Motion · SenateRejected 24–31
Banking · Foreign currency loans inquiry
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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