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Wednesday, 22 August 2001
Page: 30011


Mr KELVIN THOMSON (6:22 PM) —Labor's amendment would apply to individual exemptions, not class ones. We cannot imagine a situation where APRA would want to exempt. If it is that unusual, in our view it should be subject to parliamentary scrutiny. So we think that the need for the amendment stands; that it is about accountability to parliament. We are entering a new era. APRA is introducing new regulatory powers. Those standards, like APRA itself, ought to be accountable.

(Quorum formed)