House of Representatives Committees

Footnotes

Chapter 1 Introduction

[1] Reserve Bank of Australia, Submission no. 12, p. 4.

[2] Treasury, Submission no. 32, p. 8.

[3] CANNEX, Mortgage Star Ratings, Report No. 20, October 2007.

[4] CANNEX, Mortgage Star Ratings, Report No. 22, September 2008.

[5] Treasury, Submission no. 32, p. 9.

[6] Mr J Emmett, Collins Securities Pty Ltd, Transcript, 8 August 2008, p. 30.

[7] Mr C Joye, Centre for Ideas and the Economy, Transcript, 21 August 2008, p. 62.

[8] Treasury, Submission no. 32, p. 9.

[9] Treasury, Submission no. 32, p. 9.

[10] Reserve Bank of Australia, Media Release, 2 September 2008, 7 October 2008 and 4 November 2008.

[11] Reserve Bank of Australia, Media Release, 7 October 2008.

[12] Fujitsu Consulting, Press Release, Mortgage Stress Worst Ever By March, 23 October 2008.

[13] Mr C Joye, Rismark International, Transcript, 21 August 2008, p. 61.

Chapter 2 Competition in the mortgage market

[1] M Edey and B Gray, Reserve Bank of Australia, The Evolving Structure of the Australian Financial System, October 1996, p. 4.

[2] M Edey and B Gray, Reserve Bank of Australia, The Evolving Structure of the Australian Financial System, October 1996, p. 5.

[3] M Gizycki and P Lowe, Reserve Bank of Australia, The Australian Financial System in the 1990s, July 2000, p. 195.

[4] Mr P Naylor, Mortgage and Finance Association of Australia, Transcript, 14 August 2008, p. 42.

[5] Treasury, Submission no. 32, p. 6.

[6] Mr D Cox, Challenger Financial Services Group, Transcript, 15 August 2008, p. 75.

[7] Reserve Bank of Australia, Submission no. 12, p. 1.

[8] Reserve Bank of Australia, Financial Stability Review, March 2007, p. 48.

[9] Mr R Battellino, Treasury, Transcript, 14 August 2008, p. 3.

[10] Australian Bankers’ Association, Submission no. 26, p. 4.

[11] Mr R Emmett, Collins Securities Pty Ltd, Transcript, 8 August 2008, p. 28.

[12] Mr M Rowland, ANZ, Transcript, 8 August 2008, p. 37.

[13] Mr D Bell, Australian Bankers’ Association, Transcript, 25 September 2008, p.3.

[14] Mr J Sheffield, Commonwealth Bank, Transcript, 25 September 2008, p.5.

[15] Treasury, Submission no. 32, p. 9.

[16] Reserve Bank of Australia, Media Release, 2 September 2008, 7 October 2008 and 4 November 2008.

[17] See Table 2.1.

[18] Mr P Naylor, Mortgage and Finance Association of Australia, Transcript, 14 August 2008, p. 44.

[19] Mr D Bell, Australian Bankers’ Association, Transcript, 25 September 2008, p. 3.

[20] CANNEX Mortgage Star Ratings, Report No. 22, September 2008.

[21] CANNEX Mortgage Star Ratings, Report No. 20, March 2007.

[22] Reserve Bank of Australia, Submission no. 12, p. 1.

[23] Mr B Johnson, JP Morgan, Transcript, 14 August 2008, p. 20.

[24] Reserve Bank of Australia, Financial Stability Review, March 2007, p. 23.

[25] Reserve Bank of Australia, Financial Stability Review, March 2007, p. 23.

[26] A tranche is a portion of one of several related securities that have different risks, rewards and/or maturities.

[27] Reserve Bank of Australia, Financial Stability Review, March 2007, p. 23.

[28] Reserve Bank of Australia, Financial Stability Review, March 2007, p. 23.

[29] Reserve Bank of Australia, Financial Stability Review, March 2007, p. 23.

[30] Reserve Bank of Australia, Financial Stability Review, March 2008, p. 9.

[31] Reserve Bank of Australia, Financial Stability Review, March 2007, p. 24.

[32] Reserve Bank of Australia, Financial Stability Review, March 2007, p. 24.

[33] Reserve Bank of Australia, Financial Stability Review, March 2007, p. 24.

[34] Reserve Bank of Australia, Financial Stability Review, September 2008, p. 3.

[35] Reserve Bank of Australia, Financial Stability Review, September 2008, p. 3.

[36] ANZ, Submission no. 28, p. 3.

[37] Mr K Lawrence, Westpac Banking Corporation, Transcript, 14 August 2008, p. 87.

[38] Australian Bankers’ Association, Submission no. 26, p. 1.

[39] Mr R Battellino, Reserve Bank of Australia, Transcript, 14 August 2008, p. 14.

[40] Mr I Corfield, Bank of Western Australia Ltd, Transcript, 8 August 2008, pp. 49-50.

[41] Mr P James, Council of Mortgage Lenders, Transcript, 14 August 2008, p. 73.

[42] Mr R Battellino, Reserve Bank of Australia, Transcript, 14 August 2008, p. 15.

[43] Mr C Joye, Centre for Ideas and the Economy, Transcript, 21 August 2008, p. 62.

[44] Mr R Emmett, Collins Securities Pty Ltd, Transcript, 8 August 2008, p. 31.

[45] Mr P Naylor, The Mortgage and Finance Association of Australia, Transcript, 14 August 2008, p. 43.

[46] Mr J Symond, Aussie Home Loans, Transcript, 14 August 2008, p. 53.

[47] Mr M Rowland, ANZ, Transcript, 8 August 2008, p. 37.

[48] Treasury, Submission no. 32, p. 1.

[49] ANZ, Submission no. 28, p. 8.

[50] Mr M North, Fujitsu Consulting, Transcript, 15 August 2008, p. 25.

[51] Treasury, Submission no. 32, p. 10.

[52] Mr M Rowland, ANZ, Transcript, 8 August 2008, p. 37.

[53] Mr R Emmett, Collins Securities Pty Ltd, Transcript, 8 August 2008, pp. 28-29.

[54] Mortgage and Finance Association of Australia, Submission no. 4, p. 8.

[55] Mr M North, Fujitsu Consulting, Transcript, 15 August 2008, p. 23.

[56] Treasury, Submission no. 32, p. 3.

[57] International Monetary Fund, World Economic Outlook, October 2008, Financial Stress, Downturns, and Recoveries, p. 16.

[58] International Monetary Fund, IMF Country Report No. 08/312, September 2008, p. 8.

[59] Reserve Bank of Australia, Financial Stability Review, September 2008, p. 35.

[60] Treasury, Submission no. 32, p. 3.

[61] Australian Prudential Regulation Authority, Submission no. 34, p. 2.

[62] Reserve Bank of Australia, Financial Stability Review, September 2008, p. 1.

[63] Reserve Bank of Australia, Financial Stability Review, September 2008, p. 25.

[64] Bank of Canada, Financial System Review, June 2008, p. 22.

[65] Reserve Bank of Australia, Financial Stability Review, September 2008, pp. 24-25.

[66] Reserve Bank of Australia, Financial Stability Review, September 2008, p. 2.

[67] Reserve Bank of Australia, Financial Stability Review, September 2008, pp. 5-6, 44.

[68] Bank of Canada, Financial System Review, June 2008, p. 31.

[69] Mr M North, Fujitsu Consulting, Transcript, 15 August 2008, p. 21.

[70] Mr M North, Fujitsu Consulting, Transcript, 15 August 2008, p. 21.

[71] Oxcera Consulting Ltd, The Price of Banking: An international comparison, a report prepared for the British Bankers’ Association, November 2006.

[72] Oxcera Consulting Ltd, The Price of Banking: An international comparison, a report prepared for the British Bankers’ Association, November 2006, p. 61.

[73] Ms E Freeman, CHOICE, Transcript, 21 August 2008, p. 75.

[74] International Monetary Fund, IMF Country Report No. 08/312, September 2008, p. 6.

[75] International Monetary Fund, IMF Country Report No. 08/312, September 2008, p. 19.

Chapter 3 Options to increase competition

[1] Reserve Bank of Australia, Submission no. 12, pp. 4-5.

[2] Ms L Petschler, Abacus Australian Mutuals, Transcript, 21 August 2008, p. 4.

[3] Resi Mortgage Corporation Pty Limited, Submission no. 20, p. 9.

[4] Mr S Shaw, National Australia Bank, Transcript, 19 September 2008, p. 2.

[5] Mr P Vernon, Australian Securitisation Forum, Transcript, 15 August 2008, p. 37.

[6] Reserve Bank of Australia, Submission no. 12, pp. 3-4.

[7] Mr R Emmett, Collins Securities Pty Ltd, Transcript, 8 August 2008, p. 35.

[8] A Liaw and G Eastwood, Australian Prudential Regulation Authority, The Australian Securitisation Market, working paper 6, October 2000.

[9] Centre for Ideas and the Economy, Submission no. 1, pp. 3-4.

[10] Mr D Lightfoot, The Rock Building Society, Transcript, 8 August 2008, p. 3.

[11] Mr D Lightfoot, The Rock Building Society, Transcript, 8 August 2008, p. 3.

[12] Mr C Joye, Centre for Ideas and the Economy, Transcript, 21 August 2008, p. 61.

[13] Prime Minister of Australia, Media Release, Global Financial Crisis, 12 October 2008.

[14] Treasurer of the Commonwealth of Australia, Media Release, Treasurer Directs the AOFM to Invest in RMBS, 3 October 2008.

[15] Prime Minister of Australia, Media Release, Global Financial Crisis, 12 October 2008.

[16] Prime Minister of Australia, Media Release, Global Financial Crisis, 12 October 2008.

[17] Prime Minister of Australia, Media Release, Global Financial Crisis, 12 October 2008.

[18] Mr J Murphy, Treasury, Transcript, 14 August 2008, p. 30.

[19] Mr B Johnson, JP Morgan, Transcript, 14 August 2008, p. 25.

[20] Centre for Ideas and the Economy, Submission no. 1, p. 6.

[21] Centre for Ideas and the Economy, Submission no. 1, p. 1.

[22] Centre for Ideas and the Economy, Submission no. 1, p. 8.

[23] Centre for Ideas and the Economy, Submission no. 1, p. 8.

[24] Centre for Ideas and the Economy, Submission no. 1, p. 8.

[25] Centre for Ideas and the Economy, Submission no. 1, p. 8.

[26] Better Mortgage Management Pty Ltd, Submission no. 6, p. 2.

[27] ANZ, Submission no. 28, p. 8.

[28] Commonwealth Bank of Australia, Submission no. 27, p. 3.

[29] Prime Minister of Australia, Media Release, 12 October 2008.

[30] Centre for Ideas and the Economy, Submission no. 1, p. 14.

[31] Australian Securitisation Forum, Submission no. 30, p. 28.

[32] Mr R Venga, The Credit Ombudsman Service Ltd, Transcript, 21 August 2008, p. 42.

[33] Mr D Lightfoot, The Rock Building Society, Transcript, 8 August 2008, p. 11.

[34] Mr R Battellino, Reserve Bank of Australia, Transcript, 14 August 2008, p. 8.

[35] Mr R Battellino, Reserve Bank of Australia, Transcript, 14 August 2008, p. 8.

[36] Mr J Murphy, Treasury, Transcript, 14 August 2008, p. 30.

[37] Mr P Vernon, Australian Securitisation Forum Inc., Transcript, 15 August 2008, p. 39.

[38] Mr P Hall, Genworth Financial, Transcript, 15 August 2008, p. 50.

[39] Mr B Johnson, JP Morgan, Transcript, 14 August 2008, p. 21.

[40] Mr N Hyden, Australian Office of Financial Management, Transcript, 19 September 2008, pp. 32-33.

[41] Australian Securitisation Forum, Submission no. 30, p. 24.

[42] Mr B Benari, Challenger Financial Services Group, Transcript, 15 August 2008, p. 88.

[43] Mr N Hyden, Australian Office of Financial Management, Transcript, 19 September 2008, p. 34.

[44] Mr N Hyden, Australian Office of Financial Management, Transcript, 19 September 2008, p. 34.

[45] Australian Securitisation Forum, Submission no. 30, p. 20.

[46] Treasury, Submission no. 12, p. 4.

[47] Australian Securitisation Forum, Submission no. 30, p. 21.

[48] Australian Prudential Regulation Authority, Letter to ADIs: Covered Bonds, 29 April 2008.

[49] This has recently been amended by the Financial System Legislation (Financial Claims Scheme and Other Measures) Act 2008. However, deposit liabilities still have priority over other liabilities.

[50] Australian Prudential Regulation Authority, Letter to ADIs: Covered Bonds, 29 April 2008.

[51] HM Treasury, Press Notice, Northern Rock plc, 17 February 2008 and HM Treasury, Press Notice, Bradford & Bingley plc, 29 September 2008 and HM Treasury, Statement by the Chancellor on financial markets, 13 October 2008.

[52] Bank of England, News Release, Special Liquidity Scheme, 21 April 2008.

[53] Mr G Medcraft, Australian Securitisation Forum, Transcript, 15 August 2008, p. 37.

[54] Mr P Hall, Genworth Financial, Transcript, 15 August 2008, p. 50.

[55] Mr D Lightfoot, The Rock Building Society Pty Ltd, Transcript, 8 August 2008, p. 6.

[56] Treasurer of the Commonwealth of Australia, Media Release, Government Initiative to support competition in the mortgage market, 26 September 2008.

[57] Bank of England, Financial Stability Report, Issue No. 24, October 2008.

[58] Prime Minister of Australia, Media Release, Global Financial Crisis, 12 October 2008.

[59] Consumer Action Law Centre, Submission no. 35, p. 16.

[60] Consumer Action Law Centre, Submission no. 35, p. 16.

[61] Consumer Action Law Centre, Submission no. 35, p. 18.

[62] Australian Competition and Consumer Commission, ‘What we do’, viewed on 30 October 2008, <http://www.accc.gov.au/content/index.phtml/itemId/54137>

[63] Mr M Pearson, Australian Competition and Consumer Commission, Transcript, 19 September 2008, p. 24.

[64] Mr M Pearson, Australian Competition and Consumer Commission, Transcript, 19 September 2008, p. 28.

[65] Australian Securities and Investments Commission, ‘Our role’, viewed on 30 October 2008, < http://www.asic.gov.au/asic/asic.nsf/byheadline/Our+role?openDocument>

[66] Mr J Cooper, Australian Securities and Investments Commission, Transcript, 19 September 2008, p. 76.

[67] VEDA Advantage, Submission no. 11, p. 7.

[68] Treasury, Submission no. 32, p. 16.

[69] GE Money Australia and New Zealand, Submission no. 13, p. 4.

[70] Mr M Strassberg, VEDA Advantage, Transcript, 15 August 2008, p. 4.

[71] VEDA Advantage, Submission no. 11, p. 11.

[72] Australian Finance Conference, Submission no. 18, p. 5.

[73] Ms G Sheehan, Brotherhood of St Laurence, Transcript, 8 August 2008, p. 61.

[74] Ms G Sheehan, Brotherhood of St Laurence, Transcript, 8 August 2008, p. 61.

[75] Australian Law Reform Commission, Media Briefing Note 7, ALRC Privacy Inquiry, Reform of the credit reporting system, 11 August 2008.

[76] Australian Law Reform Commission, Media Briefing Note 7, ALRC Privacy Inquiry, Reform of the credit reporting system, 11 August 2008.

[77] Mr C Gration, Veda Advantage, Transcript, 15 August 2008, p. 6.

[78] Australian Law Reform Commission, Media Briefing Note 7, ALRC Privacy Inquiry, Reform of the credit reporting system, 11 August 2008.

Chapter 4 The account switching facilitation package

[1] Treasury, Submission no. 32, pp. 10-11.

[2] The OECD was established by treaty in 1961 and currently has 30 member countries. The OECD collects country economic and social information including monitoring trends, conducting research and examining patterns in areas such as trade, the environment, agriculture, technology and taxation. OECD, viewed 22 October 2008, <www.oecd.org>.

[3] The EC was established by treaty in the 1950s and is the executive arm of the European Union, responsible for implementing the decisions of the European Parliament and the Council which includes managing the routine of business of the European Union, implementing its policies, running its programs and spending its funds. EC, viewed 22 October 2008, <http://europa.eu/institutions/inst/comm/index/_en.htm>.

[4] Treasury, Submission no. 32, p. 11.

[5] Treasury, Submission no. 32, p. 11.

[6] The European Union (EU) was established in 1992 by the Maastricht Treaty and is the economic and political partnership of 27 democratic signatory European countries operating under the Euro currency. Governance of the EU includes the European Commission, the Council of the European Union, the European Parliament, the European Court of Justice, the Court of Auditors, the European Economic and Social Committee, the Committee of the Regions, The European Central Bank and the European Central Bank. EC, viewed 22 October 2008, <http://Europa.eu>.

[7] Ms E Freeman, CHOICE, Transcript, 21 August 2008, p. 75.

[8] Mr A Wamsteker, Members Equity Bank, Transcript, 19 September 2008, p. 66.

[9] Professor J Gans, Transcript, 21 August 2008, p. 73.

[10] Hon Peter Costello MP.

[11] The Australian Payments Clearing Association was established in 1992 and is the Australian payments industry’s principal self-regulatory body and the primary vehicle in Australia for collaboration within the payments industry. APCA is tasked with improving ‘the safety, reliability, equity, convenience and efficiency of the Australian payments system. APCA achieves this through industry self-regulation and standards; industry change management and industry policy development and advocacy.’ APCA, Submission no. 43, p. 1.

[12] Australian Payments Clearing Association, Progress Report on Implementation of an Account Switching Facilitation Package, 2 April 2008, p. 4.

[13] Australian Payments Clearing Association, Progress Report on Implementation of an Account Switching Facilitation Package, 2 April 2008, p. 4.

[14] Australian Payments Clearing Association, Progress Report on Implementation of an Account Switching Facilitation Package, 2 April 2008, p. 2.

[15] Australian Payments Clearing Association, Submission no. 43, p. 1.

[16] Australian Payments Clearing Association, Submission no. 43, pp. 1-2; Australian Payments Clearing Association, Progress Report on Implementation of an Account Switching Facilitation Package, 2 April 2008, pp. 2-3.

[17] The Bulk Electronic Clearing System is the main method used for the processing of direct credit and debit transactions within Australia. APCA, Progress Report on Implementation of an Account Switching Facilitation Package, 2 April 2008, p. 2.

[18] Australian Payments Clearing Association, Progress Report on Implementation of an Account Switching Facilitation Package, 2 April 2008, p. 5.

[19] Australian Payments Clearing Association, Progress Report on Implementation of an Account Switching Facilitation Package, 2 April 2008, p. 6.

[20] Australian Payments Clearing Association, Progress Report on Implementation of an Account Switching Facilitation Package, 2 April 2008, p. 4.

[21] Ms K Wijeyewardene, Treasury, Transcript, 14 August 2008, p. 34.

[22] Treasury, Submission no. 32, p. 11.

[23] Australian Payments Clearing Association, Second Progress Report on Implementation of an Account Switching Facilitation Package, 30 April 2008, p. 3.

[24] Mr C Hamilton, Australian Payments Clearing Association, Transcript, 21 August 2008, p. 30.

[25] Mr M Degotardi, Abacus Australian Mutuals, Transcript, 21 August 2008, p. 8.

[26] Australian Payments Clearing Association, Fourth Progress Report on Implementation of an Account Switching Facilitation Package, 31 August 2008, p. 5.

[27] Australian Payments Clearing Association, Fourth Progress Report on Implementation of an Account Switching Facilitation Package, 31 August 2008, p. 5.

[28] Mr C Hamilton, Australian Payments Clearing Association, Transcript, 21 August 2008, p. 25.

[29] Mr C Hamilton, Australian Payments Clearing Association, Transcript, 21 August 2008, p. 26.

[30] Australian Payments Clearing Association, Payments Industry Consultation Paper: Aspects of Account Switching, September 2007, p. 6.

[31] Australian Payments Clearing Association, Payments Industry Consultation Paper: Aspects of Account Switching, September 2007, pp. 6-8.

[32] Australian Payments Clearing Association, Payments Industry Consultation Paper: Aspects of Account Switching, September 2007, pp. 6-8.

[33] Australian Payments Clearing Association, Payments Industry Consultation Paper: Aspects of Account Switching, September 2007, p. 8.

[34] Australian Payments Clearing Association, Payments Industry Consultation Paper: Aspects of Account Switching, September 2007, p. 9.

[35] Transcript, 21 August 2008, pp. 30 and 64; Members Equity Bank, Transcript, 19 September 2008, p. 57.

[36] Mr C Hamilton and Dr B Pragnell, Australian Payments Clearing Association, Transcript, 21 August 2008, pp. 29-30.

[37] Professor J Gans, Transcript, 21 August 2008, p. 64.

[38] Professor J Gans, Transcript, 21 August 2008, p. 65.

[39] Mrs L Claes, ING Direct, Transcript, 16 October 2008, p. 6.

[40] Bank of Western Australia Ltd, Submission no. 29, p. 9; Professor J Gans, Submission no. 2, p. 2.

[41] Bank of Western Australia Ltd, Submission no. 29, p. 9.

[42] Mr M Degotardi, Abacus, Transcript, 21 August 2008, pp. 8-9.

[43] Australian Payments Clearing Association, Payments Industry Consultation Paper: Aspects of Account Switching, September 2007, pp. 12 and 14.

[44] Bank of Western Australia Ltd, Submission no. 29, p. 10; Professor J Gans, Transcript, 21 August 2008, p. 65.

[45] Bank of Western Australia Ltd, Submission no. 29, p. 9.

[46] Professor J Gans, Transcript, 21 August 2008, p. 64.

[47] Mr C Hamilton, Australian Payments Clearing Association, Transcript, 21 August 2008, pp. 27-28.

[48] Dr B Pragnell, Australian Payments Clearing Association, Transcript, 21 August 2008, p. 28.

[49] Mr C Hamilton, Australian Payments Clearing Association, Transcript, 21 August 2008, p. 28.

[50] Ms K Wijeyewardene, Treasury, Transcript, 14 August 2008, p. 34.

[51] Ms L Petschler, Abacus Australian Mutuals, Transcript, 21 August 2008, pp. 9-10.

[52] Mr S Munchenberg, National Australia Bank, Transcript, 19 September 2008, p. 7.

[53] Ms E Freeman, CHOICE, Transcript, 21 August 2008, p. 75.

[54] Mrs L Claes, ING Direct, Transcript, 16 October 2008, p. 3.

[55] Mr A Wamsteker, ME Bank, Transcript, 19 September 2008, p. 57.

[56] Treasury, Submission no. 32, p. 13.

[57] Australian Securities and Investments Commission, Report 125: Review of mortgage entry and exit fees, April 2008, p. 2.

[58] Australian Securities and Investments Commission, Report 125: Review of mortgage entry and exit fees, April 2008, p. 3.

[59] Australian Securities and Investments Commission, Report 125: Review of mortgage entry and exit fees, April 2008, p. 3.

[60] Australian Securities and Investments Commission, Report 125: Review of mortgage entry and exit fees, April 2008, p. 4.

[61] Australian Securities and Investments Commission, Report 125: Review of mortgage entry and exit fees, April 2008, p. 4.

[62] Australian Securities and Investments Commission, Report 125: Review of mortgage entry and exit fees, April 2008, p. 4.

[63] Australian Securities and Investments Commission, Report 125: Review of mortgage entry and exit fees, April 2008, p. 21.

[64] Australian Securities and Investments Commission, Report 125: Review of mortgage entry and exit fees, April 2008, pp. 10 and 16.

[65] Australian Securities and Investments Commission, Report 125: Review of mortgage entry and exit fees, April 2008, p. 11.

[66] Australian Securities and Investments Commission, Report 125: Review of mortgage entry and exit fees, April 2008, p. 13.

[67] Australian Securities and Investments Commission, Report 125: Review of mortgage entry and exit fees, April 2008, p. 15.

[68] Australian Securities and Investments Commission, Report 125: Review of mortgage entry and exit fees, April 2008, p. 15.

[69] Ms E Freeman, CHOICE, Transcript, 21 August 2008, pp. 75-76.

[70] Australian Securities and Investments Commission, Report 125: Review of mortgage entry and exit fees, April 2008, p. 9.

[71] Ms N Rich, Consumer Action Law Centre, Transcript, 8 August 2008, p. 21.

[72] Mr R Battellino, RBA, Transcript, 14 August 2008, p. 14.

[73] Mr R Battellino, RBA, Transcript, 14 August 2008, p. 14.

[74] Mr M Rowland, ANZ, Transcript, 8 August 2008, p. 38.

[75] Mr R Battellino, RBA, Transcript, 14 August 2008, p. 18.

[76] Mr J Murphy, Treasury, Transcript, 14 August 2008, p. 35.

[77] Ms S Bultitude, Treasury, Transcript, 14 August 2008, p. 36.

[78] Ms L Petschler, Abacus Australian Mutuals, Transcript, 21 August 2008, p. 7.

[79] Consumer Credit Legal Centre, Submission no. 33, pp. 14-15.

[80] Consumer Credit Legal Centre, Submission no. 33, p. 16.

[81] Consumer Credit Legal Centre, Submission no. 33, p. 16.

[82] Ms E Freeman, CHOICE, Transcript, 21 August 2008, p. 76.

[83] Rev Dr K Garner, The Wesley Mission, Transcript, 21 August 2008, p. 56.

[84] Mr R Venga, Credit Ombudsman, Transcript, 21 August 2008, p. 45.

[85] Mr R Venga, Credit Ombudsman, Transcript, 21 August 2008, p. 46.

[86] Australian Securities and Investments Commission, Report 125, Review of Mortgage entry and exit fees, April 2008, p. 21.

[87] Australian Securities and Investments Commission, Report 125, Review of Mortgage entry and exit fees, April 2008, p. 21.

[88] Australian Securities and Investments Commission, Report 125, Review of Mortgage entry and exit fees, April 2008, p. 23.

[89] Australian Securities and Investments Commission, Report 125, Review of Mortgage entry and exit fees, April 2008, p. 22.

[90] Australian Securities and Investments Commission, Report 125, Review of Mortgage entry and exit fees, April 2008, p. 23.

[91] Australian Securities and Investments Commission, Report 125, Review of Mortgage entry and exit fees, April 2008, p. 22.

[92] Australian Securities and Investments Commission, Report 125, Review of Mortgage entry and exit fees, April 2008, p. 23.

[93] Australian Securities and Investments Commission, Report 125, Review of Mortgage entry and exit fees, April 2008, p. 23.

[94] Mr R Venga, Credit Ombudsman, Transcript, 21 August 2008, p. 45.

[95] Mr R Venga, Credit Ombudsman, Transcript, 21 August 2008, p. 47.

[96] Dr K Garner, The Wesley Mission, Transcript, 21 August 2008, p. 57.

[97] Ms E Freeman, CHOICE, Transcript, 21 August 2008, p. 76.

[98] Mr M Degotardi, Abacus, Transcript, 21 August 2008, p. 8.

[99] Consumer Credit Legal Centre, Submission no. 33, p. 16.

[100] Consumer Credit Legal Centre, Submission no. 33, p. 16.

[101] Ms E Freeman, CHOICE, Transcript, 21 August 2008, p. 76.

[102] Australian Securities and Investments Commission, Report 125, Review of Mortgage entry and exit fees, April 2008, p. 26.

[103] Australian Securities and Investments Commission, Report 125, Review of Mortgage entry and exit fees, April 2008, p. 26.

[104] Australian Securities and Investments Commission, Report 125, Review of Mortgage entry and exit fees, April 2008, p. 27.

Chapter 5 Consumer protection for borrowers

[1] Bank of Western Australia Ltd, Submission no. 29, p. 8.

[2] Department of Consumer and Employment Protection, Government of Western Australia, Submission no. 38, p. 6.

[3] Brotherhood of St Laurence, Submission no. 21, p. 3.

[4] House of Representatives Standing Committee on Economics, Finance and Public Administration, Home loan lending: Inquiry into home loan lending practices and the processes used to deal with people in financial difficulty, September 2007, p.49.

[5] Australian Bankers’ Association Inc., Submission no. 26 , p. 24.

[6] Abacus Australian Mutuals, Submission no. 42, p. 8.

[7] House of Representatives Standing Committee on Economics, Finance and Public Administration, Home loan lending. Inquiry into home loan lending practices and the processes used to deal with people in financial difficulty, September 2007, p. 39-49.

[8] Department of Consumer and Employment Protection, Government of Western Australia, Submission no. 38, p. 6.

[9] Fujitsu Consulting, Submission no. 9, p. 3.

[10] Mr J North, Fujitsu Consulting, Transcript, 15 August 2008, p. 30.

[11] Mr J North, Fujitsu Consulting, Transcript, 15 August 2008, p. 30.

[12] Fujitsu Consulting, Submission no. 9, p. 3.

[13] Fujitsu Consulting, Submission no. 9, p. 6.

[14] Fujitsu Consulting, Submission no. 9, p. 7.

[15] Fujitsu Consulting, Submission no. 9, p. 4.

[16] Mr P Naylor, Mortgage and Finance Association of Australia, Transcript, 14 August 2008, p. 50.

[17] Fujitsu Consulting, Submission no. 9, p. 7.

[18] Mr P Naylor, Mortgage and Finance Association of Australia, Transcript, 14 August 2008, p. 50.

[19] Mr P Naylor, Mortgage and Finance Association of Australia, Transcript, 14 August 2008, p. 50.

[20] Mr J Symond, Aussie Home Loans, Transcript, 14 August 2008, p. 60.

[21] Fujitsu Consulting, Submission no. 9, p. 8.

[22] Mr P Naylor, Mortgage and Finance Association of Australia, Transcript, 14 August 2008, p. 50.

[23] Mr J North, Fujitsu Consulting, Transcript, 15 August 2008, p. 30.

[24] Mr L Carter, Finance Sector Union, Transcript, 19 September 2008, p. 46.

[25] Fujitsu Consulting, Submission no. 9, p. 5.

[26] Rev Dr K Garner, Wesley Mission, Transcript, 21 August 2008, p. 51.

[27] Mr L Carter, Finance Sector Union, Transcript, 19 September 2008, p. 46-7.

[28] http://www.eaa.unsw.edu.au/afla

[29] Ms J Nash, ANZ Bank, Transcript, 8 August 2008, p. 41.

[30] Ms G Sheehan, Brotherhood of St Laurence, Transcript, 8 August 2008, p. 63.

[31] The Financial Literacy Foundation website can be accessed at: http://www.understandingmoney.gov.au/

[32] Australian Government ‘Understanding Money Website’ viewed on 9 October 2008, <http://www.understandingmoney.gov.au/Content/Consumer/About/aboutflf.aspx>

[33] ASIC consumer website can be accessed at: http://www.fido.gov.au/fido/fido.nsf

[34] Mr J Murphy, Treasury, Transcript, 14 August 2008, p. 39.

[35] Mr J Murphy, Treasury, Transcript, 14 August 2008, p. 38.

[36] Mr P James, Council of Mortgage Lenders, Transcript, 14 August 2008, p. 72.

[37] Ms C Bond, Consumer Action Law Centre, Transcript, 8 August 2008, p. 27.

[38] Ms C Bond, Consumer Action Law Centre, Transcript, 8 August 2008, p. 20.

[39] Rev Dr K Garner, Wesley Mission, Transcript, 21 August 2008, p. 50.

[40] Rev Dr K Garner, Wesley Mission, Transcript, 21 August 2008, p. 52.

[41] Mr L Carter, Finance Sector Union of Australia, Transcript, 19 September 2008, p.42.

[42] Finance Sector Union of Australia, Submission no. 39, p. 5.

[43] Finance Sector Union of Australia, Submission no. 39, p. 5.

[44] Finance Sector Union of Australia, Submission no. 39, p. 5.

[45] Finance Sector Union of Australia, Submission no. 39, p. 5.

[46] Finance Sector Union of Australia, Submission no. 39, p. 5.

[47] Treasury, Submission no. 32, p. 11.

[48] Mates Rates Mortgages, Submission no. 22, p. 8.

[49] Ms E Freeman, CHOICE, Transcript, 21 August 2008, p. 76.

[50] Mr J Sheffield, Commonwealth Bank of Australia, Transcript, 25 September 2008, p. 24.

[51] Ms L Petschler, Abacus Australian Mutuals, Transcript, 21 August 2008, p. 13.

[52] Mr M North, Fujitsu Consulting, Transcript, 15 August 2008, p. 26.

[53] Mr M North, Fujitsu Consulting, Transcript, 15 August 2008, p. 26.

[54] Mr M North, Fujitsu Consulting, Transcript, 15 August 2008, p. 26.

[55] Ms E Freeman, CHOICE, Transcript, 21 August 2008, p. 79.

[56] Ms E Freeman, CHOICE, Transcript, 21 August 2008, p. 79.

[57] Ms L Petschler, Abacus Australian Mutuals, Transcript, 21 August 2008, p. 7.

[58] Ms L Petschler, Abacus Australian Mutuals, Transcript, 21 August 2008, p. 7.

[59] Ms L Petschler, Abacus Australian Mutuals, Transcript, 21 August 2008, p. 7.

[60] Treasury, Submission no. 32, p. 11.

[61] Mr J Sheffield, Commonwealth Bank of Australia, Transcript, 25 September 2008, p. 24.

[62] Mr J Sheffield, Commonwealth Bank of Australia, Transcript, 25 September 2008, p. 25.

[63] CHOICE, Submission no. 23, p. 2.

[64] CHOICE, Submission no. 23, p. 7.

[65] CHOICE, Submission no. 23, p. 7.

[66] Productivity Commission, Review of Australia’s Consumer Policy Framework, Inquiry Report, Volume 1 – Summary, No. 45, 30 April 2008, p. 59.

[67] Productivity Commission, Review of Australia’s Consumer Policy Framework, Inquiry Report, Volume 1 – Summary, No. 45, 30 April 2008, p. 66.

[68] CHOICE, Submission no. 23, p. 7.

[69] CHOICE, Submission no. 23, p. 8.

[70] Mr D Cox, Challenger Financial Services Group, Transcript, 15 August 2008, p. 90.

[71] See, for example, All Home Loans (Queensland) Pty Ltd., Submission no. 46. p. 2.

[72] Senator the Hon N Sherry, Opening address to Evaluating Financial Services Regulation Summit, Sydney, 30 October 2008, as cited at: http://minscl.treasurer.gov.au/Display Docs.aspx?doc=speeches/2008/035.htm&pageID=005&min=njs&Year=&DocType=1