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Economics Committee releases report on the four major banks

THE House Standing Committee on Economics has released its report on Australia’s four major banks, concluding a series of annual public hearings throughout the 47th Parliament with executives from CBA, Westpac, ANZ and NAB.

These hearings are a key part of the committee’s long-standing role in scrutinising the major banks, a practice upheld since the 45th Parliament.

Chair of the Committee, Daniel Mulino MP, said, "The banks play a critical role in the economy and in the daily lives of Australians. Households and businesses have faced inflation, a sustained period of rising interest rates, and cost of living pressures. Mindful of this, the committee focused on how the banks are safeguarding both their institutions and the customers who rely on them."

The report highlights the significant influence of banks across many aspects of the economy and the importance of rigorous scrutiny to ensure transparency, accountability and responsible banking practices. It details key discussions on:

  • the financial position of households and businesses amid ongoing economic pressures, as observed by the banks;
  • the adequacy of the banks’ efforts to combat scams and protect consumers, particularly in the evolving social media landscape;
  • the decline of cash services and concerning trends on branch closures, and whether the banks are properly supporting Bank@Post as an alternative;
  • the evolving payments landscape, including concerns over surcharging on card payments at a time where the cost of living is elevated, and the banks’ influence in this space;
  • the banks’ perspectives on housing affordability and supply challenges; and
  • the banks’ commitments to environmental, social, and governance initiatives and their progress in meeting these responsibilities.

The committee also raised concerns about bank culture and conduct, noting that despite progress made since the Financial Services (Hayne) Royal Commission more than five years ago, serious issues persist.

Dr Mulino said, "The committee remains concerned about ongoing cultural and governance challenges within the banks. Recent developments—such as the increase in variable bonus caps for lenders and ASIC’s investigation into alleged misconduct by ANZ—demonstrate that parliamentary scrutiny of bank conduct remains essential."

Further information on the inquiry as well as a copy of the report can be obtained from the inquiry website.

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Food for Thought on F&B manufacturing

THE House Standing Committee on Industry, Science and Resources has released its report for its inquiry into food and beverage manufacturing in Australia, titled Food for Thought: The opportunities and challenges for Australia’s food and beverage manufacturing industry. The report has made 23 recommendations.

Chair of the Committee, Rob Mitchell MP, said, "By 2040, the global population is expected to reach nine billion. This will shape the global economic and consumer landscape, and Australia is well-positioned to capitalise on its ‘clean and green’ reputation and ability to innovate and expand product range to further increase its market share, both domestically and internationally'.

"This inquiry found many opportunities for expanding the Australian food and beverage manufacturing sector. These include export opportunities, integrating new technologies, building on Australia’s reputational and competitive advantages, and adding value to raw products to produce high-value goods.

"The committee has made several recommendations to take advantage of these opportunities, including developing a National Food Plan, increasing AusTrade assistance for small and medium enterprises looking to export Australian food and beverage products to Asia, identifying skills shortages in the industry, and supporting automation technologies."

Further information on the inquiry, as well as a copy of the report, can be obtained from the inquiry website.

 

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Defence Annual Report 2023-24: Sovereign Defence Industry, Defence Estate, Security & Resilience and AUKUS

THE Defence Subcommittee of the Joint Standing Committee on Foreign Affairs, Defence and Trade will conduct its first public hearing into the Department of Defence Annual Report 2023–24 today.

The Subcommittee will hear evidence from the Department of Defence, government departments, non-government organisations and the Australian public across the inquiry’s focus items:

  • Sovereign Defence Industrial Priorities;
  • Defence Estate, Security and Resilience;
  • AUKUS;
  • Uncrewed/Autonomous Systems, AI and their integration into the Joint Force;
  • Progress on the transformation to an integrated focused force;
  • Australian international defence cooperation and competition;
  • Other issues as communicated to Defence.

Chair of the Subcommittee, Brendan O’Connor MP, said, "Parliamentary committees are an important mechanism parliament uses to keep a check on government activities and government departments, and to hear from experts and public interest groups.

"This year’s Inquiry is focusing on priorities such as Sovereign Defence Industrial Priorities, Defence Estate, security and resilience, the AUKUS trilateral security partnership, uncrewed/autonomous systems, AI and its integration into the Joint Force, progress on the transformation to an integrated focused force, and Australian international defence cooperation and competition in a rapidly changing strategic environment.'

Further information is available on the Inquiry webpage with the hearing broadcast live at aph.gov.au/live.

Public Hearing Details

Tuesday, 18 February 2024, 9am – 2:00pm (AEDT)
Committee Room 1R3, Parliament House, Canberra

 

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Audit Committee addresses capability, planning and management shortfalls in IT procurement

THE Joint Committee of Public Accounts and Audit has today released its report on public sector information technology (IT) procurement and projects.

The committee examined various large IT contracts over the course of the inquiry, including a visa processing system that was expanded to include other permit, licencing and registration processes; a system for managing parliamentary expenses; a system to evaluate suitable employment service providers; and a tool to enable administrators, service provider staff, employers and apprentices to exchange information in the Australian Apprenticeships Incentive Scheme.

Committee Chair, Linda Burney MP, said, "The committee’s main findings were that capability, planning and management shortfalls in these external IT contracts invariably led to poor outcomes."

The committee has made three core recommendations:

  • that the Department of Finance improves its guidance to other entities, including more effective information on developing IT procurement plans;
  • that the Department of Finance and the Digital Transformation Agency continue to collaborate on providing guidance and policy documents for IT procurements and projects; and
  • that both agencies provide progress updates to the Committee on improvements to IT procurement practices.

Ms Burney said, "These sensible recommendations are underpinned by the absolute need to demonstrate value for money on behalf of the taxpayer, as required by the Commonwealth Procurement Rules and emphasised in multiple previous reports from this committee."

The report can be downloaded from the inquiry website.

 

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Federal inquiry looks into evolving role of local governments

A FEDERAL Parliamentary committee inquiry has undertaken extensive consultation with stakeholders including local governments, councils and shires. The inquiry received more than 280 submissions and held 16 public hearings in regional areas.

The House of Representatives Standing Committee on Regional Development, Infrastructure and Transport has today presented its interim report for the inquiry into local government sustainability.

The vast majority of local governments that made submissions to this inquiry and participated in public hearings spoke about how their role has evolved significantly from administering roads, rates and rubbish to navigating complex regulatory environments, managing limited financial resources, and addressing diverse and sometimes competing community needs and expectations.

The interim report makes no formal policy recommendations to government but highlights these emerging themes.

Chair of the Committee, Luke Gosling OAM, MP, said, "Local governments around Australia are increasingly being called upon to provide healthcare services and housing, manage ageing infrastructure and assets, and respond to current and future climate adaptation needs. These additional responsibilities are placing a significant financial strain on local governments who are struggling to meet community expectations.

"The committee is thoroughly reviewing the substantial evidence it has received to date and carefully considering the numerous and varied recommendations put forward in the submissions aimed at improving the sustainability of local governments.

"The committee is looking forward to announcing its final recommendations in due course," Mr Gosling said.

Further information about the inquiry, including published submissions, public hearing transcripts and an interim report are available on the inquiry webpage.

 

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