Footnotes

Chapter 1 - Introduction and overview of the Australian credit card market

[1]        Mr John Fraser, Secretary, Department of the Treasury, Official Committee Hansard, 1 June 2015, p. 42. Subsequent to Senate Estimates, Treasury released a March 2015 ministerial brief and slide presentation on credit card interest rates in response to a Freedom of Information (FOI) request. Treasury, 'Briefing documents on matters relating to credit cards provided to the Treasurer and referred to in June 2015 Budget Estimates', http://www.treasury.gov.au/Access-to-Information/DisclosureLog/2015/1746. 

[2]        Dr Malcolm Edey, Assistant Governor, Financial Systems, Reserve Bank of Australia, Official Committee Hansard, 1 June 2015, p. 62.

[3]        Dr Malcolm Edey, Assistant Governor, Financial Systems, Reserve Bank of Australia, Official Committee Hansard, 1 June 2015, p. 67.

[4]        Acting Chair (Senator Dastyari), Official Committee Hansard, 1 June 2015, pp. 67–68.

Chapter 2 - Overview of the Australian credit card market

[1]        Australian Bankers' Association, Submission 15, pp. 1, 5.

[2]        Westpac, Submission 21, p. 3; Australian Bankers' Association, Submission 15, p. 1. 

[3]        Reserve Bank of Australia, Submission 20, p. 5.

[4]        Australian Bankers' Association, Submission 15, p. 4; Reserve Bank of Australia, Submission 20, p. 16.

[5]        Australian Bankers' Association, Submission 15, p. 4.

[6]        Australian Bankers' Association, Submission 15, p. 1.

[7]        See, for example, Australian Retailers Association, Submission 6, p. 2; Australian Bankers' Association, Submission 15, p. 2.

[8]        Australian Securities and Investments Commission, Submission 16, p. 7.

[9]        Reserve Bank of Australia, Submission 20, p. 15.

[10]      Reserve Bank of Australia, Submission 20, p. 15.

[11]      Commonwealth Bank of Australia, Submission 23, p. 5.

[12]      Reserve Bank of Australia, Submission 20, p. 16.

[13]      Reserve Bank of Australia, Submission 20, p. 5.

[14]      Reserve Bank of Australia, Submission 20, pp. 5–6.

[15]      Australian Bankers' Association, Submission 15, p. 3.

[16]      Consumer Action Law Centre and Financial Rights Legal Centre, Submission 13, p. 4.

[17]      Reserve Bank of Australia, Submission 20, p. 5.

[18]      Reserve Bank of Australia, Submission 20, p. 6.

[19]      Treasury, Submission 17, p. 2.

[20]      Treasury, Submission 17, p. 3.

[21]      For example, see Good Shepherd Australia New Zealand, Submission 5, p. 5.

[22]      Reserve Bank of Australia, Submission 20, p. 6.

[23]      Consumer Action Law Centre and Financial Rights Legal Centre, Submission 13, pp. 4–5.

[24]      Westpac, Submission 21, p. 3. These figures do tend to fluctuate from month to month. The ABA cites CANSTAR data from June 2015 showing at least 67 providers (32 banks, and 35 other institutions) offering at least 193 credit card products. Australian Bankers' Association, Submission 15, p. 6. The change is perhaps indicative of both the fluidity of the market and the difficulty in precisely measuring the number of providers and products available at any point in time.

[25]      Australian Bankers' Association, Submission 15, p. 4.

[26]      Westpac, Submission 21, p. 1.

[27]      Treasury, Submission 17, p. 4.

[28]      Westpac, Submission 21, p. 1.

[29]      MasterCard, Submisson 2, p. 1; CANSTAR, webpage, 'Visa or MasterCard: what's the difference?' http://www.canstar.com.au/credit-cards/visa-or-mastercard/, accessed 30 November 2015.

[30]      Nicole Pedersen-McKinnon, 'Big bank sentence? 18 years card-labour', Canberra Times, 22 August 2015, http://www.canberratimes.com.au/money/borrowing/big-bank-sentence-18-years-cardlabour-20150819-gj2xo3.html.

[31]      Australian Bankers' Association, Submission 15, p. 11.

[32]      Reserve Bank of Australia, Submission 20, p. 10.

[33]      Treasury, Submission 17, p. 3.

[34]      CHOICE, Submission 10, p. 12.

[35]      Mr Stephen Henry Mickenbecker, Group Executive, Ratings and Financial Services, CANSTAR Pty Ltd, Proof Committee Hansard, 22 September 2015, pp. 32–33.

[36]      Document tabled by Mr Ross Greenwood, Channel 9, at a public hearing held in Sydney on 27 August 2015. For Mr Greenwood's explanation of his analysis, see Mr Ross Greenwood, Business and Finance Editor, Nine Network, Proof Committee Hansard, 27 August 2015, pp. 33–34.

[37]      Reserve Bank of Australia, Submission 20, pp. 17–18.

[38]      The World Bank defines 'interest rate spread' as the 'interest rate charge by banks on loans to private sector customers minus the interest rate paid by commercial or similar banks for demand, time, or savings deposits'. http://data.worldbank.org/indicator/FR.INR.LNDP, accessed 30 November 2015.

[39]      Treasury, Submission 17, p. 7.

[40]      Reserve Bank of Australia, Submission 20, p. 18.

[41]      Australian Bankers' Association, Submission 15, p. 2.

[42]      Dr Malcolm Edey, Assistant Governor, Financial System, Reserve Bank of Australia, Proof Committee Hansard, 27 August 2015, p. 15.

[43]      Mr Matthew Comyn, Group Executive, Retail Banking Services, Commonwealth Bank of Australia, Proof Committee Hansard, 16 October 2015, p. 14.

[44]      Professor Abbas Valadkhani, Department of Accounting, Economics and Law, Swinburne University of Technology, Proof Committee Hansard, 3 September 2015, p. 28.

[45]      Australian Securities and Investments Commission, Submission 16, p. 2. Prior to the introduction of the responsible lending obligations on 1 July 2010, consumer credit was primarily regulated by the states and territories.

[46]      Australian Securities and Investments Commission, Submission 16, p. 3.

[47]      Australian Securities and Investments Commission, Submission 16, p. 5.

[48]      Australian Securities and Investments Commission, Submission 16, pp. 4–5. 

[49]      Consumer Action Law Centre and Financial Rights Legal Centre, Submission 13, p. 6.

[50]      St Vincent De Paul Society, Submission 4, p. 2.

[51]      Good Shepherd Australia New Zealand, Submission 5, p. 6.

[52]      Consumer Credit Legal Service (WA) Inc., Submission 12, pp. 3–5.

[53]      Financial Counselling Australia, Submission 25, pp. 8–9. 

Chapter 3 - Explaining the 'stickiness' of credit card interest rates

[1]        Mr David Koch, Finance Editor, Seven Network, Proof Committee Hansard, 27 August 2015, p. 34.

[2]        These figures were set out in greater detail in chapter two.

[3]        Dr Malcolm Edey, Assistant Governor, Financial System, Reserve Bank of Australia, Proof Committee Hansard, 27 August 2015, p. 10.

[4]        Abbas Valadkhani, Sajid Anwar and Amir Arjomandi, 'Downward stickiness of interest rates in the Australian credit card market', Journal of the Asia Pacific Economy 19(1) (2013), pp. 52–53; Professor Abbas Valadkhani, Department of Accounting, Economics and Law, Swinburne University of Technology, Proof Committee Hansard, 3 September 2015, p. 27.

[5]        Professor Abbas Valadkhani, Department of Accounting, Economics and Law, Swinburne University of Technology, Proof Committee Hansard, 3 September 2015, p. 30.

[6]        Mr Alan Kirkland, Chief Executive Officer, CHOICE, Proof Committee Hansard, 27 August 2015, p. 51.

[7]        Ms Erin Turner, Campaigns Manager, CHOICE, Proof Committee Hansard, 27 August 2015, p. 53.

[8]        Mr Michael Willcock, Acting Deputy Secretary, Markets Group, Department of the Treasury, Proof Committee Hansard, 22 September 2015, p. 55.

[9]        Mr John Yardley, Chief Operating Officer, Bank Australia, Proof Committee Hansard, 3 September 2015, p. 20.

[10]      Mr Ross Greenwood, Business and Finance Editor, Nine Network, Proof Committee Hansard, 27 August 2015, p. 42.

[11]      Australian Securities and Investments Commission, Submission 16, p. 10.

[12]      Mr Stephen Henry Mickenbecker, Group Executive, Ratings and Financial Services, CANSTAR Pty Ltd, Proof Committee Hansard, 22 September 2015, p. 35. Mozo made the same point to the committee. Mr Rohan Gamble, Managing Director, Mozo, Proof Committee Hansard, 22 September 2015, p. 35.

[13]      Treasury, Submission 17, p. 4.

[14]      Ms Erin Turner, Campaigns Manager, CHOICE, Proof Committee Hansard, 27 August 2015, p. 54.

[15]      Mr Luke Lawler, Head of Public Affairs, Customer Owned Banking Association, Proof Committee Hansard, 3 September 2015, p. 20.

[16]      Consumer Credit Legal Service WA, Submission 12, pp. 2, 8.

[17]      Consumer Credit Legal Service WA, Submission 12, p. 2.

[18]      St Vincent De Paul Society, Submission 4, p. 6.

[19]      Good Shepherd Australia New Zealand, Submission 5, p. 3. Good Shephard did not specify which regulator it was referring to.

[20]      Ms Fiona Maguire, Senior Specialist, Australian Securities and Investments Commission, Proof Committee Hansard, 27 August 2015, p. 32.

[21]      Mr Alan Kirkland, Chief Executive Officer, CHOICE, Proof Committee Hansard, 27 August 2015, p. 56.

[22]      The 11.6 per cent figure is from the March 2015 quarter. For more detail, see chapter two.

[23]      Mr David Robert Lindberg, Chief Executive, Commercial and Business Bank, Westpac Group, Proof Committee Hansard, 16 October 2015, p. 25. ANZ provided similar figures to the committee. Mr Graham Hodges, Deputy Chief Executive Officer, ANZ, Proof Committee Hansard, 16 October 2015, p. 60.

[24]      Mr David Robert Lindberg, Chief Executive, Commercial and Business Bank, Westpac Group, Proof Committee Hansard, 16 October 2015, p. 15.

[25]      Mr David Robert Lindberg, Chief Executive, Commercial and Business Bank, Westpac Group, Proof Committee Hansard, 16 October 2015, p. 15.

[26]      Mr Antony James Cahill, Group Executive, Product and Markets, National Australia Bank, Proof Committee Hansard, 16 October 2015, p. 32.

[27]      ANZ, Submission 27, p. 2.

[28]      Mr Anthony Pearson, Chief Economist and Executive Director, Industry Policy, Australian Bankers' Association, Proof Committee Hansard, 22 September 2015, p. 10.

[29]      Mr Anthony Pearson, Chief Economist and Executive Director, Industry Policy, Australian Bankers' Association, Proof Committee Hansard, 22 September 2015, pp. 9, 11.

[30]      Treasury, Submission 17, p. 8.

[31]      Dr Malcolm Edey, Assistant Governor, Financial System, Reserve Bank of Australia, Proof Committee Hansard, 27 August 2015, p. 15.

[32]      Mr Ross Greenwood, Business and Finance Editor, Nine Network, Proof Committee Hansard, 27 August 2015, p. 37.

[33]      Mr Matthew Comyn, Group Executive, Retail Banking Services, Commonwealth Bank of Australia, Proof Committee Hansard, 16 October 2015, p. 9; Mr Antony James Cahill, Group Executive, Product and Markets, National Australia Bank, Proof Committee Hansard, 16 October 2015, p. 32; Mr Graham Hodges, Deputy Chief Executive Officer, ANZ, Proof Committee Hansard, 16 October 2015, p. 60.

[34]      Mr Anthony Pearson, Chief Economist and Executive Director, Industry Policy, Australian Bankers' Association, Proof Committee Hansard, 22 September 2015, p. 9.

[35]      Westpac, Submission 21, pp. 12–13.

[36]      Mr Graham Hodges, Deputy Chief Executive Officer, ANZ, Proof Committee Hansard, 16 October 2015, p. 60.

[37]      Mr Anthony Pearson, Chief Economist and Executive Director, Industry Policy, Australian Bankers' Association, Proof Committee Hansard, 22 September 2015, p. 19.

[38]      Mr Antony James Cahill, Group Executive, Product and Markets, National Australia Bank, Proof Committee Hansard, 16 October 2015, p. 32.

[39]      Mr Duncan Berry, Chief Executive Officer, GE Capital Australia & New Zealand, Proof Committee Hansard, 16 October 2015, p. 58.

[40]      ANZ, Submission 27, p. 9.

[41]      Commonwealth Bank of Australia, Submission 23, pp. 2, 7.

[42]      Mr Matthew Comyn, Group Executive, Retail Banking Services, Commonwealth Bank of Australia, Proof Committee Hansard, 16 October 2015, p. 1.

[43]      Mr Matthew Comyn, Group Executive, Retail Banking Services, Commonwealth Bank of Australia, Proof Committee Hansard, 16 October 2015, p. 6.

[44]      Westpac, Submission 21, p 15.

[45]      ANZ, Submission 27, p. 2.

[46]      Mr John Yardley, Chief Operating Officer, Bank Australia, Proof Committee Hansard, 3 September 2015, p. 19.

[47]      Reserve Bank of Australia, Submission 20, p. 16.

[48]      The RBA explained that the 'loss rate' was a more useful measure than the non-performing loan rate, as non-performing loans can become performing again and even if a non-performing loan is written off there may be some recovery. Dr Anthony Richards, Head, Payments Policy Department, Reserve Bank of Australia, Proof Committee Hansard, 27 August 2015, p. 13.

[49]      Westpac, Submission 21, p. 13.

[50]      For example, Mr Antony James Cahill, Group Executive, Product and Markets, National Australia Bank, Proof Committee Hansard, 16 October 2015, p. 35.

[51]      Australian Bankers' Association, Submission 15, p. 2.

[52]      ANZ, Submission 27, pp. 13–14.

[53]      ANZ, Submission 27, pp. 13–14. Westpac also suggested that innovation costs were a significant cost driver. Westpac, Submission 21, p. 14.

[54]      Reserve Bank of Australia, Submission 20, p. 3.

[55]      Mr Matthew Comyn, Group Executive, Retail Banking Services, Commonwealth Bank of Australia, Proof Committee Hansard, 16 October 2015, pp. 4–5; Mr David Robert Lindberg, Chief Executive, Commercial and Business Bank, Westpac Group, Proof Committee Hansard, 16 October 2015, pp. 19–20; Mr Antony James Cahill, Group Executive, Product and Markets, National Australia Bank, Proof Committee Hansard, 16 October 2015, p. 29.

[56]      Mr Graham Hodges, Deputy Chief Executive Officer, ANZ, Proof Committee Hansard, 16 October 2015, p. 60. ANZ explained that while it typically did not disclose unit profits, 'in a sense it is not a material profit for the group', which is why they could disclose it without having to do a market disclosure. Mr Graham Hodges, Deputy Chief Executive Officer, ANZ, Proof Committee Hansard, 16 October 2015, p. 62.

[57]      Westpac, Submission 21, p. 14.

Chapter 4 - Competition and consumer choice in the credit card market

[1]        Mr Matthew Comyn, Group Executive, Retail Banking Services, Commonwealth Bank of Australia, Proof Committee Hansard, 16 October 2015, p. 1.

[2]        ANZ, Submission 27, pp. 4–5.

[3]        Westpac, Submission 21, pp. 16–17.

[4]        Commonwealth Bank of Australia, Submission 23, p. 6.

[5]        Mr Anthony Pearson, Chief Economist and Executive Director, Industry Policy, Australian Bankers' Association, Proof Committee Hansard, 22 September 2015, p. 20.

[6]        Westpac, Submission 21, p. 9.

[7]        Commonwealth Bank of Australia, Submission 23, p. 5; Australian Bankers' Association, Submission 15, p. 7.

[8]        Dr Malcolm Edey, Assistant Governor, Financial System, Reserve Bank of Australia, Proof Committee Hansard, 27 August 2015, p. 10; Reserve Bank of Australia, Submission 20, p. 3.

[9]        Treasury, Submission 17, p. 4. In relation to these changes, the RBA explained that 'the Access Regimes applying to the MasterCard and Visa systems were varied effective January 2015, along with corresponding changes to the Banking Regulations. The changes are deregulatory in nature, giving the card systems greater flexibility to expand membership beyond existing participants. Following changes to Access Regimes, MasterCard and Visa have published assessment criteria on their websites for potential applicants seeking access to their respective systems, as required under the varied regimes. They are also required to report annually to the Bank on applications to participate, new participants accepted and the reasons for any rejections. Although the revised Access Regimes have only been operating for just over half a year, the indications are that the expanded scope for new participants in the schemes appears to be working, with a number of new participants admitted or progressing applications.' Reserve Bank of Australia, Submission 20, pp. 1–2.

[10]      Westpac, Submission 21, p. 3.

[11]      Mr Luke Lawler, Head of Public Affairs, Customer Owned Banking Association, Proof Committee Hansard, 3 September 2015, p. 18.

[12]      Mr Stephen Henry Mickenbecker, Group Executive, Ratings and Financial Services, CANSTAR Pty Ltd, Proof Committee Hansard, 22 September 2015, p. 33.

[13]      Mr Rohan Gamble, Managing Director, Mozo, Proof Committee Hansard, 22 September 2015, p. 33.

[14]      Mr Alan Kirkland, Chief Executive Officer, CHOICE, Proof Committee Hansard, 27 August 2015, p. 51.

[15]      St Vincent de Paul Society, Submission 4, p. 5.

[16]      Mr Michael Willcock, Acting Deputy Secretary, Markets Group, Department of the Treasury, Proof Committee Hansard, 22 September 2015, p. 55.

[17]      Australian Securities and Investments Commission, Submission 16, pp. 8–9.

[18]      CHOICE, Submission 10, p. 4.

[19]      Commonwealth Bank of Australia, Submission 23, p. 4; Westpac, Submission 21, p. 11.

[20]      ANZ, Submission 27, p. 3.

[21]      Mr Alan Kirkland, Chief Executive Officer, CHOICE, Proof Committee Hansard, 27 August 2015, p. 53. Also see CHOICE, Submission 10, p. 4.

[22]      Ms Erin Turner, Campaigns Manager, CHOICE, Proof Committee Hansard, 27 August 2015, p. 53.

[23]      CHOICE, Submission 10, pp. 24–25

[24]      Consumer Action Law Centre and Financial Rights Legal Centre, Submission 13, pp. 14–15.

[25]      CHOICE, Submission 10, p. 25.

[26]      On the importance of high-quality disclosure, also see Ms Tanya Louise Corrie, Development Lead, Financial Security Specialist, Good Shepherd Australia New Zealand, Proof Committee Hansard, 3 September 2015, p. 36; and Ms Katherine Lane, Principal Solicitor, Financial Rights Legal Centre, Proof Committee Hansard, 27 August 2015, p. 8.

[27]      Mr Alan Kirkland, Chief Executive Officer, CHOICE, Proof Committee Hansard, 27 August 2015, p. 52.

[28]      Consumer Credit Law Centre of South Australia (Uniting Communities), Submission 29, p. 7.

[29]      Mr Graham Hodges, Deputy Chief Executive Officer, ANZ, Proof Committee Hansard, 16 October 2015, p. 64.

[30]      Mr Luke Lawler, Head of Public Affairs, Customer Owned Banking Association, Proof Committee Hansard, 3 September 2015, p. 22; Mr John Yardley, Chief Operating Officer, Bank Australia, Proof Committee Hansard, 3 September 2015, p. 22.

[31]      Mr Joel Gibson, Campaign Director, One Big Switch, Proof Committee Hansard, 16 October 2015, pp. 52–53.

[32]      CHOICE, Submission 10, p. 22.

[33]      Financial Conduct Authority, Credit card market study: interim report (November 2015), p. 94.

[34]      Mr Alan Kirkland, Chief Executive Officer, CHOICE, Proof Committee Hansard, 27 August 2015, pp. 54–55.

[35]      Mr Alan Kirkland, Chief Executive Officer, CHOICE, Proof Committee Hansard, 27 August 2015, p. 55.

[36]      Mr Alan Kirkland, Chief Executive Officer, CHOICE, Proof Committee Hansard, 27 August 2015, p. 55.

[37]      Mr Alan Kirkland, Chief Executive Officer, CHOICE, Proof Committee Hansard, 27 August 2015, p. 51.

[38]      Mr Michael Willcock, Acting Deputy Secretary, Markets Group, Department of the Treasury, Proof Committee Hansard, 22 September 2015, p. 59.

[39]      Mr Matt Symons, Chief Executive Officer and Co-founder, SocietyOne Australia Pty Ltd, Proof Committee Hansard, 22 September 2015, pp. 25–26.

[40]      Under the National Credit Code, an advertisement for a credit product does not need to include an interest rate, but must do so if the advertisement states the amount of any repayment. Australian Securities and Investments Commission, Regulatory Guide 234: Advertising financial products and services (including credit): Good practice guidance (November 2012), p. 21.

[41]      Treasury, Submission 17, p. 4.

[42]      Mr Matthew Comyn, Group Executive, Retail Banking Services, Commonwealth Bank of Australia, Proof Committee Hansard, 16 October 2015, p. 10; Commonwealth Bank of Australia, Submission 23, p. 5.

[43]      ANZ, Submission 27, pp. 6–7. NAB made similar points. Mr Antony James Cahill, Group Executive, Product and Markets, National Australia Bank, Proof Committee Hansard, 16 October 2015, p. 31.

[44]      Westpac, Submission 21, p. 5.

[45]      Dr Juliana Silva-Gonclaves, report prepared on behalf of Heritage Bank, Australians' switching behaviour in banking, insurance services and main utilities (September 2015).

[46]      Mr Alan Kirkland, Chief Executive Officer, CHOICE, Proof Committee Hansard, 27 August 2015, p. 51.

[47]      CHOICE, Submission 10, p. 26.

[48]      Consumer Action Law Centre and Financial Rights Legal Centre, Submission 13, p. 10.

[49]      Mr David Robert Lindberg, Chief Executive, Commercial and Business Bank, Westpac Group, Proof Committee Hansard, 16 October 2015, p. 18; and Mr Antony James Cahill, Group Executive, Product and Markets, National Australia Bank, Proof Committee Hansard, 16 October 2015, p. 28; Mr Matthew Comyn, Group Executive, Retail Banking Services, Commonwealth Bank of Australia, Proof Committee Hansard, 16 October 2015, pp. 6–7. Several banks also allow customers to cancel a card by writing a physical letter. For details, see CHOICE, Submission 10, p. 26.

[50]      Mr Richard Wormald, General Manager, Coles Financial Services, Coles, Proof Committee Hansard, 16 October 2015, p. 44.

[51]      Consumer Action Law Centre and Financial Rights Legal Centre, Submission 13, p. 9.

[52]      Reserve Bank of Australia, Submission 20, p. 3.

[53]      Australian Bankers' Association, Submission 15, p. 1.

[54]      Mr Christopher Zinn, private capacity, Proof Committee Hansard, 27 August 2015, p. 50.

[55]      CHOICE, Submission 10, p. 27.

[56]      The report in question, which was requested by the then Treasurer, the Hon Wayne Swan MP, was prepared by Mr Bernie Fraser. Australian Government, Banking Services: cost-effective switching arrangements (July 2011), http://banking.treasury.gov.au/content/reports/switching/downloads/switchingarrangements_aug2011.pdf.

[57]      CHOICE, Submission 10, p. 27.

[58]      Consumer Action Law Centre and Financial Rights Legal Centre, Submission 13, pp. 10–11.

[59]      ANZ, Submission 27, p. 6.

[60]      ANZ, Submission 27, p. 7.

[61]      Mr Stephen Henry Mickenbecker, Group Executive, Ratings and Financial Services, CANSTAR Pty Ltd, Proof Committee Hansard, 22 September 2015, p. 34.

[62]      Mr Rohan Gamble, Managing Director, Mozo, Proof Committee Hansard, 22 September 2015, p. 34.

[63]      Mr Joel Gibson, Campaign Director, One Big Switch, Proof Committee Hansard, 16 October 2015, p. 50–51. One Big Switch's survey results are supported by CHOICE's survey results, which suggest that the biggest reason consumers do not switch cards (apart from being satisfied with their existing card) is that they want to keep all of their accounts together in the one place. CHOICE, Submission 10, p. 17.

[64]      Mr Matt Symons, Chief Executive Officer and Co-founder, SocietyOne Australia Pty Ltd, Proof Committee Hansard, 22 September 2015, pp. 24–25.

[65]      The Financial Services Authority was abolished in 2013, and its regulatory responsibilities were split between two new agencies: the Financial Conduct Authority and the Prudential Regulation Authority of the Bank of England.

[66]      Mr Matt Symons, Chief Executive Officer and Co-founder, SocietyOne Australia Pty Ltd, Proof Committee Hansard, 22 September 2015, p. 27.

[67]      Mr David Koch, Finance Editor, Seven Network, Proof Committee Hansard, 27 August 2015, pp. 35, 39.

[68]      Mr Ross Greenwood, Business and Finance Editor, Nine Network, Proof Committee Hansard, 27 August 2015, p. 39.

[69]      Ms Katherine (Kat) Lane, Principal Solicitor, Financial Rights Legal Centre, Proof Committee Hansard, 27 August 2015, p. 5.

[70]      Ms Katherine (Kat) Lane, Principal Solicitor, Financial Rights Legal Centre, Proof Committee Hansard, 27 August 2015, p. 5.

Chapter 5 - Helping Australians avoid the credit card debt trap

[1]        Australian Securities and Investments Commission, Submission 16, p. 7; Mr Michael Saadat, Senior Executive Leader, Australian Securities and Investments Commission, Proof Committee Hansard, 27 August 2015, p. 28.

[2]        Australian Securities and Investments Commission, Submission 16, pp. 7–8.

[3]        Mr Matt Symons, Chief Executive Officer and Co-founder, SocietyOne Australia Pty Ltd, Proof Committee Hansard, 22 September 2015, p. 24.

[4]        Australian Securities and Investments Commission, Submission 16, p. 10.

[5]        Mr David Robert Lindberg, Chief Executive, Commercial and Business Bank, Westpac Group, Proof Committee Hansard, 16 October 2015, pp. 15–16.

[6]        Westpac, Submission 21, p. 5.

[7]        Westpac, Submission 21, p. 6.

[8]        Westpac, Submission 21, p. 7.

[9]        Mr Michael Saadat, Senior Executive Leader, Australian Securities and Investments Commission, Proof Committee Hansard, 27 August 2015, pp. 24–25.

[10]      Mr Michael Saadat, Senior Executive Leader, Australian Securities and Investments Commission, Proof Committee Hansard, 27 August 2015, p. 28.

[11]      Westpac, Submission 21, p. 10.

[12]      ANZ, Submission 27, p. 5; Mr Graham Hodges, Deputy Chief Executive Officer, ANZ, Proof Committee Hansard, 16 October 2015, p. 60. The CBA made similar points. Mr Matthew Comyn, Group Executive, Retail Banking Services, Commonwealth Bank of Australia, Proof Committee Hansard, 16 October 2015, p. 10.

[13]      Westpac, Submission 21, pp. 11–12.

[14]      ANZ, Submission 27, p. 16.

[15]      ANZ, Submission 27, p. 16.

[16]      Australian Bankers' Association, Submission 15, p. 2. On the Code of Banking Practice, which is the banking industry's customer charter on best banking practice standards, see Australian Bankers' Association, webpage, 'Code of Banking Practice', http://www.bankers.asn.au/industry-standards/ABAs-code-of-banking-practice, accessed 4 December 2015.

[17]      Mr Les Banton, private capacity, Proof Committee Hansard, 27 August 2015, p. 5.

[18]      Consumer Action Law Centre and Financial Rights Legal Centre, Submission 13, p. 16.

[19]      Ms Katherine (Kat) Lane, Principal Solicitor, Financial Rights Legal Centre, Proof Committee Hansard, 27 August 2015, p. 6.

[20]      Ms Katherine (Kat) Lane, Principal Solicitor, Financial Rights Legal Centre, Proof Committee Hansard, 27 August 2015, p. 7.

[21]      Ms Denise Boyd, Director of Policy and Campaigns, Consumer Action Law Centre, Proof Committee Hansard, 22 September 2015, p. 14.

[22]      Ms Denise Boyd, Director of Policy and Campaigns, Consumer Action Law Centre, Proof Committee Hansard, 22 September 2015, p. 14.

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

[24]      Mr Anthony Pearson, Chief Economist and Executive Director, Industry Policy, Australian Bankers' Association, Proof Committee Hansard, 22 September 2015, p. 15.

[25]      Ms Erin Turner, Campaigns Manager, CHOICE, Proof Committee Hansard, 27 August 2015, pp. 55–56.

[26]      Mr Stephen Henry Mickenbecker, Group Executive, Ratings and Financial Services, CANSTAR Pty Ltd, Proof Committee Hansard, 22 September 2015, p. 37.

[27]      Westpac, Submission 21, p. 9. There appears to be a wide variation in some of the figures given to the committee in this regard, to such an extent that this perhaps suggests different approaches to measurement rather than variations from provider-to-provider. For instance, while Westpac reported that 4 per cent of its customers 'make the minimum repayment continuously over a 12 month period', NAB told the committee that only 2 per cent of customers had made the minimum payment or less in any month in the past 12 months, and that only 0.17 per cent of low-rate cardholders and 0.04 per cent of standard rate cardholders had paid minimum repayments or less every month for the last 12 months (Mr Antony James Cahill, Group Executive, Product and Markets, NAB, Proof Committee Hansard, 16 October 2015, p. 26). The ABA suggested that the proportion of customers who only pay the minimum payment in any given month was in the order of 3 to 4 per cent (Mr Anthony Pearson, Chief Economist and Executive Director, Industry Policy, ABA, Proof Committee Hansard, 22 September 2015, p. 9).

[28]      Mr David Robert Lindberg, Chief Executive, Commercial and Business Bank, Westpac Group, Proof Committee Hansard, 16 October 2015, p. 15.

[29]      Westpac, Submission 21, p. 10; Mr Antony James Cahill, Group Executive, Product and Markets, National Australia Bank, Proof Committee Hansard, 16 October 2015, p. 26.

[30]      Mr Anthony Pearson, Chief Economist and Executive Director, Industry Policy, Australian Bankers' Association, Proof Committee Hansard, 22 September 2015, p. 15.

[31]      Mr Matthew Comyn, Group Executive, Retail Banking Services, Commonwealth Bank of Australia, Proof Committee Hansard, 16 October 2015, p. 1.

[32]      Mr Antony James Cahill, Group Executive, Product and Markets, National Australia Bank, Proof Committee Hansard, 16 October 2015, p. 30.

[33]      Mr Graham Hodges, Deputy Chief Executive Officer, ANZ, Proof Committee Hansard, 16 October 2015, p. 67.

[34]      The UK Cards Association, webpage, 'Minimum repayments', http://www.theukcardsassociation.org.uk/individual/minimum_repayments.asp, accessed 3 December 2015.

[35]      Mr Richard Wormald, General Manager, Coles Financial Services, Coles, Proof Committee Hansard, 16 October 2015, p. 46.

[36]      Mr David Robert Lindberg, Chief Executive, Commercial and Business Bank, Westpac Group, Proof Committee Hansard, 16 October 2015, p. 16.

[37]      Mr David Robert Lindberg, Chief Executive, Commercial and Business Bank, Westpac Group, Proof Committee Hansard, 16 October 2015, p. 16.

[38]      Mr Michael Saadat, Senior Executive Leader, Australian Securities and Investments Commission, Proof Committee Hansard, 27 August 2015, p. 30.

[39]      Mr Matthew Comyn, Group Executive, Retail Banking Services, Commonwealth Bank of Australia, Proof Committee Hansard, 16 October 2015, pp. 1, 3.

[40]      Mr Graham Hodges, Deputy Chief Executive Officer, ANZ, Proof Committee Hansard, 16 October 2015, p. 67.

[41]      Mr Graham Hodges, Deputy Chief Executive Officer, ANZ, Proof Committee Hansard, 16 October 2015, p. 65.

[42]      Mr Trevor Power, Principal Adviser, Financial Systems and Services Division, Department of the Treasury, Proof Committee Hansard, 22 September 2015, p. 58.

[43]      Ms Erin Turner, Campaigns Manager, CHOICE, Proof Committee Hansard, 27 August 2015, p. 56.

[44]      Mr Graham Hodges, Deputy Chief Executive Officer, ANZ, Proof Committee Hansard, 16 October 2015, pp. 61–65.

[45]      CANSTAR, 'Balance transfer deals on offer', 7 September 2015, http://www.canstar.com.au/balance-transfers/terrific-balance-transfer-deals-on-offer/ (accessed 25 November 2015).

[46]      CANSTAR, 'Balance transfer deals on offer'.

[47]      CHOICE, Submission 10, p. 10.

[48]      Mr Michael Saadat, Senior Executive Leader, Australian Securities and Investments Commission, Proof Committee Hansard, 27 August 2015, p. 23.

[49]      Mr Scott Pape, Chief Executive Officer, Barefoot Investor, Proof Committee Hansard, 22 September 2015, p. 9.

[50]      Mr Paul Clitheroe, Chairman, Money Magazine, Proof Committee Hansard, 27 August 2015, p. 38.

[51]      Ms Katherine Lane, Principal Solicitor, Financial Rights Legal Centre, Proof Committee Hansard, 27 August 2015, p. 2.

[52]      Consumer Credit Legal Service (WA) Inc., Submission 12, p. 7.

[53]      Consumer Action Law Centre and Financial Rights Legal Centre, Submission 13, p. 13.

[54]      Mr Matthew Comyn, Group Executive, Retail Banking Services, Commonwealth Bank of Australia, Proof Committee Hansard, 16 October 2015, p. 1.

[55]      Mr Matthew Comyn, Group Executive, Retail Banking Services, Commonwealth Bank of Australia, Proof Committee Hansard, 16 October 2015, p. 2.

[56]      Mr Graham Hodges, Deputy Chief Executive Officer, ANZ, Proof Committee Hansard, 16 October 2015, p. 66.

[57]      Mr Antony James Cahill, Group Executive, Product and Markets, National Australia Bank, Proof Committee Hansard, 16 October 2015, pp. 27–28.

[58]      Mr Antony James Cahill, Group Executive, Product and Markets, National Australia Bank, Proof Committee Hansard, 16 October 2015, p. 28.

[59]      Mr Antony James Cahill, Group Executive, Product and Markets, National Australia Bank, Proof Committee Hansard, 16 October 2015, p. 33.

[60]      Mr Graham Hodges, Deputy Chief Executive Officer, ANZ, Proof Committee Hansard, 16 October 2015, pp. 65–66; ANZ, Submission 27, p. 7.

[61]      Mr Graham Hodges, Deputy Chief Executive Officer, ANZ, Proof Committee Hansard, 16 October 2015, p. 66.

[62]      Mr David Robert Lindberg, Chief Executive, Commercial and Business Bank, Westpac Group, Proof Committee Hansard, 16 October 2015, p. 16.

[63]      Mr David Robert Lindberg, Chief Executive, Commercial and Business Bank, Westpac Group, Proof Committee Hansard, 16 October 2015, p. 23. Westpac suggested such limits should be considered alongside its aforementioned suggestion that customers be encouraged to set an amortisation period on their credit card debt.

[64]      Mr Michael Willcock, Acting Deputy Secretary, Markets Group, Department of the Treasury, Proof Committee Hansard, 22 September 2015, p. 55.

[65]      ANZ, Submission 27, p. 3; Mr Graham Hodges, Deputy Chief Executive Officer, ANZ, Proof Committee Hansard, 16 October 2015, p. 61.

[66]      Ms Diane Tate, Executive Director, Retail Policy, Australian Bankers' Association, Proof Committee Hansard, 22 September 2015, p. 14.

[67]      Australian Bankers' Association, Submission 15, p. 2.

[68]      Australian Securities and Investments Commission, Submission 16, p. 6.

[69]      Australian Securities and Investments Commission, National Financial Literacy Strategy 2014–17 (September 2014), p. 1.

[70]      Mr Matt Symons, Chief Executive Officer and Co-founder, SocietyOne Australia Pty Ltd, Proof Committee Hansard, 22 September 2015, p. 28.

[71]      Mr Scott Pape, Chief Executive Officer, Barefoot Investor, Proof Committee Hansard, 3 September 2015, p. 1.

[72]      Mr Scott Pape, Chief Executive Officer, Barefoot Investor, Proof Committee Hansard, 3 September 2015, p. 1.

[73]      Mr Scott Pape, Chief Executive Officer, Barefoot Investor, Proof Committee Hansard, 22 September 2015, p. 1.

[74]      Mr Scott Pape, Chief Executive Officer, Barefoot Investor, Proof Committee Hansard, 22 September 2015, p. 3.

[75]      Mr Scott Pape, Chief Executive Officer, Barefoot Investor, Proof Committee Hansard, 22 September 2015, p. 4.

[76]      Ms Pam Mutton, Financial Counsellor, Bentleigh Bayside Community Health, Proof Committee Hansard, 3 September 2015, p. 15.

[77]      Ms Pam Mutton, Financial Counsellor, Bentleigh Bayside Community Health, Proof Committee Hansard, 3 September 2015, p. 16.

[78]      MoneySmart, 'MoneySmart Schools', https://www.moneysmart.gov.au/teaching/moneysmart-schools, accessed 3 December 2015.

[79]      MoneySmart, 'Professional development', https://www.moneysmart.gov.au/teaching/professional-development, accessed 3 December 2015.

[80]      Australian Securities and Investments Commission, National Financial Literacy Strategy 2014–17 (September 2014), p. 18.

[81]      Commonwealth Bank of Australia, webpage, 'Financial education', https://www.commbank.com.au/about-us/who-we-are/in-the-community/financial-education.html, accessed 3 December 2015; Commonwealth Bank of Australia, Submission 23.1, p. 1.

[82]      Commonwealth Bank of Australia, Submission 23.1, p. 1.

[83]      Mr Matthew Comyn, Group Executive, Retail Banking Services, Commonwealth Bank of Australia, Proof Committee Hansard, 16 October 2015, p. 11.

[84]      Mr Matthew Comyn, Group Executive, Retail Banking Services, Commonwealth Bank of Australia, Proof Committee Hansard, 16 October 2015, pp. 8–9.

[85]      Ms Katherine Temple, Senior Policy Officer, Consumer Action Law Centre, Proof Committee Hansard, 3 September 2015, p. 11.

[86]      Ms Katherine Temple, Senior Policy Officer, Consumer Action Law Centre, Proof Committee Hansard, 3 September 2015, p. 11.

[87]      Mr David Robert Lindberg, Chief Executive, Commercial and Business Bank, Westpac Group, Proof Committee Hansard, 16 October 2015, p. 15.

[88]      Mr Antony James Cahill, Group Executive, Product and Markets, National Australia Bank, Proof Committee Hansard, 16 October 2015, p. 26.

[89]      Mr Antony James Cahill, Group Executive, Product and Markets, National Australia Bank, Proof Committee Hansard, 16 October 2015, p. 26.

[90]      Mr Anthony Pearson, Chief Economist and Executive Director, Industry Policy, Australian Bankers' Association, Proof Committee Hansard, 22 September 2015, p. 10.

[91]      ANZ, Submission 27, p. 17.

[92]      Mr Graham Hodges, Deputy Chief Executive Officer, ANZ, Proof Committee Hansard, 16 October 2015, p. 61.

[93]      Mrs Rachel Stocks, Managing Director, American Express Australia Ltd, Proof Committee Hansard, 22 September 2015, pp. 39–40.

[94]      Mr Anthony Pearson, Chief Economist and Executive Director, Industry Policy, Australian Bankers' Association, Proof Committee Hansard, 22 September 2015, p. 10.

[95]      Ms Pam Mutton, Financial Counsellor, Bentleigh Bayside Community Health, Proof Committee Hansard, 3 September 2015, p. 14.

[96]      Ms Katherine Temple, Senior Policy Officer, Consumer Action Law Centre, Proof Committee Hansard, 3 September 2015, p. 15.

[97]      Mr Ross Greenwood, Business and Finance Editor, Nine Network, Proof Committee Hansard, 27 August 2015, p. 44.

[98]      Consumer Action Law Centre and Financial Rights Legal Centre, Submission 13, p. 6.

[99]      Ms Erin Turner, Campaigns Manager, CHOICE, Proof Committee Hansard, 27 August 2015, p. 56.

Chapter 6 - Interchange fees, surcharges and competitive neutrality in the payments system

[1]        Reserve Bank of Australia, Submission 20, p. 11. For a more detailed explanation, see Reserve Bank of Australia, Review of Card Payments Regulation: Issues Paper (March 2015), pp. 6-8.

[2]        Reserve Bank of Australia, Submission 20, p. 12. As explained later in this chapter, while interchange fees are not applied in three-party card schemes such as American Express and Diner's Club, interchange-like fees do apply for American Express companion cards, but these fees are not currently regulated by the RBA.

[3]        Reserve Bank of Australia, Submission 20, p. 7.

[4]        Mr David Masters, Head of Public Policy, Asia Pacific, MasterCard, Proof Committee Hansard, 22 September 2015, p. 46.

[5]        Reserve Bank of Australia, Submission 20, p. 12.

[6]        Dr Malcolm Edey, Assistant Governor, Financial System, Reserve Bank of Australia, Proof Committee Hansard, 27 August 2015, p. 10.

[7]        Reserve Bank of Australia, Submission 20, p. 7.

[8]        Reserve Bank of Australia, Payment Card Access Regimes: Conclusions (March 2014), p. 1.

[9]        Reserve Bank of Australia, ' Review of Card Payments Regulation: Designation of Payment Systems', 15 October 2015, http://www.rba.gov.au/media-releases/2015/mr-15-19.html.

[10]      Reserve Bank of Australia, Submission 20, p. 12.

[11]      Reserve Bank of Australia, Submission 20, p. 2; Reserve Bank of Australia, Review of Card Payments Regulation: Issues Paper (March 2015), p. 5.

[12]      Reserve Bank of Australia, Submission 20, p. 8.

[13]      CHOICE, Submission 10 (supplementary), p. 2.

[14]      Reserve Bank of Australia, Submission 20, p. 12.

[15]      Reserve Bank of Australia, Submission 20, pp. 11–12.

[16]      CHOICE, Submission 10 (supplementary), p. 1.

[17]      CHOICE, Submission 10 (supplementary), p. 4.

[18]      CHOICE, Submission 10 (supplementary), p. 8.

[19]      CHOICE, Submission 10 (supplementary), p. 6.

[20]      Mr David Masters, Head of Public Policy, Asia Pacific, MasterCard, Proof Committee Hansard, 22 September 2015, pp. 49, 54; Mr Stephen Karpin, Group Country Manager, Australia, New Zealand and South Pacific, Visa Inc, Proof Committee Hansard, 16 October 2015, p. 71.

[21]      CHOICE, Submission 10 (supplementary), p. 47.

[22]      Mr David Masters, Head of Public Policy, Asia Pacific, MasterCard, Proof Committee Hansard, 22 September 2015, p. 47.

[23]      Mr David Masters, Head of Public Policy, Asia Pacific, MasterCard, Proof Committee Hansard, 22 September 2015, p. 47.

[24]      Mr Christopher Zinn, private capacity, Proof Committee Hansard, 27 August 2015, p. 49.

[25]      Mr Matthew Sinclair, Advisor, Australian Taxpayers' Alliance, Proof Committee Hansard, 16 October 2015, pp. 36-37.

[26]      Mr Stephen Karpin, Group Country Manager, Australia, New Zealand and South Pacific, Visa Inc, Proof Committee Hansard, 16 October 2015, p. 69.

[27]      Australian Payments Clearing Association, Submission 22, p. 1.

[28]      Australian Taxpayers' Alliance & the International Alliance for Electronic Payments, Submission 8, p. 2.

[29]      Customer Owned Banking Association, Submission 19, p. 10.

[30]      CHOICE, Submission 10 (supplementary), p. 8.

[31]      MasterCard, Submission 2 (attachment 4), p. 3.

[32]      The Treasury, Financial System Inquiry: Interim Report (July 2014), section 2, p. 26.

[33]      The Treasury, Financial System Inquiry: Interim Report (July 2014), section 2, p. 26.

[34]      Reserve Bank of Australia, media release, 'Review of Card Payments Regulation: Designation of Payment Systems', 15 October 2015, http://www.rba.gov.au/media-releases/2015/mr-15-19.html.

[35]      Reserve Bank of Australia, Review of Card Payments Regulation: Consultation Paper (December 2015), p. 9.

[36]      Reserve Bank of Australia, Review of Card Payments Regulation: Consultation Paper (December 2015), p. 10.

[37]      Ms Luisa Megale, Vice President Asia, International Public Affairs and Communications, American Express, Proof Committee Hansard, 22 September 2015, p. 41.

[38]      Mr David Masters, Head of Public Policy, Asia Pacific, MasterCard, Proof Committee Hansard, 22 September 2015, p. 47.

[39]      Mr David Masters, Head of Public Policy, Asia Pacific, MasterCard, Proof Committee Hansard, 22 September 2015, p. 48.

[40]      Mr Stephen Karpin, Group Country Manager, Australia, New Zealand and South Pacific, Visa Inc, Proof Committee Hansard, 16 October 2015, p. 69.

[41]      Mr Stephen Karpin, Group Country Manager, Australia, New Zealand and South Pacific, Visa Inc, Proof Committee Hansard, 16 October 2015, p. 70.

[42]      Reserve Bank of Australia, Submission 20, p. 14.

[43]      Mr David Masters, Head of Public Policy, Asia Pacific, MasterCard, Proof Committee Hansard, 22 September 2015, p. 48.

[44]      Mr Stephen Karpin, Group Country Manager, Australia, New Zealand and South Pacific, Visa Inc, Proof Committee Hansard, 16 October 2015, p. 69.

[45]      Ms Luisa Megale, Vice President Asia, International Public Affairs and Communications, American Express, Proof Committee Hansard, 22 September 2015, p. 40.

[46]      Ms Luisa Megale, Vice President Asia, International Public Affairs and Communications, American Express, Proof Committee Hansard, 22 September 2015, p. 45.

[47]      Qantas, Submission 32, p. 2. For fees, see http://www.qantas.com.au/travel/airlines/schedule-of-fees/au/en.

[48]      For fees, see Virgin Australia, http://www.virginaustralia.com/au/en/plan/fees-surcharges/.

[49]      Mr Michael Michael, private capacity, Proof Committee Hansard, 11 September 2015, pp. 1–3.

[50]      Mr Andrew James Parker, Group Executive, Government and International Affairs, Qantas Airways Ltd, Proof Committee Hansard, 11 September 2015, pp. 8–9.

[51]      Mr Andrew James Parker, Group Executive, Government and International Affairs, Qantas Airways Ltd, Proof Committee Hansard, 11 September 2015, p. 9.

[52]      Mr Adam Thatcher, General Counsel, Group Executive Corporate Risk, Virgin Australia Airlines Pty Ltd, Proof Committee Hansard, 11 September 2015, p. 18.

[53]      The Treasury, Financial System Inquiry: Final Report (November 2014), p. xxiv.

[54]      The Treasury, Financial System Inquiry: Final Report (November 2014), p. 175.

[55]      Australian Government, Improving Australia's Financial System: Government response to the Financial System Inquiry (2015), p. 6.

[56]      Australian Government, Improving Australia's Financial System: Government response to the Financial System Inquiry (2015), p. 16.

[57]      Explanatory Memorandum, Competition and Consumer Amendment (Payment Surcharges) Bill 2015, p. 3.

[58]      Reserve Bank of Australia, Review of Card Payments Regulation – Issues Paper (March 2015), http://www.rba.gov.au/payments-system/reforms/review-of-card-payments-regulation/review-of-card-payments-regulation-issues-paper.html.

[59]      Reserve Bank of Australia, media release, 3 December 2015, http://www.rba.gov.au/media-releases/2015/mr-15-24.html.

[60]      Reserve Bank of Australia, Submission 20, p. 13.

[61]      Reserve Bank of Australia, media release, 3 December 2015, http://www.rba.gov.au/media-releases/2015/mr-15-24.html.

[62]      Reserve Bank of Australia, media release, 3 December 2015, http://www.rba.gov.au/media-releases/2015/mr-15-24.html. As noted earlier, the RBA designated the American Express companion card system on 15 October 2015.

[63]      Reserve Bank of Australia, Review of Card Payments Regulation: Consultation Paper (December 2015), p. 8.

[64]      Reserve Bank of Australia, Review of Card Payments Regulation: Consultation Paper (December 2015), p. 37.

[65]      Reserve Bank of Australia, Review of Card Payments Regulation: Consultation Paper (December 2015), pp. 33-34.

Additional comments by Senator Nick Xenophon - Are the banks having a lend of us on credit cards?

[1]        Mr Ross Greenwood, Business and Finance Editor, Nine Network, Proof Committee Hansard, 27 August 2015, p. 37.

[2]        Mr Ross Greenwood, Business and Finance Editor, Nine Network, Proof Committee Hansard, 27 August 2015, p. 37.

[3]        Mr Ross Greenwood, Business and Finance Editor, Nine Network, Proof Committee Hansard, 27 August 2015, p. 37.

[4]        Mr Ross Greenwood, Business and Finance Editor, Nine Network, Proof Committee Hansard, 27 August 2015, p. 37.

[5]        Mr David Koch, Finance Editor, Seven Network, Proof Committee Hansard, 27 August 2015, p. 38.

[6]        Proof Committee Hansard, 27 August 2015, p. 52.

[7]        Mr David Koch, Finance Editor, Seven Network, Proof Committee Hansard, 27 August 2015, p. 39.

[8]        Mr Paul Clitheroe, Chairman, Money Magazine, Proof Committee Hansard, 27 August 2015, p. 43.

[9]        Mr Alan Kirkland, Chief Executive Officer, CHOICE, Proof Committee Hansard, 27 August 2015, p. 56.

[10]      Mr Paul Clitheroe, Chairman, Money Magazine, Proof Committee Hansard, 27 August 2015, p. 46.