House of Representatives Committees

| House of Representatives Economics

Footnotes

Chapter 1 Introduction

[1] Reserve Bank of Australia, Statement on the Conduct of Monetary Policy, 30 September 2010.

[2] See: <http://www.aph.gov.au/economics>

[3] See: <http://www.rba.gov.au>

Chapter 2 Monetary policy and other issues

[1] Mr Glenn Stevens, Governor of the RBA, Transcript, 24 August 2012, p. 1.

[2] Mr Glenn Stevens, Governor of the RBA, Transcript, 24 August 2012, p. 1.

[3] Mr Glenn Stevens, Governor of the RBA, Transcript, 24 August 2012, p. 1.

[4] Mr Glenn Stevens, Governor of the RBA, Transcript, 24 August 2012, p. 2.

[5] Mr Glenn Stevens, Governor of the RBA, Transcript, 24 August 2012, p. 2.

[6] Mr Glenn Stevens, Governor of the RBA, Transcript, 24 August 2012, p. 3.

[7] Mr Glenn Stevens, Governor of the RBA, Transcript, 24 August 2012, p. 5.

[8] Reserve Bank of Australia, Statement on Monetary Policy, August 2012, p. 5.

[9] Reserve Bank of Australia, Statement on Monetary Policy, August 2012, p. 5.

[10] Reserve Bank of Australia, Statement on Monetary Policy, August 2012, p. 5.

[11] Reserve Bank of Australia, Statement on Monetary Policy, August 2012, pp. 6-8.

[12] Reserve Bank of Australia, Statement on Monetary Policy, August 2012, pp. 8-9.

[13] Reserve Bank of Australia, Statement on Monetary Policy, August 2012, p. 5.

[14] Reserve Bank of Australia, Statement on Monetary Policy, August 2012, p. 3.

[15] Reserve Bank of Australia, Statement on Monetary Policy, August 2012, p. 4.

[16] Mr Glenn Stevens, Governor of the RBA, Transcript, 24 August 2012, p. 3.

[17] Mr Glenn Stevens, Governor of the RBA, Transcript, 24 August 2012, p. 5.

[18] Mr Glenn Stevens, Governor of the RBA, Transcript, 24 August 2012, pp. 5-6.

[19] Mr Glenn Stevens, Governor of the RBA, Transcript, 24 August 2012, p. 6.

[20] Mr Glenn Stevens, Governor of the RBA, Transcript, 24 August 2012, p. 6.

[21] Dr Lowe, Assistant Governor (Economic), RBA, Transcript, 24 August 2012, p. 7.

[22] Mr Glenn Stevens, Governor of the RBA, Transcript, 24 August 2012, p. 9.

[23] Mr Glenn Stevens, Governor of the RBA, Transcript, 24 August 2012, p. 9.

[24] Mr Glenn Stevens, Governor of the RBA, Transcript, 24 August 2012, p. 9.

[25] Mr Glenn Stevens, Governor of the RBA, Transcript, 24 August 2012, p. 9.

[26] This refers to the Australian Government Guarantee Scheme for Large Deposits and Wholesale Funding (the Guarantee Scheme) which commenced in November 2008. The Scheme enabled authorised deposit-taking institutions to access funding during the global financial crisis. They ensured that Australian institutions were not placed at a disadvantage compared to overseas competitors that had access to government guarantees on bank debt. Once the crisis had passed and similar schemes overseas started to close, the Australian Government closed the Guarantee Scheme to new liabilities from 31 March 2010. Large deposits and wholesale liabilities guaranteed under the Scheme at that time remained under guarantee, for a fee, for the relevant term.

[27] Dr Lowe, Assistant Governor (Economic), RBA, Transcript, 24 August 2012, p. 16.

[28] Dr Lowe, Assistant Governor (Economic), RBA, Transcript, 24 August 2012, p. 16.

[29] Mr Glenn Stevens, Governor of the RBA, Transcript, 24 August 2012, p. 17.

[30] The Financial Sector Assessment Program (FSAP) analyses a country’s financial sector. Established in 1999, the FSAP assessments are conducted in advanced economies by the IMF. In the emerging and developing economies, the World Bank is involved as well. For further details of the FSAP, see http://www.imf.org/external/np/exr/facts/fsap.htm.

[31] Mr Glenn Stevens, Governor of the RBA, Transcript, 24 August 2012, p. 12.

[32] Mr Glenn Stevens, Governor of the RBA, Transcript, 24 August 2012, p. 10.

[33] Mr Glenn Stevens, Governor of the RBA, Transcript, 24 August 2012, p. 10.

[34] Mr Glenn Stevens, Governor of the RBA, Transcript, 24 August 2012, p. 11.

[35] Mr Glenn Stevens, Governor of the RBA, Transcript, 24 August 2012, p. 11.

[36] Mr Glenn Stevens, Governor of the RBA, Transcript, 24 August 2012, p. 12.

[37] Dr Christopher Kent, Assistant Governor of the RBA (Economic) Transcript, 24 August 2012, pp. 18-19.

[38] Mr Glenn Stevens, Governor of the RBA, Transcript, 24 August 2012, p. 19.

[39] Mr Glenn Stevens, Governor of the RBA, Transcript, 24 August 2012, p. 19.

[40] This appears to be a reference to an article by Patrick D'Arcy and Linus Gustafsson ‘Australia's Productivity Performance and Real Incomes’ that was published in the RBA’s Bulletin, June Quarter 2012. This is available at http://www.rba.gov.au/publications/bulletin/2012/jun/3.html

[41] Mr Glenn Stevens, Governor of the RBA, Transcript, 24 August 2012, p. 19.

[42] Mr Glenn Stevens, Governor of the RBA, Transcript, 24 August 2012, pp. 19-20.

[43] Mr Glenn Stevens, Governor of the RBA, Transcript, 24 August 2012, p. 20.

[44] Mr Glenn Stevens, Governor of the RBA, Transcript, 24 August 2012, p. 9.

[45] Mr Glenn Stevens, Governor of the RBA, Transcript, 24 August 2012, p. 9.

[46] Transcript, 24 August 2012, pp. 20-21. This refers to a media release of 17 August 2012 by the Payments Board entitled Payments System Issues: Multi-Network Debit Cards. These cards are issued by banks and other institutions for ATM usage and with debit functionality from more than one payments network. The release acknowledged concerns with rules that require the provision of commercially sensitive data about one network to a competitor network, the imposition of fees by one network on another network's transactions and disputes over the placement of network brands on cards and the emergence of a emerging issues between the various networks concerning contactless debit cards. The release is available in full at: http://www.rba.gov.au/media-releases/2012/mr-12-20.html.

[47] Mr Glenn Stevens, Governor of the RBA, Transcript, 24 August 2012, p. 21.

[48] Mr Glenn Stevens, Governor of the RBA, Transcript, 24 August 2012, p. 21.

[49] Mr Glenn Stevens, Governor of the RBA, Transcript, 24 August 2012, p. 21.

[50] Mr Glenn Stevens, Governor of the RBA, Transcript, 24 August 2012, p. 3.

[51] Mr Glenn Stevens, Governor of the RBA, Transcript, 24 August 2012, p. 3.

[52] Mr Glenn Stevens, Governor of the RBA, Transcript, 24 August 2012, p. 4.

[53] Mr Glenn Stevens, Governor of the RBA, Transcript, 24 August 2012, p. 4.

[54] Mr Glenn Stevens, Governor of the RBA, Transcript, 24 August 2012, p. 3.

[55] Mr Glenn Stevens, Governor of the RBA, Transcript, 24 August 2012, p. 4.

[56] Mr Glenn Stevens, Governor of the RBA, Transcript, 24 August 2012, p. 4.

[57] Mr Glenn Stevens, Governor of the RBA, Transcript, 24 August 2012, p. 4.

[58] Mr Glenn Stevens, Governor of the RBA, Transcript, 24 August 2012, p. 4.

[59] Mr Glenn Stevens, Governor of the RBA, Transcript, 24 August 2012, p. 4.

[60] Mr Glenn Stevens, Governor of the RBA, Transcript, 24 August 2012, p. 15.

[61] Mr Glenn Stevens, Governor of the RBA, Transcript, 24 August 2012, p. 15.

[62] Mr Glenn Stevens, Governor of the RBA, Transcript, 8 October 2012, p. 1.

[63] Mr Glenn Stevens, Governor of the RBA, Transcript, 8 October 2012, pp. 1-5.

[64] Mr Glenn Stevens, Governor of the RBA, Transcript, 8 October 2012, p. 17.

[65] Mr Glenn Stevens, Governor of the RBA, Transcript, 8 October 2012, p. 16.

[66] Mr Frank Campbell, Assistant Governor (Corporate Services), Transcript, 8 October 2012, p. 16.

[67] Mr Ric Battellino, former Deputy Governor of the RBA, Transcript, 8 October 2012, p. 18.

[68] Mr Glenn Stevens, Governor of the RBA, Transcript, 8 October 2012, p. 22.

[69] The relevant public hearings are 26 November 2010, 11 February 2011, 26 August 2011, 24 February 2012, 24 August 2012 and 8 October 2012.

Supplementary Comments – Hon Tony Smith, MP, Liberal Member

[1] Nick McKenzie & Richard Baker, “RBA firm sacked its foreign agents”, The Age (25 May 2009) p 1

[2] Richard Baker & Nick McKenzie, “RBA warned on arms broker”, The Age (10 Sept 2009) p 1

[3] Richard Baker & Nick McKenzie, “Guns drugs and money”, The Age (28 Aug 2009) p 1

[4] Richard Baker & Nick McKenzie, “RBA company in Sudan link”, The Age (29 May 2009) p 1; Nick McKenzie & Richard Baker, “RBA link to Saddam regime”, The Age (6 June 2009) p 1

[5] Hansard House Economics Committee Hearing (8 October 2012) p 5

[6] House of Representatives Standing Committee on Economics, Review of the Reserve Bank of Australia Annual Report 2011 (Draft Second Report) 1.1

[7] Ibid 1.2 – 1.3

[8] Richard Baker & Nick McKenzie, “Revealed: the RBA’s dodgy deals”, The Age (23 May 2009) p 1

[9] Glenn Stevens, Letter to Treasurer Wayne Swan (2 June 2010) p 3

[10] Richard Baker & Nick McKenzie, “RBA held evidence of bribery”, The Age (11 August 2012) p 1

[11] “RBA Statement in response to questions from The Age”, The Age (11 August 2011) p 9

[12] Hansard House Economics Committee Hearing (26 August 2011) p 14

[13] ibid

[14] Hansard House Economics Committee Hearing (24 February 2012) p 16

[15] Ibid pp 23-24

[16] Tony Smith, “Don’t let these banknote questions fester”, The Age (7 September 2012) p 15

[17] http://www.theage.com.au/national/the-june-2007-rba-memo-20120822-24llm.html?rand=1345598937818

[18] Hansard House Economics Committee Hearing (24 August 2012) p 14

[19] ibid

[20] ibid

[21] Op cit Hansard (8 October 2012) p 38

[22] Op Cit Hansard (8 October 2012) p 27

[23] ibid

[24] Op cit Hansard (8 October 2012) p 24

[25] Ibid p 22

[26] ibid

[27] Tony Smith, Hansard House of Representatives (20 August 2012) p 9332