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Thursday, 23 September 1999
Page: 10371

Mr KELVIN THOMSON (12:20 PM) —As the minister has foreshadowed, I move:

That the item be amended by inserting after "1989"

"only in the case of a demutualisation of an ADI".

Speaking briefly to that amendment: the government has indicated in its supplementary explanatory memorandum that it wishes the Treasurer to be able to delegate his authority, under section 63 of the Banking Act, to ASIC in relation to demutualisations. However, the amendment allows delegation of all of the Treasurer's power under section 63, including consent to bank mergers. That is clearly broader than the intention expressed in the supplementary explanatory memorandum.

Labor's amendment seeks to expressly confine the ability of the Treasurer to delegate his power to ASIC only in relation to demutualisations. From the statements made by the minister, I understand that he and Labor have no policy difference in relation to this issue whatsoever. Let me express in advance, or in the expectation of his agreement with our amendment, our appreciation of the fact that he is prepared to do this.

Amendment (Mr Kelvin Thomson's) agreed to.

Amendment, as amended, agreed to.

Bill, as amended, agreed to.