Chapter 1 - Introduction

[1]        ASIC Act 2001, s. 243.

[2]        Journals of the Senate, No. 91, 22 March 2018, pp. 2886–2887.

Chapter 2 - Background

[1]        Mr Allan Hansall, Director of Policy and Global Markets, Financial Services Council, Committee Hansard, 19 June 2018, p. 25.

[2]        See, for example, National Insurance Brokers Association, Submission 5, p. 1.

[3]        See, for example, beyondblue, Submission 3, p. 1; Australian Council of Trade Unions, Submission 8, p. 3; Mr Patrick O'Connor, Private Capacity, Committee Hansard, 19 June 2018, pp. 3–4; Ms Alexandra Kelly, Principal Solicitor, Financial Rights Legal Centre, Committee Hansard, 19 June 2018, p. 13.

[4]        See, for example, Mr Patrick O'Connor, Committee Hansard, 19 June 2018, pp. 3–4; Financial Services Council, Submission 1.1, pp. 12–13; MLC Life Insurance, Submission 12, pp. 2–3; MetLife, Submission 13, p. 4; AIA, Submission 20, pp. 6–9.

[5]        See, for example, Mr Hansall, Financial Services Council, Committee Hansard, 19 June 2018, p. 25; Financial Services Council, Submission 1.1, pp. 12–15; MLC Life Insurance, Submission 12, p. 13; MetLife, Submission 13, p. 4; Allianz Australia, Submission 14, p. 2; AIA, Submission 20, p. 6.

[6]        Financial Services Council, Submission 1.1, p. 8.

[7]        Mr Hansall, Financial Services Council, Committee Hansard, 19 June 2018, p. 26.

[8]        Mr Hansall, Financial Services Council, Committee Hansard, 19 June 2018, p. 27.

[9]        Parliamentary Joint Committee on Corporations and Financial Services, Life Insurance Industry, March 2018, p. 9.

[10]      Australian Prudential Regulation Authority, Submission 10, p. 2.

[11]      Australian Prudential Regulation Authority, Submission 10, p. 3.

[12]      Mr Hansall, Financial Services Council, Committee Hansard, 19 June 2018, p. 25.

[13]      The Senate referred the inquiry to the committee on 14 September 2016 and the committee presented its final report to the House of Representatives on 27 March 2018; see Journals of the Senate, No. 6, 14 September 2016, p. 193; Votes and Proceedings, No. 105, House of Representatives, 27 March 2018, p. 1462.

[14]      Votes and Proceedings, No. 105, House of Representatives, 27 March 2018, p. 1461–1462.

[15]      Parliamentary Joint Committee on Corporations and Financial Services, Life Insurance Industry, March 2018, Chair's Foreword, p. ix.

[16]      Parliamentary Joint Committee on Corporations and Financial Services, Life Insurance Industry, March 2018, Chair's Foreword, p. ix.

[17]      Parliamentary Joint Committee on Corporations and Financial Services, Life Insurance Industry, March 2018, pp. 189–190.

[18]      Parliamentary Joint Committee on Corporations and Financial Services, Life Insurance Industry, March 2018, p. 191.

[19]      Mr Hansall, Financial Services Council, Committee Hansard, 19 June 2018, p. 28.

[20]      Mr Ian Beckett, Principal Adviser, Retirement Income Policy Division, Treasury, Committee Hansard, 19 June 2018, p. 34.

[21]      Financial Services Council, Submission 1.1, p. 4.

[22]      Financial Services Council, Submission 1.1, p. 4.

[23]      Australian Prudential Regulation Authority, Submission 10, p. 2.

[24]      Financial Services Council, Submission 1, p. 1; also see Australian Super, Submission 6, p. 2; MLC Life Insurance, Submission 12, pp. 2, 16–17; Allianz Australia, Submission 14, p. 1.

[25]      Financial Services Council, Submission 1.1, p. 5.

[26]      MetLife noted that the benefits in the right hand column may be provided as part of a trauma policy where the insured amount exceeds $10,000.

[27]      See Financial Services Council, Submission 1.1, pp. 5–8; ClearView, Submission 2, p. 4; Private Healthcare Australia, Submission 4, p. 2; Australian Super, Submission 6, p. 2. Australian Prudential Regulation Authority, Submission 10, p. 1; MLC Life Insurance, Submission 12, pp. 5–7; MetLife, Submission 13, pp. 8–9; AIA, Submission 20, pp. 10–13.

[28]      Financial Services Council, Submission 1.1, p. 5, pp. 6–8.

[29]      Financial Services Council, answers to questions on notice, 18 July 2018 (received 27 July 2018), p. 1.

[30]      Financial Services Council, answers to questions on notice, 18 July 2018 (received 27 July 2018), p. 1.

[31]      Financial Services Council, Submission 1.1, p. 6.

[32]      Financial Services Council, Submission 1.1, pp. 5–6.

[33]      Financial Services Council, Submission 1.1, p. 6; see also ClearView, Submission 2, p. 1.

[34]      Mr Hansall, Financial Services Council, Committee Hansard, 19 June 2018, p. 25; Financial Services Council, answers to questions on notice, 18 July 2018 (received 27 July 2018), p. 1.

[35]      Mr Hansall, Financial Services Council, Committee Hansard, 19 June 2018, p. 25.

[36]      Allianz Australia, answers to questions on notice, 18 July 2018 (received 26 July 2018), p. 1.

[37]      Financial Services Council, Submission 1.1, p. 3; Financial Services Council, answers to questions on notice, 18 July 2018 (received 27 July 2018), p. 1.

[38]      Mr Hansall, Financial Services Council, Committee Hansard, 19 June 2018, p. 26.

[39]      Mr Kirwan, Financial Services Council, Committee Hansard, 19 June 2018, p. 26.

[40]      Mr Hansall, Financial Services Council, Committee Hansard, 19 June 2018, p. 25.

[41]      MLC Life Insurance, Submission 12, pp. 2–3.

[42]      Financial Services Council, Supplementary Submission 1.1, p. 3.

[43]      Mr Hansall, Financial Services Council, Committee Hansard, 19 June 2018, pp. 25–26, 28.

Chapter 3 - Key issues

[1]        See, for example, Financial Services Council, Submission 1.1, pp. 2–3; ClearView, Submission 2, p. 2; Australian Super, Submission 6, p. 3; MLC Life Insurance (MLC), Submission 12, p. 11; MetLife, Submission 13, pp. 6–7; Allianz Australia, Submission 14, p. 5; Cbus, Submission 17, p. 2; AIA, Submission 20, pp. 2–3.

[2]        See, for example, Financial Services Council, Submission 1.1, pp. 9–11; beyondblue, Submission 3, p. 1; Australian Council of Trade Unions (ACTU), Submission 8, p. 11; Australian Prudential Regulation Authority (APRA), Submission 10, p. 2; Ms Kim Shaw, National Head, Superannuation and Insurance Claims, Maurice Blackburn Lawyers (Maurice Blackburn), Committee Hansard, 19 June 2018, p. 13; Ms Penny Shakespeare, Acting Deputy Secretary, Department of Health, Committee Hansard, 19 June 2018, p. 31.

[3]        beyondblue, Submission 3, p. 2; AIA, Submission 20, pp. 4–5.

[4]        Financial Services Council, Submission 1.1, p. 8; APRA, Submission 10, p. 2.

[5]        See, for example, Australian Super, Submission 6, p. 1; Maurice Blackburn, Submission 7, p. 4.

[6]        beyondblue, Submission 3, p. 1.

[7]        Australian Manufacturing Workers' Union, Submission 15, p. 2.

[8]        Ms Shaw, Maurice Blackburn, Committee Hansard, 19 June 2018, p. 15.

[9]        AIA, Submission 20, p. 7; also see Mr Patrick O'Connor, Private Capacity, Committee Hansard, 19 June 2018, pp. 2–3.

[10]      AIA, Submission 20, p. 2.

[11]      MLC, Submission 12, pp. 13–14.

[12]      MLC, Submission 12, p. 12.

[13]      Financial Services Council, Submission 1.1, p. 2.

[14]      Mr Allan Hansall, Director of Policy and Global Markets, Financial Services Council, Committee Hansard, 19 June 2018, p. 25.

[15]      Mr Hansall, Financial Services Council, Committee Hansard, 19 June 2018, p. 27.

[16]      Financial Services Council, Submission 1.1, p. 10; APRA, Submission 10, p. 3; AIA, Submission 20, p. 2.

[17]      APRA, Submission 10, p. 2.

[18]      Mr Geoff Summerhayes, APRA Member, APRA, Committee Hansard, 19 June 2018, p. 35.

[19]      Mr Summerhayes, APRA, Committee Hansard, 19 June 2018, p. 35.

[20]      Mr Summerhayes, APRA, Committee Hansard, 19 June 2018, pp. 30–31.

[21]      APRA, Submission 10, pp. 2–3.

[22]      APRA, Submission 10, p. 3; see also Mr Summerhayes, APRA, Committee Hansard, 19 June 2018, pp. 35–36.

[23]      See, for example, Allianz Australia, Submission 14, p. 4.

[24]      Mr Hansall, Financial Services Council, Committee Hansard, 19 June 2018, p. 25.

[25]      Mr O'Connor, private capacity, Committee Hansard, 19 June 2018, p. 4.

[26]      ClearView, Submission 2, p. 2.

[27]      MLC, Submission 12, pp. 8–9.

[28]      Mr Summerhayes, APRA, Committee Hansard, 19 June 2018, p. 36.

[29]      Financial Services Council, answers to questions on notice, 6 August 2018 (received 17 August 2018); Mr James Connors, Senior Consultant, Government and Policy, Committee Hansard, 21 August 2018, p. 9.

[30]      Dr Caroline Johnson, Royal Australian College of General Practitioners, Committee Hansard, 21 August 2018, p. 14.

[31]      Mr Hansall, Financial Services Council, Committee Hansard, 19 June 2018, p. 26.

[32]      ClearView, Submission 2, p. 2.

[33]      AIA, Submission 20, p. 2.

[34]      MLC, Submission 12, pp. 14–15.

[35]      See, for example, Mr Michael Borowick, Assistant Secretary, ACTU, Committee Hansard, 19 June 2018, p. 8.

[36]      Maurice Blackburn, Submission 7, p. 4.

[37]      Ms Alexandra Kelly, Principal Solicitor, Financial Rights Legal Centre (Financial Rights), Committee Hansard, 19 June 2018, p. 13. See also, for example, Mr O'Connor, Committee Hansard, 19 June 2018, pp. 2–5.

[38]      Choice, Financial Rights, and Consumer Action Law Centre (Consumer Action), Submission 16, p. 2.

[39]      Ms Georgie Harman, Chief Executive Officer, beyondblue, Committee Hansard, 19 June 2018, p. 14.

[40]      beyondblue, Submission 3, p. 3.

[41]      Royal Australian and New Zealand College of Psychiatrists, Submission 9, p. 1.

[42]      Mr Borowick, ACTU, Committee Hansard, 19 June 2018, p. 9.

[43]      Ms Kelly, Financial Rights, Committee Hansard, 19 June 2018, pp. 14–15.

[44]      Maurice Blackburn, Submission 7, p. 2.

[45]      Ms Shaw, Maurice Blackburn, Committee Hansard, 19 June 2018, p. 13.

[46]      Ms Shaw, Maurice Blackburn, Committee Hansard, 19 June 2018, p. 14. See also beyondblue, answers to questions on notice, 19 June 2018 (received 13 July 2018), p. 3.

[47]      Mr O'Connor, Submission 11, p. 1.

[48]      Mr O'Connor, Submission 11, p. 1; Mr O'Connor, Committee Hansard, 19 June 2018, pp. 4–5.

[49]      Ms Harman, beyondblue, Committee Hansard, 19 June 2018, p. 14.

[50]      Mr Hansall, Financial Services Council, Committee Hansard, 19 June 2018, p. 25.

[51]      Mr Nick Kirwan, Policy Consultant, Life Insurance, Financial Services Council, Committee Hansard, 19 June 2018, p. 29.

[52]      Financial Services Council, answers to questions on notice, 18 July 2018 (received 27 July 2018), p. 2.

[53]      MLC, answers to questions on notice, 18 July 2018 (received 27 July 2018), p. 2. See also MLC, Submission 12, pp. 7–8.

[54]      MLC, answers to questions on notice, 18 July 2018 (received 27 July 2018), p. 2, p. 3.

[55]      Mr James Connors, Senior Consultant, Government and Policy, MLC Life Insurance, Committee Hansard, 21 August 2018, p. 10.

[56]      AIA, Submission 20, p. 3.

[57]      AIA, Submission 20, pp. 14–15.

[58]      Mr Borowick, ACTU, Committee Hansard, 19 June 2018, p. 9. See also Australian Manufacturing Workers' Union, Submission 15, p. 3.

[59]      beyondblue, Submission 3, p. 2.

[60]      beyondblue, Submission 3, p. 2. See also Choice, Financial Rights, and Consumer Action, answers to questions on notice, 18 July 2018 (received 27 July 2018), p. 4.

[61]      beyondblue, answers to questions on notice, 19 June 2018 (received 13 July 2018), p. 2.

[62]      beyondblue, answers to questions on notice, 19 June 2018 (received 13 July 2018), p. 3.

[63]      beyondblue, answers to questions on notice, 19 June 2018 (received 13 July 2018), pp. 3–4.

[64]      Choice, Financial Rights, and Consumer Action, Submission 16, p. 4.

[65]      Choice, Financial Rights, and Consumer Action, Submission 16, p. 2.

[66]      Choice, Financial Rights, and Consumer Action, Submission 16, p. 2. See also Mr Borowick, ACTU, Committee Hansard, 19 June 2018, p. 8.

[67]      Dr Caroline Johnson, Royal Australian College of General Practitioners, Committee Hansard, 21 August 2018, pp. 14–15.

[68]      Dr Caroline Johnson, Royal Australian College of General Practitioners, Committee Hansard, 21 August 2018, p. 16.

[69]      Choice, Financial Rights, and Consumer Action, answers to questions on notice, 18 July 2018 (received 27 July 2018), p. 3.

[70]      Mr Allan Hansall, Director Policy and Global Markets, Financial Services Council, Committee Hansard, 19 June 2018, p. 25.

[71]      ACTU, Submission 8, p. 2. See also Australian Manufacturing Workers' Union, Submission 15, p. 1.

[72]      ACTU, answers to questions on notice, 19 June 2018 (received 18 July 2018), p. 2–3.

[73]      Australian Workers' Union, Submission 18, pp. 1–2.

[74]      Choice, Financial Rights, and Consumer Action, answers to questions on notice, 18 July 2018 (received 27 July 2018), p. 3.

[75]      Choice, Financial Rights, and Consumer Action, Submission 16, p. 3. See also Maurice Blackburn, Submission 7, p. 6.

[76]      Maurice Blackburn, Submission 7, p. 6.

[77]      Ms Joanne Graves, National Rehabilitation Manager, AIA Australia, Committee Hansard, 21 August 2018, p. 6.

[78]      Ms Stephanie Phillips, Chief Group Insurance Officer, AIA Australia, Committee Hansard, 21 August 2018, pp 5–6.

[79]      Financial Services Council, answers to questions on notice, 18 July 2018 (received 17 August 2018).

[80]      Financial Services Council, answers to questions on notice, 18 July 2018 (received 17 August 2018).

[81]      Mr James Fleming, Legal and Industrial Officer, ACTU, Committee Hansard, 19 June 2018, p. 11.

[82]      Maurice Blackburn, answers to questions on notice, 19 June 2018 (received 19 July 2018), p. 2; Maurice Blackburn, Submission 7, p. 6.

[83]      Choice, Financial Rights, and Consumer Action, answers to questions on notice, 18 July 2018 (received 27 July 2018), p. 3. See also Ms Kelly, Financial Rights, Committee Hansard, 19 June 2018, p. 15.

[84]      Dr Michelle Atchinson, Chair, Section of Private Practice Psychiatry, The Royal Australian and New Zealand College of Psychiatrists, Committee Hansard, 21 August 2018, pp 12–13.

[85]      Ms Stephanie Phillips, Chief Group Insurance Officer, AIA Australia, Committee Hansard, 21 August 2018, p. 8.

[86]      Mr James Connors, Senior Consultant, Government and Policy, MLC Life Insurance, Committee Hansard, 21 August 2018, p. 8.

[87]      Mr James Connors, Senior Consultant, Government and Policy, MLC Life Insurance, Committee Hansard, 21 August 2018, p. 9.

[88]      MLC, Submission 12, p. 2.

[89]      Mr O'Connor, Submission 11, p. 24.

[90]      Mr O'Connor, Committee Hansard, 19 June 2018, pp. 3–4.

[91]      ClearView, Submission 2, p. 3.

[92]      Ms Shakespeare, Department of Health, Committee Hansard, 19 June 2018, p. 32.

[93]      Ms Shakespeare, Department of Health, Committee Hansard, 19 June 2018, p. 30.

[94]      Ms Shakespeare, Department of Health, Committee Hansard, 19 June 2018, p. 30.

[95]      ClearView, Submission 2, p. 3.

[96]      ACTU, answers to questions on notice, 19 June 2018 (received 18 July 2018), p. 4.

[97]      Mr Borowick, ACTU, Committee Hansard, 19 June 2018, p. 9. See also ACTU, Submission 8, pp. 7–9.

[98]      ACTU, Submission 8, pp. 4–5.

[99]      Maurice Blackburn, Submission 7, p. 2.

[100]    Ms Shaw, Maurice Blackburn, Committee Hansard, 19 June 2018, p. 13.

[101]    Mr James Connors, Senior Consultant, Government and Policy, MLC Life Insurance, Committee Hansard, 21 August 2018, p. 5.

[102]    Mr Nicholas Scofield, Chief Corporate Officer, Allianz Australia, Committee Hansard, 21 August 2018, p. 6.

[103]    Mr Ian Beckett, Principal Adviser, Retirement Income Policy Division, Treasury, Committee Hansard, 19 June 2018, p. 35.

[104]    Private Healthcare Australia (Private Healthcare), Submission 4, p. 2.

[105]    Ms Shakespeare, Department of Health, Committee Hansard, 19 June 2018, p. 37.

[106]    Mr Steven Fanner, Chief Executive Officer, Private Healthcare, Committee Hansard, 19 June 2018, p. 19.

[107]    Mr Fanner, Private Healthcare, Committee Hansard, 19 June 2018, p. 19.

[108]    Ms Shakespeare, Department of Health, Committee Hansard, 19 June 2018, p. 30.

[109]    Ms Shakespeare, Department of Health, Committee Hansard, 19 June 2018, p. 36.

[110]    Department of Health, answers to questions on notice, 19 June 2018 (received 17 August 2018).

[111]    Department of Health, answers to questions on notice, 19 June 2018 (received 17 August 2018).

[112]    Department of Health, answers to questions on notice, 19 June 2018 (received 17 August 2018).

[113]    Dr Caroline Johnson, Royal Australian College of General Practitioners, Committee Hansard, 21 August 2018, p. 12.

[114]    Financial Services Council, answers to questions on notice, 6 August 2018 (received 17 August 2018).

[115]    Department of Health, answers to questions on notice, 19 June 2018 (received 17 August 2018).

[116]    Department of Health, answers to questions on notice, 19 June 2018 (received 17 August 2018).

[117]    Mr Fanner, Private Healthcare, Committee Hansard, 19 June 2018, p. 19.

[118]    Private Healthcare, Submission 4, p. 3; also see Mr Fanner, Private Healthcare, Committee Hansard, 19 June 2018, pp. 19–20.

[119]    Mr Fanner, Private Healthcare, Committee Hansard, 19 June 2018, pp. 20–23.

[120]    Private Healthcare, answers to questions on notice, 18 July 2018 (received 27 July 2018), pp. 2–3.

[121]    Financial Service Council, answers to questions on notice, 6 August 2018 (received 17 August 2018).

[122]    Choice, Financial Rights, and Consumer Action, answers to questions on notice, 18 July 2018 (received 27 July 2018), p. 3.

[123]    Mr Allan Hansall, Director Policy and Global Markets, Financial Services Council, Committee Hansard, 19 June 2018, p. 25.

[124]    Financial Service Council, answers to questions on notice, 6 August 2018 (received 17 August 2018)

[125]    Ms Stephanie Phillips, Chief Group Insurance Officer, AIA Australia, Committee Hansard, 21 August 2018, p. 2.

[126]    Financial Service Council, answers to questions on notice, 6 August 2018 (received 17 August 2018); Ms Stephanie Phillips, Chief Group Insurance Officer, AIA, Committee Hansard, 21 August 2018, p. 5.

[127]    MLC, answers to questions on notice, 18 July 2018 (received 27 July 2018), p. 2.

[128]    Maurice Blackburn, Submission 7, p. 4.

[129]    ACTU, answers to questions on notice, 19 June 2018 (received 18 July 2018), p. 2.

[130]    ACTU, Submission 8, pp. 10–11.

[131]    Mr Borowick, ACTU, Committee Hansard, 19 June 2018, p. 8.

[132]    Beyondblue, answers to questions on notice, 18 July 2018 (received 14 August 2018).

[133]    MLC, answers to questions on notice, 18 July 2018 (received 27 July 2018); FSC, answers to questions on notice, 18 July 2018 (received 27 July 2018).

[134]    Choice, Financial Rights, and Consumer Action, answers to questions on notice, 18 July 2018 (received 27 July 2018).

[135]    Choice, Financial Rights, and Consumer Action, answers to questions on notice, 18 July 2018 (received 27 July 2018).

[136]    Mr James Connors, Senior Consultant, Government and Policy, Committee Hansard, 21 August 2018, p. 3.

[137]    Ms Stephanie Phillips, Chief Group Insurance Officer, AIA Australia, Committee Hansard, 21 August 2018, p. 3.

[138]    Mr Nicholas Scofield, Chief Corporate Affairs Officer, Allianz Australia, Committee Hansard, 21 August 2018, p. 3.

[139]    Ms Joanne Graves, National Rehabilitation Manager, AIA Australia, Committee Hansard, 21 August 2018, p. 4.

[140]    Ms Amanda Ide, Head of Retail Claims, MLC Life Insurance, Committee Hansard, 21 August 2018, p. 4.

[141]    See the earlier section on the discretionary nature of payments.

[142]    FSC, answers to questions on notice, 18 July 2018 (received 27 July 2018); MLC, answers to questions on notice, 18 July 2018 (received 27 July 2018); Allianz, answers to questions on notice, 18 July 2018 (received 26 July 2018); AIA, answers to questions on notice, 18 July 2018 (received 27 August 2018).

[143]    CBUS, answers to questions on notice, 6 August 2018 (received 13 August 2018).

[144]    FSC, answers to questions on notice, 18 July 2018 (received 27 July 2018).

[145]    Ms James Connors, Committee Hansard, 21 August 2018, p. 9.

[146]    Ms Stephanie Phillips, Committee Hansard, 21 August 2018, p. 7.

[147]    Australian Prudential Regulation Authority, answers to questions on notice, 18 July 2018 (received 27 July 2018).

[148]    beyondblue, answers to questions on notice, 18 July 2018 (received 26 July 2018).

[149]    Choice, Financial Rights, and Consumer Action, Submission 16, p. 1.

[150]    Choice, Financial Rights, and Consumer Action, answers to questions on notice, 18 July 2018 (received 27 July 2018).

[151]    ACTU, answers to questions on notice, 18 July 2018 (received 26 July 2018).

[152]    Royal Australian and New Zealand College of Psychiatrists, answers to questions on notice, 18 July 2018 (received 14 August 2018); Maurice Blackburn Lawyers, answers to questions on notice, 18 July 2018 (received 19 July 2018).

[153]    Maurice Blackburn Lawyers, answers to questions on notice, 18 July 2018 (received 19 July 2018).

[154]    Dr Michelle Atchinson, Chair, Section of Private Practice Psychiatry, The Royal Australian and New Zealand College of Psychiatrists, Committee Hansard, 21 August 2018, p. 13.

[155]    Dr Michelle Atchinson, Chair, Section of Private Practice Psychiatry, The Royal Australian and New Zealand College of Psychiatrists, Committee Hansard, 21 August 2018, p. 13.

[156]    Dr Michelle Atchinson, Chair, Section of Private Practice Psychiatry, The Royal Australian and New Zealand College of Psychiatrists, Committee Hansard, 21 August 2018, p. 13.

[157]    Mr Patrick O'Connor, answers to questions on notice, 18 July 2018 (received 22 July 2018).

[158]    Mr Patrick O'Connor, answers to questions on notice, 18 July 2018 (received 22 July 2018).

[159]    Dr Caroline Johnson, Royal Australian College of General Practitioners, Committee Hansard, 21 August 2018, p. 12.

[160]    Dr Caroline Johnson, Royal Australian College of General Practitioners, Committee Hansard, 21 August 2018, p. 13.

[161]    Parliamentary Joint Committee on Corporations and Financial Services, Life Insurance Industry, March 2018, p. ix.

[162]    FSC, answers to questions on notice, 18 July 2018 (received 27 July 2018).

[163]    See, for example, ACTU, Submission 8, p. 5; Australian Manufacturing Workers' Union, Submission 15, p. 2; Choice, Financial Rights, and Consumer Action, Submission 16, p. 3; Choice, Financial Rights, and Consumer Action, answers to questions on notice, 18 July 2018 (received 27 July 2018), pp. 3–4.

[164]    Australian Manufacturing Workers' Union, Submission 15, p. 2.

[165]    beyondblue, Submission 3, pp. 2–3.

[166]    Choice, Financial Rights, and Consumer Action, Submission 16, p. 3.

[167]    ACTU, answers to questions on notice, 19 June 2018 (received 18 July 2018), p. 4.

[168]    ACTU, Submission 8, p. 6.

[169]    Choice, Financial Rights, and Consumer Action, Submission 16, p. 2.

[170]    Choice, Financial Rights, and Consumer Action, answers to questions on notice, 18 July 2018 (received 27 July 2018), p. 2.

[171]    Choice, Financial Rights, and Consumer Action, answers to questions on notice, 18 July 2018 (received 27 July 2018), p. 2.

[172]    Australian Industry Group, Submission 19, pp. 4–6.

[173]    Financial Services Council, answers to questions on notice, 6 August 2018 (received 17 August 2018).

[174]    For background on this point, see Parliamentary Joint Committee on Corporations and Financial Services, Life Insurance Industry, March 2018, pp. 162–167.

[175]    Australia Prudential Regulation Authority, Submission 10, p. 2.

[176]    Financial Services Council, answers to questions on notice, 6 August 2018 (received 17 August 2018).

[177]    Department of Health, answers to questions on notice, 6 August 2018 (17 August 2018).