Mr SLIPPER (9:59 AM) —This is an unexpected pleasure. The members who are listed to speak in the debate are on their way. They might have been diverted, or perhaps the lift may not be operational. In the meantime I am very pleased to make a contribution on the report from the House of Representatives Standing Committee on Financial Institutions and Public Administration.

This is a report entitled Review of the Australian Competition and Consumer Commission annual report 1996-97. I must say that it really is a very valuable report, and it indicates the commonsense and the effectiveness of the committee system in the House of Representatives. I quote from the report:

The Standing Committee on Financial Institutions and Public Administration is empowered to inquire into and report on any matters referred to it by either the House or a Minister including any pre-legislation proposal, bill, motion, petition, vote or expenditure, other financial matter, report or paper.

Annual reports of government departments and authorities tabled in the House shall stand referred to the relevant committee for any inquiry the committee may wish to report. Reports shall stand referred to committees in accordance with the schedule tabled by the Speaker to record the areas of responsibility of each committee.

The Australian Competition and Consumer Commission annual report for 1996-97 was tabled in the House of Representatives on 23 October 1997 and was considered fully by the standing committee. The committee has made a number of recommendations:

1 That the Australian Competition and Consumer Commission include in the undertakings section of its regular publication, The ACCC's approach to mergers: A statistical summary , details of the undertakings listed. (paragraph 2.27)

2 That as a matter of priority the Australian Competition and Consumer Commission prepare guidelines on the interaction between private sector parties and the Commission on the preparation of cases. The preparation of the guidelines should involve public consultation and the guidelines should be forwarded to this Committee for its consideration. (paragraph 3.53)

3 That the Australian National Audit Office when undertaking its next financial audit of the AGS, look closely at the issues outlined by the Committee and related matters. (paragraph 3.60)

4 That the Australian Competition and Consumer Commission monitor the impact of the change in responsibility for compliance programs and report on this matter in its 1997-98 annual report. (paragraph 4.7)

I do welcome this opportunity to participate here in the Main Committee on this report from the House of Representatives Standing Committee on Financial Institutions and Public Administration. This debate indicates the fact that our committee system is effective and working. I would like to commend the committee on its report. As my good friend and colleague the honourable member for North Sydney (Mr Hockey) has now arrived to participate, I shall defer to that honourable gentleman.