Launch a Senate inquiry into 1980s foreign currency bank loans — back it or block it?

Senator Maria Kovacic, moving on behalf of Senator Bragg, proposed referring the issue of foreign currency loans (FCLs) issued by Australian banks to the Economics References Committee for an inquiry reporting by 25 November 2026.

The inquiry would look at how these loans were issued in the 1980s, the reasons for them, how banks governed and handled complaints, compensation arrangements and any outstanding claims, the historical laws that applied, and possible law reform. Only the mover spoke. The Senate voted 24 in favour and 31 against, so the inquiry did not go ahead.

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📄 Senate Hansard, 2 Jul 2026 — Economics References Committee; Reference

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For · Maria Kovacic (Lib, for Sen. Bragg)Proposed a committee inquiry into foreign currency loans issued by Australian banks in the 1980s, covering how they were governed, how complaints and compensation were handled, outstanding claims, and opportunities for law reform.

Only one side has spoken so far. We don't invent the other — when it's said on the record, it appears here.