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Monday, 18 June 2001
Page: 27694

Mr KELVIN THOMSON (2:06 PM) —My question is to the Minister for Financial Services and Regulation. Why did your government allow the Australian Prudential Regulation Authority in 1998 to downgrade the independent government actuarial audit of all insurance companies operating in Australia? Is it true that, as a result of this penny-pinching measure, which saved a mere $60,000, the HIH insurance company did not have a full APRA actuarial audit at any time since 1988? Wouldn't a comprehensive actuarial audit have uncovered the unsustainable insurance risks being taken on by HIH?

Mr HOCKEY (Minister for Financial Services and Regulation) —APRA answered those questions and addressed those matters in estimates last week. As the Prime Minister has announced, there is going to be a very full and complete—

Mr SPEAKER —The member for Braddon! The minister has the call.

Mr SPEAKER —The member for Brisbane is now defying the chair.

Mr HOCKEY —As the Prime Minister has indicated, there is going to be a very full and wide ranging royal commission into all of the issues surrounding the collapse of HIH, and I am sure the royal commissioner will deal with those issues.