Groups to discuss impediments to business investment

THE House of Representatives Standing Committee on Economics will hold a public hearing in Canberra on Wednesday, October 17, 2018 for its inquiry into impediments to business investment.

The chair of the committee, Tim Wilson MP, said the committee would examine how government at all levels can better support business investment in Australia.

The committee will hear from INPEX, Japan’s largest oil and gas exploration company, which has been investing in Australia since 1986. INPEX cautioned that "Australia’s high cost business environment that reduces the country's international competitiveness’ is the ‘most significant challenge to the growth of Australia's natural gas industry".

In its submission, INPEX called for the Australian Government to better support business "through domestic policy settings that are stable and competitive; and international policies that promote open trade and investment, and stronger ties with Asia".

Commpete will cover competition in digital communications. Its submission focuses on the National Broadband Network, in particular how customers would benefit from increased competition beyond the four largest current broadband retailers (Telstra, Optus, TPG and iiNet).

The committee will also hear from the RMIT Blockchain Innovation Hub. Blockchain technology is becoming a core infrastructure for the global economy. The RMIT Hub described Australia as "having developed a crypto-friendly policy environment".

It submitted that Australia is in a unique position to take advantage of opportunities in blockchain technology for financial and other services.

Public hearing details: 11.10am – 1.10pm, Wednesday 17 October 2018, Committee Room 1R6, Parliament House, Canberra

11.10am: INPEX

11.50am: Commpete

12.30pm: RMIT Block Chain Innovation Hub

1.10pm: Finish

The hearing will be webcast live at aph.gov.au/live

ends