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Legislative Assembly for the ACT: 1999 Week 6 Hansard (22 June) . . Page.. 1623 ..
MS CARNELL (continuing):
prudential standing of credit unions and building societies is considerably stronger than when the scheme commenced in 1992. The proposed reforms will provide a uniform national system of supervision of financial institutions, thereby reducing the duplication of the regulation of Australia's financial institutions. Moreover, the reforms are designed to enhance competition in the retail financial sector by applying the same regulatory structure to all Australian deposit-taking institutions.
Members will also recall that I wrote to them in April 1998 informing them about the implementation of the Wallis inquiry and that future Territory legislation will be required. Further, as this Bill is a result of an intergovernmental agreement, the Financial Sector Regulation Transfer Agreement, the agreement was passed on to the Standing Committee for the Chief Minister's Portfolio. That committee noted that the ACT had given in-principle agreement to the transfer.
The Bill repeals the Financial Institutions (Application of Laws) Act 1992 and the Financial Institutions (Supervisory Authority) Act 1992. This entails the winding up of the office of the ACT Registrar of Financial Institutions and the two related funds, the Supervision Fund and the Credit Unions Contingency Fund. The retained earnings of these funds will be distributed to ACT credit unions. The local credit union sector, like the national financial institution representative bodies, supports these financial system reforms. Mr Speaker, I commend the Bill to the Assembly, and I present the explanatory memorandum to the Bill.
Debate (on motion by Mr Quinlan ) adjourned.
That orders of the day Nos 1 to 4, Executive business, relating to the Rates and Land Tax (Amendment) Bill 1999, the Ambulance Service Levy (Amendment) Bill 1999, the Revenue Legislation Amendment Bill 1999 and the Gaming Machine (Amendment) Bill 1999 be postponed until the next day of sitting.
Debate resumed from 22 April 1999, on motion by Mr Moore:
That this Bill be agreed to in principle.
MR SPEAKER: Is it the wish of the Assembly to debate this order of the day concurrently with the Crimes (Amendment) Bill 1999? There being no objection, that course will be followed. I remind members that in debating order of the day No. 5 they may also address their remarks to order of the day No. 6.
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