Inquiry commences into financial services sector practices impacting on Australia's exports

THE Joint Standing Committee on Trade and Investment Growth has commenced an inquiry into the prudential regulation of investment in Australia’s export industries. 

The inquiry will investigate the potential impact on investment opportunities for Australian exporters of changes in practices by banks, insurers and superannuation funds, as well as the advice and guidance provided by financial regulators which affects the investment opportunities for Australian exporters. Submissions from interested individuals, businesses and organisations are invited by Wednesday, March 31, 2021.

The committee chair, George Christensen MP, said that, given the importance of exports to Australia’s economy, the inquiry would be an opportunity to examine an issue which could have significant ramifications for the country’s economic recovery from COVID-19 and beyond.

"Exports from sectors such as agriculture, resources, and Defence manufacturing generate billions of dollars for the Australian economy and attract a significant amount of investment. If there are changes in the financial services sector which impact on Australia’s exporting industries, particularly those in regional areas, the Parliament must take an interest," Mr Christensen said.

The committee deputy chair, Ged Kearney MP, said, "The inquiry will consider the possible opportunities and challenges that could arise for Australian exporters from any changes in financial services sector practices."

More information about the inquiry, including the full terms of reference and details on how to lodge a submission, is available on the committee’s webpage. The preferred method of receiving submissions is by electronic format lodged online using a My Parliament account.

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