Australia, Submission 10, Appendix B, p. 31.

[112]    Mr Münchenberg, ABA, Proof Committee Hansard, 4 March 2011, p. 51.

[113]    CPA Australia, Submission 10, p. 9.

[114]    Mr Paul Orton, Director, Policy and Advocacy, NSW Business Chamber, Proof Committee Hansard, 4 March 2011, pp 28–29.

[115]    CPA Australia, Submission 10, p. 8.

[116]    Mr Orton, NSW Business Chamber, Proof Committee Hansard, 4 March 2011, pp 28–29.

Chapter 4 - Competition

[1]        Treasury, Submission 102, Senate Economics References Committee inquiry into banking competition, p. 5.

[2]        Treasury, Submission 102, Senate Economics References Committee inquiry into banking competition, p. 22.

[3]        Ruth Williams, 'Four pillars back on agenda', The Age, 14 May 2008, http://www.theage.com.au/business/four-pillars-back-on-agenda-20080513-2dsk.html (accessed 6 April 2011).

[4]        Treasury, Submission 102, Senate Economics References Committee inquiry into banking competition, p. 23.

[5]        Treasury, Submission 102, Senate Economics References Committee inquiry into banking competition, p. 22. ABA made a similar point to this committee, also using Cannex data: Submission 13, p. 3.

[6]        A measure of the difference between the interest income generated by banks on their assets and amount of interest paid on their liabilities.

[7]        Treasury, Submission 16, p. 7.

[8]        Treasury, Submission 16, p. 7.

[9]        Treasury, Submission 102, Senate Economics References Committee inquiry into banking competition, p. 12.

[10]      Treasury, Submission 16, p. 3.

[11]      RBA, Submission 3, p. 8.

[12]      ANZ, Submission 14, p. 14.

[13]      AFC, Submission 15, p. 2.

[14]      Abacus, Submission 18, p. 2.

[15]      Mr Luke Lawler, Abacus, Proof Committee Hansard, 4 March 2011, p. 4.

[16]      Mr David Gandolfo, committee member, Commercial Asset Finance Brokers Association of Australia, Proof Committee Hansard, 4 March 2011, p. 15.

[17]      REIA, Submission 7, p. 3.

[18]      Urban Taskforce Australia, Submission 1, p. 2.

[19]      REIA, Submission 7, p. 4.

[20]      ACCI, Submission 6, p. iv.

[21]      ACCI, Submission 6, pp 13–15.

[22]      Treasury, Submission 102, Senate Economics References Committee inquiry into banking competition, p. 13.

[23]      Commonwealth Government, Competitive and Sustainable Banking System, December 2010, p. 3.

[24]      The Hon Wayne Swan P, 'Competitive and sustainable banking system package', Transcript of press conference, 12 December 2010, http://www.treasurer.gov.au/DisplayDocs.aspx?doc=transcripts/2010/004.htm&pageID=004&min=brs&Year=&DocType (accessed 8 April 2011).

[25]      Choice, Better Banking, 2011, http://www.choice.com.au/reviews-and-tests/money/banking/saving-money/banking-report.aspx, (accessed 5 April 2011).

[26]      Choice, Better Banking, 2011, p. 4.

[27]      http://www.moneysmart.gov.au/.

[28]      Australian Securities and Investments Commission, 'MoneySmart.gov.au – simple guidance you can trust', Media release 11-4MR, 15 March 2011.

Chapter 5 - Finance for regional SMEs

[1]        Treasury, Submission 16, p. 8.

[2]        Treasury, Submission 16, p. 8.

[3]        Treasury, Submission 16, p. 8.

[4]        ANZ, Submission 14, p. 10; NAB, Submission 19, p. 11.

[5]        Canstar Cannex, 'Business Banking – Compare Interest Rates and Star Ratings', http://www.canstar.com.au/business-loans/ (viewed 11 April 2011).

[6]        ANZ, Submission 14, p. 5.

[7]        Westpac Group, Submission 9, p. 3.

[8]        Mr Paul Orton, Director, Policy and Advocacy, New South Wales Business Chamber, Proof Committee Hansard, 4 March 2011, p. 29.

[9]        ANZ, Submission 14, p. 4.

[10]      Mr Steven Münchenberg, Chief Executive Officer, Australian Bankers Association, Proof Committee Hansard, 4 March 2011, p. 58.

[11]      Mr Luke Lawler, Abacus, Proof Committee Hansard, 4 March 2011, p. 6.

[12]      Mr Luke Lawler, Abacus, Proof Committee Hansard, 4 March 2011, p. 7.

[13]      Mrs Kathryn Bordonaro, Committee Member, CAFBA, Proof Committee Hansard, 4 March 2011, pp 17–18.

[14]      Mrs Kathryn Bordonaro, Committee Member, CAFBA, Proof Committee Hansard, 4 March 2011, p. 18.

[15]      Mr Jim Murphy, Executive Director, Markets Group, Treasury, Proof Committee Hansard,
4 March 2011, p. 36.

[16]      Mr Jock Laurie, National Farmers Federation, 'Lifting the lid on bank interest rates for farmers', Media Release, 14 December 2010.

[17]      Mr Jock Laurie, National Farmers Federation, 'Lifting the lid on bank interest rates for farmers', Media Release, 14 December 2010.

[18]      Treasury, Submission 16, p. 9.

[19]      Treasury, Submission 16, pp 9–10.

[20]      ANZ, Submission 14, p. 7; CBA, Submission 17, p. 2.

[21]      Mr Lawler, Abacus, Proof Committee Hansard, 4 March 2011, p. 8.

[22]      ANZ, Submission 14, p. 5.

[23]      Mr Jim Murphy, Executive Director, Markets Group, Treasury, Proof Committee Hansard,
4 March 2011, p. 38.

[24]      Mr Stephen Carroll, Policy Director, Australian Bankers Association, Proof Committee Hansard, 4 March 2011, p. 52.

Appendix 3 - Banks that have adopted the Code of Banking Practice[1]

[1]        ABA, 'Banks that have adopted the Code of Banking Practice', 10 December 2010, http://www.bankers.asn.au/Default.aspx?ArticleID=460 (viewed 21 April 2011).

Appendix 4 - Mutuals that have subscribed to the Mutual Banking Code of Practice[1]

[1]        Abacus, MBCOP Subscribers, http://www.abacus.org.au/consumers/mutual-banking-code-of-practice/mbcop-subscribers/nodes (viewed 21 April 2011).

Appendix 5 - Agribusiness finance

[1]        Data sourced from Canstar Cannex, http://www.canstar.com.au/ (viewed 11 April 2011).

[2]        Data sourced from Canstar Cannex, http://www.canstar.com.au/ (viewed 11 April 2011).

[3]        Data sourced from Canstar Cannex, http://www.canstar.com.au/ (viewed 11 April 2011).

[4]        Data sourced from Canstar Cannex, http://www.canstar.com.au/ (viewed 11 April 2011).

[5]        Data sourced from Canstar Cannex, http://www.canstar.com.au/ (viewed 11 April 2011).

[6]        Data sourced from Canstar Cannex, http://www.canstar.com.au/ (viewed 11 April 2011).