Snapshot of Question 10: 

Will the Boards of RBA, APRA and ASIC declare their annual Credit Card fee payments and separately any interest the Board members have paid in the 12 months to 30 June 2016?

Will the Federal Treasurer request the Chairman of the RBA, APRA and ASIC to -

(a)      request the members of their respective Board of Directors (such members would all be Financially Literate as determined by the ABS and the Productivity Commission) to declare to the their respective Chairman, the aggregate of Interest and separately Annual Cardholder Fees paid by the Board members for their personal Credit Cards or business credit cards for the year ended 30 June 2016.

(b)      each provide to the Federal Treasurer the aggregate of interest and separately annual fees paid by their Board members, so that the Federal Treasurer may aggregate the three aggregates of interest and annual fees (paid by each of the three Board of Directors or their employers)?

Will the Federal Treasurer provide the aggregate of interest and annual fees of the three Board of Directors to the Australian Parliament before 30 June 2017? 

This information is sought to appraise any application of the User Pays Principle by Credit Cardholders amongst the afore-mentioned three Boards of Australia's Three Financial Services Regulators.

Grounds for Question 10

Over 60% of Australia's national debt on Credit Cards of over $51 billion, namely $32.549 billion incurs Interest charges (RBA statistics report on credit cards - column J) with many such Credit Cards charged at Usurious Unsecured Interest Rates up to 29.49% p.a.  RBA Graph 5 dated March 2015 shows that Credit Card Annual Fees vary from zero to an average of $230 for Platinum cards.

Australia's Three Financial Services Regulators (RBA, APRA and ASIC) are independent Commonwealth statutory authorities that bear obligations to be objective as decreed by their financial services regulatory roles. 

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Grounds/Reasons (one document with 21 Chapters)

Grounds/Reasons (21 separate Chapters)

Written Questions  (one document with Written Questions)

Written Questions  (Individual Written Questions)