Audit Report on Taxation Reform Communications
October 29, 1998Doorstop Interview: Tax reform, banks
November 6, 1998 ![]() |
ACTING TREASURER | ![]() |
NO.107
AUSTRALIA WELCOMES G7 STATEMENTS ON REFORMING THE INTERNATIONAL
FINANCIAL SYSTEM
The Australian Government welcomes the statements overnight by the
G7 Leaders and Finance Ministers and Central Bank Governors on steps
for addressing the financial crisis and strengthening the international
financial system, the Acting Treasurer, Senator Kemp, said today.
Australia has had, and continues to play, an active role in responding
to the crisis and in efforts to reform the international financial
system.
Australia participated in the special meeting of Finance Ministers
and Central Bank Governors earlier this month which canvassed the
measures contained in the G7 Statement. Australian officials were
members of the G22 Working Groups which developed the proposals.
The Prime Minister and the Treasurer emphasised the need for results
to be achieved urgently in strengthening the international financial
system at the International Conference of Banking Supervisors, hosted
by the RBA and APRA in Sydney on 21-22 October.
The forthcoming APEC Economic Leaders meeting in Kuala Lumpur will
provide an important opportunity for further advancing these reforms
and developing support amongst a wider range of countries, including
many of the emerging economies most affected by the crisis.
In particular, as indicated by the Prime Minister in his speech to
the International Conference of Banking Supervisors, Australia is
looking to the APEC Economic Leaders Meeting for agreement on
action within APEC that will:
- advance the openness of regional economies and markets;
- improve economic governance; and
- strengthen the international financial architecture.
The statements by the G7 give particular recognition to the importance
of extending the contribution of the private sector in crisis prevention,
management and resolution. This issue is being examined by the Prime
Ministers Task Force on International Financial Reform, which
is chaired by the Treasurer and includes leading private and public
sector representatives. The Task Force, which had its inaugural meeting
recently, will be making recommendations on how Australia can best
further contribute to promoting and extending these reforms.
MELBOURNE
31 October 1998