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Foreign banks welcome



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Deputy Leader of the Opposition

NEWS RELEASE BY JOHN HOWARD MP D23/85

FOREIGN BANKS WELCOME

I welcome the Treasurer’s announcement on foreign bank

entry. I compliment the Government on deciding to admit

16 foreign banks instead of the original - and far too

^ restricted - proposal to limit the number to about six.

The entry of foreign banks is a further major milestone

along the path of financial deregulation commenced by the

former Government and heavily influenced by the

recommendations of the Campbell Inquiry.

The entry of 16 foreign banks will produce a more

competitive banking sector and consumers of banking

services in Australia will be the principal beneficiaries.

The decision by the Hawke Government to admit foreign

banks does, of course, represent a remarkable change of

heart by the Treasurer and the Labor Party from the

negative attitude adopted by Mr Keating and his party

when in Opposition.

At that time the former government's announced intention

to permit foreign bank entry was denounced by the

present Treasurer as a sell-out to foreign multinationals.

27 February 1985 '

Canberra

Parliament House, Canberra, A.C.T. 2600