The Minister for Financial Services & Regulation, Joe Hockey, today announced that all States and Territories have passed complementary legislation to effect the regulatory transfer of building societies, credit unions and friendly societies from the States and Territories to the Commonwealth.
The Minister will now recommend to His Excellency, the Governor General, that he set 1 July 1999 as the transfer day.
"I am delighted that the Commonwealth, the States and the Territories have been able to work together to achieve this important milestone according to the agreed schedule," the Minister said.
Under the Wallis reforms 342 building societies, credit unions and friendly societies will be involved in the regulatory transfer. These organisations represent 1326 branches nationally, with $38 billion in assets and 12,420 employees.
"The Wallis legislation is all about empowering Australian consumers. It means they will have a greater selection of financial service providers and products. In other words, Australians will have more choice."