NO.052

The Treasurer, the Hon Peter Costello, MP, today announced the appointment

of Mr Jeffrey Lucy, AM as Chairman of the Financial Reporting

Council (FRC).

The FRC is the peak body responsible for the broad oversight of the accounting

standard setting process for the private and public sectors. It comprises key

stakeholders from the business community, the professional accounting bodies,

governments and regulatory agencies.

Mr Lucy, who has been a member of the FRC since its establishment in 1999,

replaces the Councils first Chairman, Mr Paul Rizzo, who resigned in February 2001.

When announcing Mr Lucys appointment, the Treasurer also took the opportunity

to thank Mr Rizzo for the substantial contribution he made to the work

of the FRC, including the establishment of Australias revised accounting standard

setting arrangements.

Mr Lucy brings a wide range of skills and experience to his new role.

In late 2000 he retired as Managing Partner of PricewaterhouseCoopers Adelaide

office, after spending almost 30 years in public practice as a Chartered

Accountant. In addition to his public practice experience, he has also held

a number of senior board and management positions.

Mr Lucy has also made a significant contibution to the professional bodies

of which he is a member and he has been actively involved in a number of Adelaide-based

charitable organisations. During 1994-95 he was National President of The Institute

of Chartered Accountants in Australia while between 1983 and 1994 he served

as South Australian State Secretary of the Taxation Institute of Australia.

In addition to being a member of the FRC, Mr Lucy has also been a member

of the Governments Business Regulation Advisory Group since 1997. This Group

provides advice to the Government on amendments to the corporations legislation

developed as part of the Corporate Law Economic Reform Program.

Additional biographical notes are attached.

CANBERRA

23 July 2001

Contact: Niki Savva

Ph: (03) 9650 0244

MR JEFFREY JOHN LUCY, AM

Mr Lucy is a resident of Adelaide.

He is a fellow of The Institute of Chartered Accountants

in Australia, CPA Australia and the Australian Institute of Company Directors.

In late 2000, Mr Lucy retired as Managing

Partner in PricewaterhouseCoopers Adelaide office after spending almost 30 years

in public practice as a Chartered Accountant. He now works as a financial consultant.

While in public practice, Mr Lucy was involved

in a wide range of accounting-related matters including taxation and corporate

law. He specialised in the manufacturing, professional, services, primary production

and finance industries.

Mr Lucy was National President of The Institute

of Chartered Accountants in Australia during 1993-94 and South Australian State

Secretary of the Taxation Institute of Australia from 1983 to 1994. He has also

served on the Archbishops Appeal Corporate Sub-committee and the Royal Adelaide

Hospital Research Fund.

He was appointed to the Governments Business Regulation

Advisory Group in 1997 and joined the Financial Reporting Council at the time

of its establishment in 1999.

Mr Lucy was made a Member of the Order of

Australia in January 2001 for service to the accounting profession, to

the business sector as an adviser on corporate law and taxation reform, and

to the community.