Penny Wong (SA, Australian Labor Party, Leader of the Opposition in the Senate) Share this | Hansard source

My question is to the minister representing the Treasurer, Senator Cormann. I refer to reports of leaked text of the Financial Services Annex to the Trade in Services Agreement, which the government is negotiating with 50 countries, covering around two-thirds of world trade and services. The text provides that parties to the agreement will allow financial service companies from other countries to establish or expand their operations including 'by taking over existing domestic financial services companies.' Is the government considering changing the four pillars policy on banking takeovers, which supports competition in the Australian banking industry?