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Review of the Reserve Bank of Australia annual report 1996-97Media release, 1 May 1998RESERVE BANK GOVERNOR TO FACE PARLIAMENTARY COMMITTEE AGAINReserve Bank Governor, Ian Macfarlane, will appear again before the House of Representatives Committee on Financial Institutions and Public Administration on Thursday 7 May in Melbourne to report on the conduct of monetary policy. Committee Chairman, Mr David Hawker MP, said 'the Bank's appearance is timely allowing the Committee to again canvas the Bank's views on the Asian currency crisis and the impact of that crisis on the Australian economy. It is also time to address a number of current bank supervisory matters with the new financial sector reform legislation now progressing through the Parliament. As well, the Committee will follow-up a number of matters raised in its March Interim Report on the RBA.' 'At the Committee's November hearing the RBA adopted a reasonably optimistic stance on the Asian crisis in the longer term and the prospects for Australia in the light of that situation. The RBA's more recent projections have become a little less favourable but it is still expecting Australia to be among the better performers in the OECD area. The Committee will be looking for the RBA's current projections and the evidence to support those views' said Mr Hawker. Mr Hawker noted that 'In recent speeches the RBA has been tactfully critical of the IMF's handling of the Asian financial crisis and has outlined misgivings with the IMF program in Indonesia. The RBA will be expected to elaborate on its concerns.' 'More recently the level of Australia's current account deficit and the levels of foreign debt have blown out. The RBA's views and suggested policy responses will be sought.' Mr Hawker said 'Some of the other matters that the Committee would address at the hearing include:
Mr Hawker reiterated that 'the hearing provides the Parliament, financial sector and the community with valuable insights into the way in which the RBA conducts its activities and monetary policy and the basis for its decisions.' He said that 'the Committee expects to table its final report on this inquiry before the end of the current parliamentary session.' Ends
Program - Reserve Bank of Australia Public Hearing Date: Thursday 7 May 1998 Witnesses: Note: Media access to the public hearing room will be available from 8.30am.Members of the media are required to check-in with the Security desk on the ground floor of Customs House to obtain a day pass to facilitate access to the building.
Committee Membership 38th ParliamentChairman:Mr David Hawker MP Deputy Chairman:Mr Gregory Wilton MP Members: Mr Anthony Albanese MP Mr Larry Anthony MP Hon Ian Causley MP Mrs Christine Gallus MP Mr Joe Hockey MP Mr Mark Latham MP Hon Stephen Martin MP Mr Stephen Mutch MP Dr Brendan Nelson MP Mr Christopher Pyne MP Dr Andrew Southcott MP Hon Ralph Willis MP |
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