WATER LICENSING ARRANGEMENTS
There is market uncertainty about whether water rights and contracts to trade these rights are derivatives, which are a type of financial product. This uncertainty extends to trade of water allocations and entitlements (sometimes called temporary and permanent trade) which occur frequently.
COUNCIL OF FINANCIAL REGULATORS WORKING GROUP
The Working Group addressed the adequacy of oversight, powers of direction and crisis management arrangements for market operators and clearing and settlement facilities.
The Working Group sought public comment through consultation.
AUSTRALIAN BANKING REFORMS
As part of ensuring a competitive and sustainable banking system, the Treasury is supporting the Australian government in introducing a range of measures to increase competition to help all Australians get a better deal.
FUTURE OF FINANCIAL ADVICE
The Future of Financial Advice reforms will improve the trust and confidence of Australian retail investors in the financial planning sector. They are designed to tackle conflicts of interest that have threatened the quality of financial advice that has been provided to Australian investors.
DEPOSIT AND WHOLESALE FUNDING GUARANTEES
The Government’s deposit and wholesale funding guarantees were announced in October 2008.
On 11 September 2011, a number of changes were announced to the Financial Claims Scheme including a new permanent cap of $250,000 per person, per authorised deposit-taking institution, that came into effect from 1 February 2012.
FEDERAL FINANCIAL RELATIONS
The Intergovernmental Agreement on Federal Financial Relations provides an overarching framework for the Commonwealth’s financial relations with the States. A key feature of the new framework is the centralised payment arrangements which will simplify payments to the States, aid transparency and improve the States’ budget processes.
NATURAL DISASTER INSURANCE REVIEW
Following the January 2011 floods, the Government commissioned an independent review of issues relating to insurance in the context of the long term funding of disaster relief.
The Final Report was publicly released on 14 November 2011.
AUSTRALIAN REINSURANCE POOL CORPORATION
The ARPC is a statutory authority established by the Terrorism Insurance Act 2003 to administer the terrorism reinsurance scheme, providing primary insurers with reinsurance for commercial property and associated business interruption losses arising from a declared terrorist incident.
AUSTRALIAN OFFICE OF FINANCIAL MANAGEMENT
The Australian Office of Financial Management is a specialist Australian Government agency responsible for management of Australian Government debt. It also manages the Government’s cash balances and invests in financial assets.
FOREIGN INVESTMENT REVIEW BOARD
The Foreign Investment Review Board examines foreign investment proposals and advises the Government on the national interest implications of those proposals.
The Panel is a peer review body that regulates corporate control transactions in widely held Australian entities, primarily by the efficient, effective and speedy resolution of takeover disputes.
AUSTRALIAN GOVERNMENT ACTUARY
The Australian Government Actuary are actuarial consultants working within Government for Government offering a centralised service to clients throughout the Australian public sector and overseas.
FINANCIAL SECTOR ASSESSMENT PROGRAM
Australia took part in the International Monetary Fund’s Financial Sector Assessment Program in 2012. The Fund released Australia’s assessment document in November 2012.