THE Australian Financial Complaints Authority (AFCA) has announced significant enhancements to its family and domestic violence support policy, reaffirming its commitment to the safety and well-being of employees affected by domestic violence.

These policy improvements provide increased flexibility, confidentiality, and access to vital resources, an AFCA spokesperson said.

AFCA employees experiencing domestic violence can now take up to 20 days of paid leave and those requiring additional time will have access to unlimited unpaid leave, ensuring they have the flexibility needed to focus on their safety and recovery. 

“These aren’t just policies on paper – they are meaningful changes designed to support our people when they need it most,” AFCA executive general manager for people and culture, Mathew Paine said. “We are committed to ensuring we do what we can to support any of our people who might experience the serious and significant impacts of family violence.” 

AFCA has also introduced designated 'safe places' for its people and their families, with access at any time, including weekends and outside work hours. 

Additionally, there are now dedicated confidential contacts within the people and culture team who will be available as a trusted contact point for information on internal and external support. These team members have received training to provide discreet guidance and resources to those in need. 

Employees have access to a range of support services, educational materials and external assistance. AFCA is also rolling out internal training initiatives to improve awareness of these resources and to foster a culture of understanding and proactive support across the organisation. 

"We are striving to ensure AFCA is not just a great place to work but also offers genuine support to our people when they need it,” Mr Paine said. 

“We are proud to join other organisation who have taken these sorts of steps, and we hope our action provides an example for others.” 

About AFCA

The Australian Financial Complaints Authority (AFCA) is a non-government ombudsman service providing free, fair and independent help with financial disputes. AFCA is a one-stop-shop for consumers and small businesses who have a dispute with their financial firm, over things such as banking, credit, insurance, advice, investments or superannuation. Where an agreement cannot be reached between parties, AFCA can issue decisions that are binding on financial firms.

www.afca.org.au

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THE House of Representatives Standing Committee on Economics has released the final report for its reviews of the Australian Securities and Investments Commission (ASIC) annual reports of 2021, 2022 and 2023.

Committee Chair, Daniel Mulino MP, said the report covered key issues examined by the committee during the 47th Parliament.

Dr Mulino noted that ASIC had been subject to extensive parliamentary scrutiny over the past three years, including by other committees.

"Similar to our colleagues on the Parliamentary Joint Committee on Corporations and Financial Services, the House Economics Committee asked extensive questions about ASIC’s enforcement approach," Dr Mulino said. "Members also probed how ASIC measures and reports on its performance, and whether it is meeting the expectations of both government and the community in fulfilling its role."

Dr Mulino said although the committee acknowledged the challenges ASIC faces in triaging thousands of complaints and tip-offs annually, the committee expected ASIC to continue its efforts to better communicate with the many Australians who reach out for help.

He said the report also discussed ASIC actions under new intervention powers granted after the Hayne Royal Commission, including step-in powers to block poorly targeted financial products.

"The committee was pleased to see early signs of success from ASIC’s use of the new powers, and we encourage ASIC to continue using these new tools judiciously to prevent and take action against wrongdoing," Dr Mulino said.

Dr Mulino said the committee had been particularly concerned by ASIC’s reports of widespread misleading practices in the insurance industry, and urged ASIC to remain vigilant on this issue.

"Alleged insurer misconduct was also a major theme in the committee’s recent review of insurers’ responses to 2022 major flood claims," he said, "where we recommended significantly expanding ASIC’s data-collecting powers for the insurance industry. We were pleased to hear through these annual report reviews that ASIC supports those recommendations."

The report also addressed ASIC’s recent work on other issues and industries, including corporate cyber security obligations, greenwashing and the ASX’s troubled CHESS settlement system upgrade.

www.aph.gov.au

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THE Joint Standing Committee on Treaties has tabled the report on its inquiry into the Convention between Australia and the Portuguese Republic for the Elimination of Double Taxation with respect to Taxes on Income and the Prevention of Tax Evasion and Avoidance (Australia-Portugal Tax Treaty).

The treaty is a taxation agreement with Portugal aimed primarily at eliminating double taxation for residents of Australia and Portugal, preventing opportunities for tax evasion or avoidance, and strengthening economic ties.

Committee Chair, Lisa Chesters MP said, "Portugal and Australia have a more than 64-year history of strong diplomatic relations. The two countries share a range of priorities, particularly in multilateral institutions, and this agreement will further develop these links.

"It will provide tax certainty for Australian businesses, encourage trade between the two countries by reducing tax barriers, decrease costs to Australian businesses, and enable better access to Portuguese capital and technology. The committee supports the ratification of this treaty."

The report also contains nine minor treaty actions that have been considered and endorsed by the committee:

• Six of these minor treaty actions are amendments to the International Convention for the Prevention of Pollution from Ships 1973;
• Two minor treaty actions concern amendments to the Agreement establishing the European Bank for Reconstruction and Development 1990 and the Articles of Agreement of the International Bank for Reconstruction and Development 1945; and
• One minor treaty action concerns amendments to the Convention on International Trade in Endangered Species of Wild Fauna and Flora.

The report can be accessed online and further information about the inquiry is available on the Committee website.  

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AUSTRALIA'S PRODUCTIVITY continued to stagnate in the December quarter, suggesting that the country's productivity problem may be part of a long-term trend. 

The Productivity Commission's latest quarterly productivity bulletin shows labour productivity declined by 0.1% in the December quarter and by 1.2% over the year.

"The data makes it clear that our productivity problem is not a flash in the pan – this is a long-term, structural challenge that requires dedicated attention from government and industry," said PC Deputy Chair Alex Robson.

In a new article, the PC takes a closer look at the drivers of the COVID 'productivity bubble'. The PC will expand further upon this work in a detailed research paper to be released in the future.

‘The COVID pandemic was a massive global economic shock," Dr Robson said. "The pandemic and the policy response to it drove a sharp rise – and then a crash – in measured productivity. Now that the dust has settled, we're back to the stagnant productivity we saw in the period between 2015 to 2019 leading up to the pandemic. 

"Ultimately the COVID productivity bubble was just that: a bubble. We saw a sharp rise in productivity driven by the lockdowns which was then wiped out as lockdowns ended and hours worked reached record highs," he said.

"There are lessons to be learned from these fluctuations, but they aren't likely to have a meaningful long-term effect on productivity.

"The real issue is that Australia's labour productivity has not significantly improved in over 10 years. With global policy uncertainty again on the rise, addressing productivity directly via targeted reforms will be the best way to sustainably boost Australians' living standards," Dr Robson said.

"To that end, the PC is undertaking a program of five inquiries, each focusing on a different pillar related to productivity. We will identify the highest priority reforms under each of the five pillars which will improve Australia’s long-run productivity growth."

www.pc.gov.au

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