Review of the Commonwealth Government Securities Market
The Government announced in the 2002-03 Budget that it would consider the issues raised by the significant reduction in Commonwealth general government net debt for the viability of the Commonwealth Government Securities (CGS) market. The Government committed to consult with key stakeholders.
In order to inform the consideration of this important issue, the Government invited written submissions from interested stakeholders. To facilitate this process, the Government released a discussion paper that outlined the key factors that needed to be considered.
To further assist the consultation process, the Treasurer also announced the formation of a reference committee to provide assistance on matters of detail arising from the consultation process. The committee consists of representatives from several key stakeholder associations.
The review was undertaken by a team located within the Department of the Treasury.
Reference Committee
The Government has established a reference committee of representatives from key stakeholder associations. This provides an efficient means of engaging directly with a wide range of key private sector stakeholders and exploring matters of detail arising from the consultation process.
The reference committee consists of representatives from the following stakeholder associations:
- Australian Bankers' Association
- Australian Financial Markets Association
- The Australian Shareholders’ Association
- International Banks and Securities Association of Australia
- Investment and Financial Services Association.
In addition, Ian Harper, Assistant Director and Dean of Faculty at the Melbourne Business School is also included in the reference committee. The Review Team will also consult with the Australian Office of Financial Management.