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15    Economics References Committee—Reference

Senator Whish-Wilson, pursuant to notice of motion not objected to as a formal motion, moved business of the Senate notice of motion no. 2—That the following matter be referred to the Economics References Committee for inquiry and report by 27 July 2016:

The inconsistencies and inadequacies of current criminal, civil and administrative penalties for corporate and financial misconduct or white-collar crime, with particular reference to:

    (a)   evidentiary standards across various acts and instruments;

    (b)   the use and duration of custodial sentences;

     (c)   the use and duration of banning orders;

    (d)   the value of fine and other monetary penalties, particularly in proportion to the amount of wrongful gains;

     (e)   the availability and use of mechanisms to recover wrongful gains;

     (f)   penalties used in other countries, particularly members of the Organisation for Economic Co-operation and Development [OECD]; and

     (g)   any other relevant matters.

Question put and passed.