Chapter 1 - Introduction and overview of the bill

[1]        Journals of the Senate, No. 67, 19 October 2017, p. 2138.

[2]        Explanatory Memorandum, p. 9.

[3]        The Hon. Scott Morrison MP, Second Reading Speech, House of Representatives Hansard, 19 October 2017, p. 1.

[4]        Factsheet: Banking and Financial Services, Budget 2017–18, http://budget.gov.au/2017-18/content/glossies/factsheets/html/FS_Banking.htm (accessed 6 November 2017).

[5]        The Hon. Scott Morrison MP, Second Reading Speech, House of Representatives Hansard, 19 October 2017, p. 2.

[6]        Explanatory Memorandum, p. 9.

[7]        The Hon. Scott Morrison MP, Second Reading Speech, House of Representatives Hansard, 19 October 2017, p. 3.

[8]        Explanatory Memorandum, p. 9.

[9]        Explanatory Memorandum, p. 9.

[10]      Explanatory Memorandum, p. 9.

[11]      Explanatory Memorandum, p. 14.

[12]      Explanatory Memorandum, p. 14.

[13]      Explanatory Memorandum, pp. 15, 17.

[14]      Explanatory Memorandum, p. 15.

[15]      Explanatory Memorandum, p. 20.

[16]      Explanatory Memorandum, pp. 20–21.

[17]      Explanatory Memorandum, p. 21.

[18]      Explanatory Memorandum, pp. 22–23.

[19]      Explanatory Memorandum, pp. 24–25.

[20]      Explanatory Memorandum, pp. 28–29.

[21]      Explanatory Memorandum, p. 32.

[22]      Explanatory Memorandum, p. 33.

[23]      Explanatory Memorandum, p. 34.

[24]      Explanatory Memorandum, pp. 35–36.

[25]      Explanatory Memorandum, p. 36.

[26]      Explanatory Memorandum, pp. 37–38.

[27]      Explanatory Memorandum, p. 38.

[28]      Explanatory Memorandum, p. 41.

[29]      Explanatory Memorandum, p. 41.

[30]      Explanatory Memorandum, p. 7.

[31]      Explanatory Memorandum, p. 7.

[32]      Explanatory Memorandum, p. 7.

[33]      Explanatory Memorandum, p. 67.

[34]      Standing Committee for the Scrutiny of Bills, Scrutiny Digest 13 of 2017, 15 November 2017, pp. 50–55.

[35]      Explanatory Memorandum, p. 77.

[36]      Explanatory Memorandum, p. 81.

[37]      Explanatory Memorandum, p. 81.

Chapter 2 - Views on the bill

[1]        The Hon. Scott Morrison MP, Second Reading Speech, House of Representatives Hansard, 19 October 2017, p. 2.

[2]        Australian Government, Budget Paper No. 2 2017–18, p. 160.

[3]        Mr Tony McDonald, Principal Adviser, Treasury, Committee Hansard, 17 November 2017, p. 28.

[4]        Mr Damien Morris, Submission 1, p. 1.

[5]        Consumer Action Law Centre and CHOICE, Submission 4, p. 1.

[6]        ANZ, Submission 8, p. 2.

[7]        Westpac, Submission 6, p. 1.

[8]        Australian Bankers' Association, Submission 10, p. 1.

[9]        Mr Luke Lawler, Director of Policy, Customer Owned Banking Association, Committee Hansard, 14 November 2017, p. 1.

[10]      Australian Shareholders Association, Submission 2, p. 1.

[11]      Australian Institute of Company Directors, Submission 16, p. 1.

[12]      Financial Services Union, Submission 19, p. 4.

[13]      Mr Colvin is a Consultant at Herbert Smith Freehills, an Adjunct Professor at Sydney University Business School and was formerly head of the Australian Institute of Company Directors.

[14]      Mr John Colvin, Submission 20, [p. 1].

[15]      Mr Aidan O'Shaughnessy, Director of Policy, Australian Bankers' Association, Committee Hansard, 14 November 2017, p. 11.

[16]      Australian Institute of Company Directors, Submission 16, p. 1.

[17]      Westpac, Submission 6, p. 3.

[18]      Dr Ann Wardrop, Committee Hansard, 14 November 2017, p. 27.

[19]      Mr Pat Brennan, Executive General Manager, Australian Prudential Regulatory Authority, Committee Hansard, 17 November 2017, p. 17.

[20]      Dr Ann Wardrop, Dr David Wishart and Associate Professor Marilyn McMahon, Submission 14, p. 2.

[21]      Australian Institute of Company Directors, Submission 16, pp. 1–2.

[22]      Financial Services Institute of Australasia, Submission 17, [p. 2].

[23]      As provided for in respect of accountable persons, in proposed Section 37CA(1) (a) and (b) of the bill.

[24]      Australian Bankers' Association, Submission 10, p. 2.

[25]      ANZ, Submission 8, p. 4.

[26]      Ms Katherine Temple, Senior Policy Officer, Consumer Action Law Centre, Committee Hansard, 17 November 2017, p. 4.

[27]      Mr Aidan O'Shaughnessy, Director of Policy, Australian Bankers' Association, Committee Hansard, 14 November 2017, p. 11.

[28]      Australian Bankers' Association, Submission 10, p. 2.

[29]      ANZ, Submission 8, p. 5.

[30]      Mr Pat Brennan, Executive General Manager, Australian Prudential Regulation Authority, Committee Hansard, 17 November 2017, p. 10.

[31]      Mr Pat Brennan, Executive General Manager, Australian Prudential Regulation Authority, Committee Hansard, 17 November 2017, p. 10.

[32]      Mr Pat Brennan, Executive General Manager, Australian Prudential Regulation Authority, Committee Hansard, 17 November 2017, p. 10.

[33]      Mr Tony McDonald, Principal Adviser, Treasury, Committee Hansard, 17 November 2017, pp. 28–29.

[34]      Australian Shareholders Association, Submission 2, p. 2.

[35]      Australian Bankers' Association, Submission 10, p. 3.

[36]      Australian Prudential Regulation Authority, Submission 11, p. 5.

[37]      Mr Pat Brennan, Executive General Manager, Australian Prudential Regulation Authority, Committee Hansard, 17 November 2017, p. 16.

[38]      Australian Shareholders Association, Submission 2, p. 2.

[39]      MyState Limited, Submission 5, p. 3.

[40]      Bendigo and Adelaide Bank, Submission 18, [p. 1].

[41]      Bendigo and Adelaide Bank, Submission 18, [p. 1].

[42]      Australian Bankers' Association, Submission 10, p. 5.

[43]      Australian Bankers' Association, Submission 10, p. 5.

[44]      Bank of Queensland, Submission 12, [p. 2].

[45]      Mr Aidan O'Shaughnessy, Director of Policy, Australian Bankers' Association, Committee Hansard, 14 November 2017, p. 15.

[46]      MyState Limited, Submission 5, p. 2.

[47]      Bank of Queensland, Submission 12, [p. 2].

[48]      Financial Services Institute of Australasia, Submission 17, [p. 2].

[49]      New Zealand Bankers Association, Submission 3, p. 2.

[50]      Australian Bankers' Association, Submission 10, p. 4.

[51]      New Zealand Bankers Association, Submission 3, p. 3.

[52]      New Zealand Bankers Association, Submission 3, p. 4.

[53]      Consumer Action Law Centre and CHOICE, Submission 4, p. 2.

[54]      Ms Katherine Temple, Senior Policy Officer, Consumer Action Law Centre, Committee Hansard, 17 November 2017, p. 1.

[55]      Ms Katherine Temple, Senior Policy Officer, Consumer Action Law Centre, Committee Hansard, 17 November 2017, p. 1.

[56]      Consumer Action Law Centre and CHOICE, Submission 4, p. 2.

[57]      Ms Erin Turner, Director of Campaigns and Communications, CHOICE, Committee Hansard, 17 November 2017, p. 2.

[58]      Mr Greg Medcraft, Chairman, Australian Securities and Investments Commission, Committee Hansard for Parliamentary Joint Committee on Corporations and Financial Services, 11 August 2017, pp. 29–30.

[59]      Consumer Action Law Centre and CHOICE, Submission 4, p. 1.

[60]      Mr Greg Medcraft, Chairman, Australian Securities and Investments Commission, Committee Hansard for Parliamentary Joint Committee on Corporations and Financial Services, 11 August 2017, p. 30.

[61]      Mr Pat Brennan, Executive General Manager, Australian Prudential Regulation Authority, Committee Hansard, 17 November 2017, p. 15.

[62]      Mr Greg Kirk, Chairman, Australian Securities and Investments Commission, Committee Hansard, 17 November 2017, p. 24.

[63]      Australian Bankers' Association, Submission 10, p. 6.

[64]      Mr Aidan O'Shaughnessy, Director of Policy, Australian Bankers' Association, Committee Hansard, 14 November 2017, pp. 12–13.

[65]      Westpac, Submission 6, p. 2.

[66]      Mr Nathan Rees, National Assistant Secretary, Financial Sector Union of Australia, Committee Hansard, 14 November 2017, p. 24.

[67]      Customer Owned Banking Association, Submission 13, p. 2.

[68]      Customer Owned Banking Association, Submission 13, p. 3.

[69]      Mr Luke Lawler, Director of Policy, Customer Owned Banking Association, Committee Hansard, 14 November 2017, p. 5.

[70]      MyState Limited, Submission 5, p. 2.

[71]      Mr Luke Lawler, Director of Policy, Customer Owned Banking Association, Committee Hansard, 14 November 2017, p. 7.

[72]      Mr Tony McDonald, Principal Adviser, Treasury, Committee Hansard, 17 November 2017, p. 29.

[73]      Mr Luke Lawler, Director of Policy, Customer Owned Banking Association, Committee Hansard, 14 November 2017, p. 2.

[74]      Australian Prudential Regulation Authority, Submission 11, p. 6.

[75]      Mr Pat Brennan, Executive General Manager, Australian Prudential Regulation Authority, Committee Hansard, 17 November 2017, p. 12.

Additional Comments by Labor Senators

[1]        Dr Ann Wardrop, Committee Hansard, 14 November 2017, p. 29.

[2]        Ms Erin Turner, Committee Hansard, 17 November 2017, p. 3.

[3]        Ms Alicia Clancy, Committee Hansard, 14 November 2017, p. 23.

[4]        http://www.afr.com/business/banking-and-finance/financial-services/treasurer-unveils-bear-trap-for-bank-boss-pay-20170922-gyn2ur

[5]        Dr Ann Wardrop & Dr David Wishart, Committee Hansard, 14 November 2017, p. 29.

[6]        Department of Prime Minister and Cabinet, Banking Executive Accountability Regime, 15 November 2017, accessed via http://ris.pmc.gov.au/2017/11/15/banking-executive-accountability-regime

[7]        Paragraph 2.75 of Explanatory Memorandum.

[8]        Mr Luke Lawlor, Committee Hansard, 14 November 2017, p. 6.

[9]        http://www.afr.com/news/scott-morrison-makes-bear-concession-after-david-gonski-intervention-20171010-gyxvgm

[10]      Mr Aiden O’Shaughnessy, Committee Hansard, 14 November 2017, p. 10.

[11]      Dr Ann Wardrop, Committee Hansard, 14 November 2017, p. 27.

[12]      Dr David Wishart, Committee Hansard, 14 November 2017, p. 29.

[13]      Ann Wardrop, David Wishart and Marilyn McMahon, Submission 14, p. 3.

[14]      APRA, Submission 11, p. 6.

[15]      ABA, Submission 10, p. 6.

[16]      ASA, Submission 2, p. 2.

[17]      AICD, Submission 16, p. 2.

[18]      Mr Luke Lawler, Committee Hansard, 14 November 2017, p. 2.

[19]      Ms Katherine Temple, Committee Hansard, 17 November 2017, p. 1.

[20]      Ms Erin Turner, Committee Hansard, 17 November 2017, p. 2.

[21]      Mr Pat Brennan, Committee Hansard, 17 November 2017, p. 20.

[22]      Ms Diane Brown, Committee Hansard, 17 November 2017, p. 30.

[23]      Mr Luke Lawlor, Committee Hansard, 14 November 2017, p. 1.

[24]      COBA, Submission 13, p. 7.

[25]      Bendigo Bank, Submission 18, p. 1.

[26]      Ms Alicia Clancy, Committee Hansard, 14 November 2017, p. 23.

[27]      Ms Alicia Clancy, Committee Hansard, 14 November 2017, p. 20.

[28]      FSU, Submission 19, p. 3.

[29]      Ann Wardrop, David Wishart and Marilyn McMahon, Submission 14, p. 6.

[30]      Committee Hansard, 17 November 2017, p. 27.

[31]      Committee Hansard, 17 November 2017, p. 27.

[32]      Committee Hansard, p. 25.

[33]      Committee Hansard, p. 29.

[34]      Committee Hansard, p. 20.

[35]      Mr Greg Medcraft, PJC Corporations and Financial Services Hansard, 11 August 2017, p. 30.

[36]      Committee Hansard, 17 November 2017, p. 4.

Greens Additional Comments

[1]        Mr Greg Medcraft, Chairman, Australian Securities and Investments Commission, Committee Hansard, Economics Legislation Committee, Supplementary Budget Estimates, 26 October 2017, p. 20.