NO.049

I am pleased to announce two new appointments to the Financial Sector Advisory Council

(FSAC) – Mr David Murray, Managing Director and Chief Executive Officer of the

Commonwealth Bank of Australia, and Mr Ian Macfarlane, Governor of the Reserve Bank of

Australia.

FSAC is a non-statutory body established in March 1998. It brings together a range of

financial market participants to provide advice to the Government on policies to

facilitate the growth of a strong and competitive financial sector. Members are appointed

for two years in a personal capacity subject to their continued direct involvement in the

financial sector.

Mr Murray brings to the Council his considerable knowledge of the financial sector and

its operations while Mr Macfarlane will provide particular skills and insights drawn from

his experience at the Reserve Bank.

The appointments take effect from the next meeting of Council scheduled for later this

month.

I would also like to extend, on behalf of the Government, my appreciation to Mr Don

Argus for his valuable contribution to Council since its establishment. Mr Argus has

stepped down from the Council following his departure from the National Australia Bank

Group

With the new appointments, the full membership of FSAC will be:

• Mr Maurice Newman, Chairman of Deutsche Bank and the ASX (Chairman);
• Mr Terry Budge, Managing Director, Bank of Western Australia;
• Mrs Patricia Cross, Director, Suncorp-Metway Ltd;
• Mr Les Hosking, Chief Executive, Sydney Futures Exchange;
• Mr Richard Sheppard, Deputy Managing Director, Macquarie Bank;
• Mr Geoff Tomlinson, Director, PriceWaterhouseCoopers;
• Mr John Trowbridge, Executive Chairman, Trowbridge Consulting;
• Mr David Murray, Managing Director, Commonwealth Bank of Australia; and
• Mr Ian Macfarlane, Governor, Reserve Bank of Australia.

CANBERRA 13 August 1999