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Commonwealth of Australia - The Treasury

Annual Report 2014/15

Program 1.3: Support for markets and business

Program objective

  • Put Australia at the forefront of regional and global examination of financial sector developments and the design of regulatory responses with funding of $12.1 million over four years for the Centre for International Finance and Regulation. The Centre comprises a consortium of Australian and international universities, research centres and financial organisations and is led by the University of New South Wales.
  • Make payments in respect of insurance claims arising from the residual Housing Loans Insurance Company Limited portfolio. The Housing Loans Insurance Company Limited pre-transfer contract portfolio will be managed to ensure all liabilities arising from claims under this portfolio are met and any related debts are recovered.
  • Make payments of assistance to eligible HIH insurance policy holders under the HIH Claims Support Scheme.

Key performance indicators

  • Payments for the Centre for International Finance and Regulation will be made according to the agreed funding schedule.
  • Payments of claims arising from the Housing Loans Insurance Company Limited residual and assistance under the HIH Claims Support Scheme are accurately determined and made according to agreed schedules.

Analysis of performance

  • Payments to the University of New South Wales for the Centre for International Finance and Regulation were accurately determined and made within the agreed timeframe.
  • Payments made from the Housing Loans Insurance Corporation Limited met the cost of administering and meeting the Commonwealth’s obligations arising from ongoing management of the residual portfolio of lenders’ mortgage insurance contracts.
  • Payments made to the HIH Claims Support Scheme met the costs of operating the scheme and providing assistance to eligible policyholders. The Treasury continues to work closely with the HIH administrators, McGrathNicol, and the contracted claims manager, Gallagher Bassett Services Pty Ltd, to settle remaining claims.
  • All payments were accurately determined, in accordance with industry best practice and government regulations, and made within agreed timeframes.