Inquiry into the international financial market effects on government policy
Media Releases

Media release: 9 March 2000

TREASURY AND FINANCE TO FACE PARLIAMENTARY COMMITTEE ON GLOBALISATION

Public hearings in the House Economics Committee's inquiry into International Financial Markets will continue in Canberra on Monday, 13 March.

Committee Chairman, David Hawker MP, said: "The inquiry is examining the impact of globalisation of international financial markets on Australia's monetary and fiscal policies. It also will consider the role of hedge funds in the Asian financial crisis and particularly their attack on the Australian dollar in 1998."

"The Treasury and the Department of Finance and Administration are important participants in Australia's involvement with international financial markets and the Committee hopes that the evidence given by these departments will be of great assistance in formulating its conclusions", said Mr Hawker.

"With the growing globalisation of financial markets and the importance of the Australian dollar in currency markets, it is essential that Australia has the best possible risk management strategies. One of the aims of this inquiry is to ensure that is the case."

Mr Hawker added: "Australia's active role in financial markets and its reliance on trade, mean that Australia has a strong interest in ensuring that the international financial system is as stable as possible. The inquiry is also examining the work being carried out internationally to strengthen the international financial regulatory system. The Australian economy's strong performance through the period of the Asian crisis has enabled this country to play a leading role in that work", Mr Hawker said."

Members of the public are welcome to attend the hearing, which will be held in Committee Room 2R2 at Parliament House, Canberra from 9am to 12pm on Monday, 13 March.

Ends
9 March 2000
Email: EFPA.Reps@aph.gov.au

Further information:
David Hawker MP (Chairman) (02) 6277 4100 Parliament House
Tas Luttrell (Inquiry Secretary) 02 6277 2375

Hearing program, Committee membership and the Terms of Reference are attached

Program: Public Hearing

Committee Room 2R2
Parliament House
CANBERRA ACT 2600

9.00 am - 10.45 am
The Treasury
Dr Ken Henry, Executive Director, Economic Group
Mr Gary Johnston, Chief Adviser (International), Economic Group
Dr James Horne, General Manager, Macroeconomic Policy Division, Economic Group
Ms Karen Spindler, General Manager, International Finance Division, Economic Group
Mr Terry O'Brien, Specialist Adviser (APEC), Economic Group
Mr Phil Garton, Manager, Fiscal Policy Division, Economic Group
Ms Lynne Thompson, Manager, Monetary Policy Unit, Macroeconomic Policy Division, Economic Group
Dr Mark Upcher, Specialist Adviser, Macroeconomic Policy Division, Economic Group

11.00 am - 12.00 pm
Department of Finance and Administration
Mr Michael Carnahan, Branch Manager, Long-Term Budget Policy Unit
Mr Ed Lekawski, Economic Adviser, Long-term Budget Policy Unit
Mr Neville Jackson, Director, Accounting and Governance Framework, Financial Framework Branch
Mr John Cassidy, Financial Framework Branch
Mr Phil Hagen, Operations Manager, Accounting Centre of Excellence

Committee Membership 39th Parliament

Chairman: Mr David Hawker MP
Deputy Chairman: Mr Gregory Wilton MP
Members:
Mr Anthony Albanese MP
Ms Anna Burke MP
Ms Teresa Gambaro MP
Mrs Kay Hull MP
Mr Mark Latham MP
Mr Christopher Pyne MP
Hon Alex Somlyay MP
Dr Andrew Southcott MP

Terms of Reference

The globalisation of international financial markets has raised important issues for the conduct of macroeconomic policy and the operation of financial markets. This inquiry will examine these matters with particular reference to:

1. The implications of the globalisation of international financial markets for the conduct of fiscal and monetary policies in Australia, including medium-term and other strategies to cope with potential volatility in markets.

2. Information requirements for the stable and efficient operation of international financial markets, including the provision of information by governments and disclosure by market participants, especially by large market participants including highly leveraged institutions.

3. The relevance to these issues of recent developments in the international framework for financial regulation.

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