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Oz bankers urge Govt to keep bond market

Oz bankers urge Govt to keep bond market

(Australia) - A coalition of bankers and the country's leading securities exchanges have urged the Federal Government not to carry through with plans to eliminate the A$50 billion bond market. A list of local and international financial institutions have signalled their views in submissions to the Australian Treasury, arguing that the sovereign bond market is a fundamental pillar of the Australian debt and capital markets.

Treasurer Peter Costello is in favour of getting rid of the bond market and has told financial institutions it is up to them to convince him otherwise.

The Government plans to cut its net debt to zero and is pondering two options - phasing out the bond market or keeping it and investing in an offsetting asset portfolio.
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