Footnotes

Chapter 1 - The Committee Inquiry

[1]        National Consumer Credit Protection Bill 2009 Explanatory memorandum, p. 3.

[2]        Senator the Hon Nick Sherry, Minister for Superannuation and Corporate Law, Press Release, 3 July 2008.

[3]        Mr Geoff Miller, Manager, Corporations and Financial Services Division, Treasury, Proof Committee Hansard, 21 August 2009 p. 2.

[4]        Mr Geoff Miller, Treasury, Proof Committee Hansard, 21 August 2009 p. 2.

[5]        Mr Geoff Miller, Treasury, Proof Committee Hansard, 21 August 2009 p. 2.

[6]        Business Council of Australia, Submission 26, p. 1.

[7]        Australian Bankers' Association, Submission 48, p. 11.

[8]        GE Capital Finance, Submission 35, p 4.

[9]        Securities and Derivatives Industry Association, Submission 23, pp 1-2.

[10]      Consumer Credit Legal Centre (NSW), Submission 41, p. 7.

[11]      Mortgage and Finance Association of Australia, Submission 6, p. 2.

[12]      Mr Phil Naylor, Mortgage and Finance Association of Australia, Proof Committee Hansard, 24 August 2009, p. 50.

[13]      Mr Mark Degotardi, Abacus-Australian Mutuals, Proof Committee Hansard, 24 August 2009 p. 15.

[14]      Mr Mark Degotardi, Abacus-Australian Mutuals, Proof Committee Hansard, 24 August 2009, p. 15.

Chapter 2 - Background and summary of the main National Consumer Credit Protection bills

[1]        The Hon. Tom. J. Burns, Queensland Legislative Assembly Hansard, 4 August 1994 p. 8828.

[2]        Australian Uniform Credit Laws Agreement, 30 July 1993.

[3]        Mr John Brady, National Financial Services Federation, Proof Committee Hansard, 24 August 2009 p. 26.

[4]        The Hon. Chris Bowen MP, House of Representatives Hansard, 25 June 2009 p. 1.

[5]        National Consumer Credit Protection Bill 2009 Explanatory Memorandum p. 3.

[6]        National Consumer Credit Protection Bill 2009 Explanatory Memorandum p. 27.

[7]        National Consumer Credit Protection Bill 2009 Explanatory Memorandum p. 31.

[8]        The Hon. Chris Bowen MP, House of Representatives Hansard, 25 June 2009 p. 3.

[9]        The Hon. Chris Bowen MP, House of Representatives Hansard, 25 June 2009 p. 3.

[10]      Notes from this section drawn from National Consumer Credit Protection Bill 2009 Explanatory Memorandum, pp. 118­­­­­­–125.

[11]      National Consumer Credit Protection Bill 2009 Explanatory Memorandum, p. 239.

[12]      The amount is set as 110 per cent of the average loan size.

[13]      The Hon. Chris Bowen MP, House of Representatives Hansard, 25 June 2009, pp 7151-2.

[14]      National Consumer Credit Protection Bill 2009 Explanatory Memorandum, p. 31.

[15]      The bill is a separate bill in order to comply with the requirements of section 55 of the Constitution. That Constitutional provision provides, in part, that laws imposing taxation shall deal only with the imposition of taxation, and that any other provisions dealing with any other matter must be dealt with separately. The Hon. Chris Bowen MP, House of Representatives Hansard, 25 June 2009, p. 5.

[16]      The Hon. Chris Bowen MP, House of Representatives Hansard, 25 June 2009 p. 5.

Chapter 3 - Comments on the main National Consumer Credit Protection bills

[1]        National Consumer Credit Protection Bill 2009, Explanatory Memorandum, p. 4.

[2]        National Consumer Credit Protection Bill 2009, Explanatory Memorandum, p. 28.

[3]        National Consumer Credit Protection Bill 2009, Explanatory Memorandum, p. 32.

[4]        National Consumer Credit Protection Bill 2009, Explanatory Memorandum, p. 32.

[5]        CPA Australia, Submission 17, p. 2.

[6]        Mr Gerard Fitzpatrick, Financial Planning Association of Australia, Proof Committee Hansard, 24 August 2009 p. 59.

[7]        Mr John Brady, National Financial Services Federation, Proof Committee Hansard, 24 August 2009 p. 20.

[8]        Mr Christian Mikula, Treasury, Proof Committee Hansard, 21 August 2009 p. 9.

[9]        Mr Mark Degotardi, Abacus-Australian Mutuals, Proof Committee Hansard, 24 August 2009, pp. 15-16.

[10]      The Australian Bankers' Association saw this as much better than a requirement that the loan be 'suitable'; Mr Gilbert, ABA, Proof Committee Hansard, 24 August 2009, p 13.

[11]      Mr Mark Degotardi, Abacus, Proof Committee Hansard, 24 August 2009, p 15.

[12]      Mr Gilbert, Australian Bankers' Association, Proof Committee Hansard, 24 August 2009, p 9.

[13]      Mr David Bell, Chief Executive Officer, Australian Bankers' Association, Proof Committee Hansard, 24 August 2009, p 9.

[14]      Joint Media Release, Senator The Hon John Faulkner, then Special Minister of State, and The Hon Robert McClelland MP, Attorney-General 11 August 2008. Available at:  http://www.smos.gov.au/media/2008/mr_262008_joint.html (accessed 31 August 2009)

[15]      Australian Bankers' Association, Submission 48, p 9.

[16]      Mrs Margy Osmond, Chief Executive Officer, Australian National Retailers' Association, Proof Committee Hansard, 24 August 2009, pp 41-2.

[17]      See the discussion in Proof Committee Hansard, 21 August 2009, pp 9-10; 24 August 2009, pp 43-7; and 26 August 2009, pp 5-7.

[18]      Mr Eales, David Jones, Proof Committee Hansard, 24 August 2009, p 43.

[19]      Ms Katherine Lane, Consumer Credit Legal Centre NSW, Proof Committee Hansard, 26 August 2009, p 4.

[20]      Ms Nicole Rich, Consumer Action Law Centre, Proof Committee Hansard, 26 August 2009, p 4.

[21]      Ms Nicole Rich, Consumer Action Law Centre, Proof Committee Hansard, 26 August 2009, p 4.

[22]      Mr John Moratelli, National Legal Aid, Proof Committee Hansard, 26 August 2009, p 7.

[23]      Mr Geoff Miller, Treasury, Proof Committee Hansard, 21 August 2009, p 9.

[24]      Professor Gail Pearson, Proof Committee Hansard, 24 August 2009, p 75.

[25]      Mr Raj Venga, Credit Ombudsman Service Ltd, Proof Committee Hansard, 24 August 2009, p. 33.

[26]      Mortgage and Finance Association of Australia, Submission 6, p. 3.

[27]      Consumer Action Law Centre, Submission 47, p. 9.

[28]      Consumer Action Law Centre, Submission 47, p. 5.

[29]      Consumer Action Law Centre, Submission 47, p. 11.

[30]      Consumer Action Law Centre, Submission 47, p. 11.

[31]      Consumer Credit Legal Centre (NSW), Submission 41, pp. 11-12.

[32]      Credit Ombudsman Service Ltd, Submission 12, p. 5.

[33]      National Consumer Credit Protection Bill 2009, Explanatory Memorandum, p. 5.

[34]      Consumer Action Law Centre, Submission 47, p. 13.

[35]      Consumer Action Law Centre, Submission 47, p. 14.

[36]      Credit Ombudsman Service Ltd, Submission 12, p. 2.

[37]      Credit Ombudsman Service Ltd, Submission 12, p. 2.

[38]      Financial Ombudsman Service Ltd, Submission 30, p. 5.

[39]      Australian Bankers' Association, Submission 48, p. 8.

[40]      Australian Bankers' Association, Submission 48, p. 13.

[41]      National Consumer Credit Protection Bill 2009, Explanatory Memorandum, p. 127.

[42]      Consumer Action Law Centre, Submission 47, p. 17

[43]      Consumer Credit Legal Centre (NSW), Submission 41, p. 18.

[44]      Mr David Bell, Chief Executive Officer, Australian Bankers' Association, Proof Committee Hansard, 24 August 2009, pp 8-9.

[45]      Ms Katherine Lane, Consumer Credit Legal Centre NSW, Proof Committee Hansard, 26 August 2009, p 11.

[46]      Mr Raj Venga, Credit Ombudsman Service Ltd, Proof Committee Hansard, 24 August 2009, p. 32.

[47]      Consumer Action Law Centre, Submission 47, p. 24.

[48]      National Legal Aid, Submission 20, p. 5.

[49]      Consumer Credit Legal Centre (NSW), Submission 41, p. 17.

[50]      Credit Ombudsman Service Ltd, Submission 12, p. 5.

[51]      Consumer Credit Legal Centre (NSW), Submission 41,  p. 24.

[52]      Australian Bankers' Association, Code of Banking Practice, p. 12.

Chapter 4 - Margin lending, promissory notes and trustee corporations

[1]        Corporations Legislation Amendment (Financial Services Modernisation) Bill 2009 Explanatory Memorandum p 3.

[2]        Treasury green paper, Financial Services and Credit Reform: Improving, Simplifying and Standardising Financial Services and Credit Regulation', 3 June 2008 p. ii.

[3]        http://www.fido.asic.gov.au/fido/fido.nsf/byheadline/borrowing+money+to+invest+margin+len
ding?openDocument (accessed 29 June 2009)

[4]        The Hon. Chris Bowen MP, House of Representatives Hansard, 25 June 2009 p 5.

[5]        RBA stats D10 Margin Loans: http://www.rba.gov.au/Statistics/AlphaListing/alpha_listing_l.html (accessed 24 June 2009)

[6]        Treasury, Supplementary Submission 56, p 2.

[7]        Treasury, Supplementary Submission 56, p 5.

[8]        Treasury, Supplementary Submission 56, p 3.

[9]        Mr David Horsfield, Managing Director and Chief Executive Officer, Securities and Derivatives Industry Association, Proof Committee Hansard, 24 August 2009 p 66.

[10]      MinterEllison, Submission 10, p 3.

[11]      Mr Douglas Clark, Securities and Derivatives Industry Association, Proof Committee Hansard, 24 August 2009, p 70.

[12]      Securities and Derivatives Industry Association, Submission 23, p 3.

[13]      Treasury, Green Paper, June 2008, p 32.

[14]      Treasury, Supplementary Submission 56, p 4.

[15]      MinterEllison, Submission 10, p 4.

[16]      Treasury, Supplementary Submission 56, p 5.

[17]      Mr Douglas Clark, Securities and Derivatives Industry Association, Proof Committee Hansard, 24 August 2009, p 70.

[18]      Mr Deen Sanders, Financial Planning Association of Australia, Proof Committee Hansard, 4 August 2009 p 57.

[19]      Corporations Legislation Amendment (Financial Services Modernisation) Bill 2009, Explanatory Memorandum, p 14.

[20]      Financial Planning Association of Australia, Submission 7, p 4.

[21]      Australian Financial Markets Association, Submission 37, p 1.

[22]      Information about the inquiry can be found at: https://www.aph.gov.au/senate/committee/corporations_ctte/fps/index.htm (accessed 31 August 2009)

[23]      Corporations Legislation Amendment (Financial Services Modernisation) Bill 2009 Explanatory Memorandum pp 33-34.

[24]      Trustee Corporations Association of Australia, Submission 52, p 3.

[25]      For more information on ASIC's response to the Westpoint collapse, see: https://westpoint.asic.gov.au/ (accessed 31 August 2009)

[26]      Treasury, Supplementary Submission 56, p 13.

[27]      Mr Mark Steward, Deputy Executive Director, Enforcement, ASIC, Committee Hansard 25 May 2006 p. 89.

[28]      Treasury, Supplementary Submission 56, pg 13.

Coalition Senators’ Additional Comments

[1] Minister Bowen, media release 14/08/2008.