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Wednesday, 31 March 2004
Page: 27899


Mr Murphy asked the Treasurer upon notice, on 18 September 2003:

Further to the answer to question No. 1881 (Hansard, 11 August 2003, page 18057), what is the status of the Government's consideration of the other recommendations in the HIH Royal Commission Report?


Mr Costello (Treasurer) —The answer to the honourable member's question is as follows:

On 12 September 2003, the Australian Government announced its final response to the findings made by Commissioner Owen (refer Treasurer's press release no. 82/2003).

In particular, the Australian Government has commissioned a technical study of financial sector guarantees and a review of direct offshore foreign insurance and discretionary mutual funds. The Australian Government has also referred those recommendations that fall within the responsibility of the States and Territories, or independent bodies, to them for their consideration.