Nick Xenophon (SA, Independent) Share this | Link to this | Hansard source

I seek leave to amend business of the Senate notice of motion No. 2 standing in my name for today.

Leave granted.

I amend the motion by omitting the reporting date of 4 December 2008 and substituting 26 February 2009. I move the motion as amended:

That the following matters be referred to the Economics Committee for inquiry and report by 26 February 2009:

(a)

the economic, social and employment impacts of the recent mergers among Australian banks;

(b)

the measures available to enforce the conditions on the Westpac Banking Corporation/St George Bank Limited merger and any conditions placed on future bank mergers;

(c)

the capacity for the Australian Competition and Consumer Commission to enforce divestiture in the banking sector if it finds insufficient competition;

(d)

the adequacy of section 50 of the Trade Practices Act 1974 in preventing further concentration of the Australian banking sector, with specific reference to the merits of a ‘public benefit’ assessment for mergers;

(e)

the impact of mergers on consumer choice;

(f)

the extent to which Australian banks have ‘off-shored’ services such as credit card and loan processing, information technology, finance and payroll functions;

(g)

the impact ‘off-shoring’ has on employment for Australians; and

(h)

alternative approaches to applying section 50 of the Trade Practices Act 1974 in respect of future mergers, with a focus on alternative approaches to measuring competition.

Question agreed to.