A Liberal-led federal parliamentary committee has strongly criticised the Reserve Bank of Australia.
The committee is unhappy the bank did not share its concerns about foreign currency swaps.
The Government ordered an end to the swaps last year, after they had produced a potential loss of $4.8 billion, due largely to a falling Australian dollar.
There were also concerns about the foreign currency loans exceeding 15 per cent of all government debt.
Although the Reserve Bank Governor discussed those issues with the Treasurer nearly two years ago, he raised no concerns when questioned about it by the Parliament's economics committee a month later.
The committee says the bank's delay in reporting the matter was unsatisfactory and it risked misleading the committee by failing to answer direct questions.
It says if the bank was concerned about causing panic in financial markets, it could have raised the matter in a private hearing.