House of Representatives Committees

Standing Committee on Economics, Finance and Public Administration

Review of the Reserve Bank of Australia annual report 1996-97

Media release, 3 September 1997

NEW PRUDENTIAL REGULATOR SHOULD BE SUBJECT TO ANNUAL REVIEW BY PARLIAMENTARY COMMITTEE

The House of Representatives Committee on Financial Institutions and Public Administration has called for the Australian Prudential Regulation Authority to be subject to annual review by the Committee. The formation of the new prudential regulator was announced yesterday by the Treasurer.

According to Committee Chairman, Mr David Hawker MP, such reviews represent an important element in the Parliament's ability to scrutinise the activities of the financial system regulators.

"The Committee is well placed to provide parliamentary oversight of the new prudential regulator," said Mr Hawker.

"The Governor of the Reserve Bank appears before the Committee twice a year to report on the Reserve Bank's monetary policy activities, as outlined in the Treasurer's Statement on the Conduct of Monetary Policy."

"In addition, the Committee's past reviews of the Reserve Bank and the Insurance and Superannuation Commission have demonstrated the benefits of regular annual reviews of the roles and responsibilities of regulatory agencies."

"Annual review of the prudential regulator's activities by this Committee should become a formal arrangement for the new prudential regulator," Mr Hawker concluded.

Ends
3 September 1997
Further information: David Hawker MP (Chairman) 02 - 6277 4100
Christopher Paterson (Secretary) 02 - 6277 4587
EMAIL Address for FIPA Committee: EFPA.Reps@aph.gov.au

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