Chapter 1 - Introduction

[1]        Journals of the Senate, No. 71, 16 November 2017, p. 2249.

[2]        Explanatory Memorandum, p. 5.

[3]        Explanatory Memorandum, p. 5.

[4]        The Hon. Scott Morrison MP, Treasurer, Second Reading Speech, House of Representatives Hansard, 19 October 2017, p. 11272.

[5]        The Hon. Scott Morrison MP, Treasurer, Second Reading Speech, House of Representatives Hansard, 19 October 2017, p. 11272.

[6]        Glass-Steagall legislation refers to four provisions of the United States' Banking Act that were in force between 1933 and 1966. The provisions legislated a separation of commercial and investment banking. It is widely thought, though not proved, that the legislation prevented a financial crisis during that period.

[7]        Financial Stability Board, Key Attributes of Effective Resolution Regimes for Financial Institutions, October 2011, p. 1. http://www.fsb.org/wp-content/uploads/r_111104cc.pdf (accessed 15 January 2018).

[8]        Financial Stability Board, Key Attributes of Effective Resolution Regimes for Financial Institutions, October 2011, p. 1. http://www.fsb.org/wp-content/uploads/r_111104cc.pdf (accessed 15 January 2018).

[9]        The Treasury, Strengthening APRA's Crisis Management Powers––Consultation Paper, September 2012, p. 4. https://static.treasury.gov.au/uploads/sites/1/2017/06/Discussion-Paper-1.pdf  (accessed 5 January 2018).

[10]      The Treasury, Strengthening APRA's Crisis Management Powers––Consultation Paper, September 2012, p. iii. https://static.treasury.gov.au/uploads/sites/1/2017/06/Discussion-Paper-1.pdf  (accessed 5 January 2018).

[11]      The Treasury, Strengthening APRA's Crisis Management Powers––Consultation Paper, September 2012, p. 4. https://static.treasury.gov.au/uploads/sites/1/2017/06/Discussion-Paper-1.pdf  (accessed 5 January 2018).

[12]      The Treasury, Strengthening APRA's Crisis Management Powers ––Consultation Paper, September 2012, pp. 82–83.  https://static.treasury.gov.au/uploads/sites/1/2017/06/Discussion-Paper-1.pdf  (accessed 5 January 2018).

[13]      The Treasury, Financial System Inquiry,––Final Report, November 2014, p. 79. http://fsi.gov.au/files/2014/12/FSI_Final_Report_Consolidated20141210.pdf (accessed 4 December 2017).

[14]      The Treasury, Financial System Inquiry––Final Report, November 2014, p. 80. http://fsi.gov.au/files/2014/12/FSI_Final_Report_Consolidated20141210.pdf (accessed 4 December 2017).

[15]      The Treasury, Financial System Inquiry––Final Report, November 2014, p. 133.  http://fsi.gov.au/files/2014/12/FSI_Final_Report_Consolidated20141210.pdf (accessed 27 November 2017).

[16]      The Australian Government, Improving Australia's Financial System––Government response to the Financial System Inquiry, 2015, p. 10. https://treasury.gov.au/publication/government-response-to-the-financial-system-inquiry/ (accessed 4 December 2017).

[17]      The term 'Industry Acts' refers collectively to the Banking Act 1959, Insurance Act 1973 and the Life Insurance Act 1995. 

[18]      Explanatory Memorandum, pp. 10–11.

[19]      Australian Prudential Regulation Authority, Submission 9, p. 4. 

[20]      Australian Prudential Regulation Authority, Submission 9, p. 4.

[21]      Explanatory Memorandum, p. 65.

[22]      Australian Prudential Regulation Authority, Submission 9, p. 5.

[23]      Explanatory Memorandum, p. 92.

[24]      Explanatory Memorandum, p. 107.

[25]      Explanatory Memorandum, p. 123.

[26]      Australian Prudential Regulation Authority, Submission 9, p. 7.

[27]      Australian Prudential Regulation Authority, 'About the Financial Claims Scheme', https://www.fcs.gov.au/about-apra (accessed 11 January 2018).

[28]      Explanatory Memorandum, p. 162.

[29]      Explanatory Memorandum, p. 179.

[30]      Australian Prudential Regulation Authority, Submission 9, p. 8.

[31]      Explanatory Memorandum, p. 203.

[32]      Section 5, Banking Act 1959, https://www.legislation.gov.au/Details/C2017C00067 (accessed 17 January 2018).

[33]      Explanatory Memorandum, p. 215.

[34]      Parliamentary Joint Committee on Human Rights, Report 12 of 2017, November 2017, p. 25.

[35]      Parliamentary Joint Committee on Human Rights, Report 12 of 2017, November 2017, p. 25.

[36]      Senate Standing Committee for the Scrutiny of Bills, Scrutiny Digest 15 of 2017, December 2017, pp. 72–73.

[37]      Senate Standing Committee for the Scrutiny of Bills, Scrutiny Digest 15 of 2017, December 2017, p. 62.

[38]      Senate Standing Committee for the Scrutiny of Bills, Scrutiny Digest 15 of 2017, December 2017, p. 66.

Chapter 2 - Views on the bill

[1]        Reserve Bank of Australia, Submission 2, p. 1.

[2]        Reserve Bank of Australia, Submission 2, p. 2.

[3]        Mr Wayne Byres, Chairman, Australian Prudential Regulation Authority, Tabled Document 5, Supplementary Budget Estimates, 26 October 2017, p. 1.

[4]        Australian Bankers' Association, Submission 8, p. 1. 

[5]        Australian Institute of Company Directors, Submission 12, p. 1.

[6]        Citizens' Electoral Council of Australia, Submission 11, p. 10.

[7]        International Swaps and Derivatives Association Inc., Submission 3, pp. 2–3.

[8]        Reserve Bank of Australia, Submission 2, p. 1.

[9]        Australian Financial Markets Association, Submission 10, pp. 2–3.

[10]      Australian Financial Markets Association, Submission 10, p. 3.

[11]      Australian Prudential Regulation Authority, Submission 9, p. 4.

[12]      Reserve Bank of Australia, Submission 2, p. 2.

[13]      Australian Institute of Company Directors, Submission 12, p. 1.

[14]      Australian Institute of Company Directors, Submission 12, p. 1.

[15]      Citizens' Electoral Council of Australia, Submission 11, pp. 6–7.

[16]      Mr Greg Medcraft, Chairman, Australian Securities and Investments Commission, Committee Hansard, Estimates, 26 October 2017, p. 30.

[17]      Explanatory Memorandum, p. 108.

[18]      Australian Prudential Regulation Authority, Answer to a question on notice, 25 January 2018 (received 30 January 2018), p. 2.

[19]      Dr Wilson Sy, Submission 1, p. 2.

[20]      Dr Wilson Sy, Submission 1, pp. 2–3.

[21]      Dr Wilson Sy, Submission 1, p. 3.

[22]      Australian Movement for Sustained Development, Submission 5, pp. [1–2].

[23]      Citizens' Electoral Council of Australia, Submission 11, pp. 7–8.

[24]      Department of the Treasury, Answer to a question on notice, 25 January 2018 (received 31 January 2018), p. 4.

[25]      Department of the Treasury, Answer to a question on notice, 25 January 2018 (received 31 January 2018), p. 4.

[26]      Department of the Treasury, Answer to a question on notice, 25 January 2018 (received 31 January 2018), p. 4.

[27]      Department of the Treasury, Answer to a question on notice, 25 January 2018 (received 31 January 2018), p. 2.

[28]      Australian Prudential Regulation Authority, Submission 9, p. 6.

[29]      Australian Prudential Regulation Authority, Submission 9, p. 7.

[30]      Reserve Bank of Australia, Submission 2, p. 2.

[31]      Australian Pudential Regulation Authority, 'About the Financial Claims Scheme', https://www.fcs.gov.au/about-apra (accessed 11 January 2018).

[32]      Citizens Electoral Council, Submission 11, p. 8.

[33]      Dr Wilson Sy, Submission 1, p. 1.

[34]      Department of the Treasury, Answer to a question on notice, 25 January 2018 (received 31 January 2018), p. 6.

[35]      Reserve Bank of Australia, Answer to a question on notice, 25 January 2018 (received 30 January 2018), pp. 1–2.

[36]      Australian Prudential Regulation Authority, Submission 9, p. 7.

[37]      Australian Restructuring Insolvency and Turnaround Association, Submission 7, p. 1.

[38]      Australian Restructuring Insolvency and Turnaround Association, Submission 7, p. 2.