The first meeting of the Prime Minister's
task force on international financial issues will take place tomorrow
in Sydney.
I will attend the first meeting. I have asked the Treasurer to chair
the ongoing work of the task force.
I am pleased that some of the most senior banking and financial services
figures in our country have agreed to be members.
They will make up half the task force alongside the heads of several
senior government departments and the Governor of the Reserve Bank.
I announced the task force during the election campaign and it is
a key part of my government's efforts to address the international
financial crisis.
The international debate about the ways to return to higher growth,
improve standards of living, create jobs and prevent future crises
must be brought to practical conclusions as soon as possible.
I will ask my task force for substantive and imaginative suggestions
for Australia to pursue in appropriate international forums. The expertise
of the private sector members will be useful given the significance
of private capital flows in the world's economy.
The task force will consider issues such as transparency and accountability
in the private sector, improved financial sector monitoring and supervision,
and measures to strengthen international financial institutions.
I have asked the task force to report by the end of the year.
A list of task force members is attached.
MEMBERS OF THE PRIME MINISTER'S TASK FORCE ON INTERNATIONAL FINANCIAL
ISSUES
Mr David Murray
Managing Director
Commonwealth Bank of Australia
Mr George Trumbull
Chief Executive Officer
AMP Ltd
Mr Bill Shields
Executive Director
Macquarie Bank Ltd
Mr Malcolm Irving
Director
Telstra Corporation Ltd
Mr M John Phillips
Chairman
IBJ Australia Bank Ltd
Mr Max Moore Wilton
Secretary
Department of the Prime Minister and Cabinet
Mr Ted Evans
Secretary
Department of the Treasury
Dr Peter Boxall
Secretary
Department of Finance
Dr Ashton Calvert
Secretary
Department of Foreign Affairs and Trade
Mr Ian Macfarlane
Governor
Reserve Bank of Australia