Note: Where available, the PDF/Word icon below is provided to view the complete and fully formatted document
 Download Full Day's HansardDownload Full Day's Hansard    View Or Save XMLView/Save XML

Previous Fragment    Next Fragment
Tuesday, 15 April 1980
Page: 1454

Senator Colston asked the Minister representing the Treasurer, upon notice, on 20 November 1979:

Has some type of record of collections been introduced by the Reserve Bank, as outlined in the Commonwealth Ombudsman's Second Annual Report 1979, page 89; if so, what are the details.

Senator Carrick - The Treasurer has provided the following answer to the honourable senator's question:

The following information has been provided by the Reserve Bank of Australia:

The Reserve Bank appreciated the constructive suggestion ofthe Ombudsman and has been giving it careful consideration. Since the episode to which the Ombudsman referred, the Bank has introduced a new centralised system of handling documents in Sydney, without receipts. The Bank has also instituted a program of returning approved exchange control applications against bulk receipts in Melbourne, where the volume of traffic is much smaller.

Experience is that even a simple system of receipts, to be of some effectiveness, incurs expense in use of resources. While the Bank has not yet decided future arrangements on the basis of this experience, its preliminary assessment and its general experience in administration of exchange control over a long period points to the view that the expense of a system of receipts over the whole range of exchange control approvals would not be justified.

Suggest corrections