FEDERAL Parliament is releasing the report of its inquiry into the implications of the COVID-19 pandemic for Australia’s foreign affairs, defence and trade policy.

The Committee found that the lessons from COVID-19 were not primarily about health.

The Chair of the Committee, Senator David Fawcett said, "The behaviour of nation states in response to COVID-19 has called into question some assumptions about the willingness of nations to support the global rules-based order. These assumptions have underpinned many aspects of Australia’s foreign affairs, defence and trade in recent decades."

Senator Fawcett stressed that “any decrease in support for the norms of the rule-based order negatively affects collaboration and conflict resolution between nation states, as well as the efficacy of commercial relationships between companies".

The Committee concluded that the pandemic revealed vulnerabilities in Australia’s security and critical national systems “caused by supply chains that rely on just-in-time supply from the global market, particularly where companies are subject to extrajudicial and coercive direction from foreign governments".

Senator Fawcett said because of the increased risks identified in the Strategic Update 2020, Australia must have a timely and strategic, whole-of-government response and that “returning to ‘business as usual’ is not an option”.

Senator Fawcett said," Unexpected, sustained disruption due to another pandemic or grey-zone, coercive or military actions by state actors could degrade if not disable one or more of Australia’s critical national systems.”

The Committee recommended the Australian Government change procurement rules to partner with Australian industry sectors which provide priority enablers to critical national systems. This partnership should be through the use of procurement to build and sustain sovereign capability, not just by offering one-off grants.

The Committee concluded Australia also required more investment and diplomatic effort to increase Australia’s resilience through trusted and transparent partnerships with like-minded nations.

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THE House of Representatives Standing Committee on Economics recently tabled its reports into the annual reports of ASIC and APRA.

Committee Chair Tim Wilson said the work of the committee in scrutinising Australia’s key financial regulators remains vital in light of the findings of the Royal Commission, the COVID-19 pandemic and more recently, the standing aside of the chair of ASIC.

"The COVID-19 pandemic has created unprecedented disruption and uncertainty in the financial sector. Now, more than ever, it is essential to maintain strong prudential regulation and ensure fair and transparent dealings to safeguard financial stability and consumer trust in the financial sector," Mr Wilson said.

"The economic comeback post COVID-19 brings its own challenges. It is essential that governments, regulators, and financial institutions continue to be proactive and work together as the immediacy of the crisis fades and the hard work of economic comeback continues.

"Both ASIC and APRA have responded quickly and appropriately to the pandemic, unfortunately ASIC’s recent expenses scandal has overshadowed its efforts. The Committee takes its role of the oversight of ASIC very seriously, and will closely follow the outcome of the independent review into expenses of ASIC executives paid by the Australian tax payer," Mr Wilson said.

"Coupled with the data errors in the SMSF factsheets on the MoneySmart website that remain unacknowledged, it is difficult to say that there is as much confidence in ASIC today as there was at the same time last year and ASIC should seek to address these issues as a matter of urgency because they go to the heart of their capacity and internal processes."

Further information on these inquiries are available on the committee’s website.

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THE Parliamentary Joint Committee on Intelligence and Security has commenced a review into the extremist movements and radicalism in Australia. The inquiry was referred to the Committee by Peter Dutton MP, Minister for Home Affairs.

A full terms of reference is available online at the Committee’s webpage.

The Chair, Andrew Hastie MP said, “The Committee will be examining the nature and extent of, and threat posed by, extremist movements and persons holding extremist views in Australia.”

The Deputy Chair, Anthony Byrne MP said, “The Committee will, as always, conduct this inquiry in a bi-partisan manner and with a focus on the security of all Australians.”

Submissions are requested by Friday February 12, 2021. Further information about making a submission to a parliamentary committee inquiry is available here. 

Further information about making a submission to a committee inquiry can be found at this link.

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THE Australian Small Business and Family Enterprise Ombudsman Kate Carnell said she was disappointed by a Labor Party media statement that inappropriately politicised her Insurance Inquiry final report.

Ms Carnell said although the report recommendrd a number of reforms that require government action, it was in no way critical of the Federal Government.

“I’m very disappointed by the Labor Party’s media statement regarding our Insurance Inquiry because it detracts from the real issues that are impacting small businesses every day,” Ms Carnell said.

“Our Inquiry found widespread market failure in regards to the availability and affordability of essential small business insurance products. The report does not politicise this issue and I believe it is inappropriate to do so.

“The fact is the local insurance market has been hardening for years, with insurers adapting their risk weightings to increasing threats. The natural disasters, such as the catastrophic bushfires that happened earlier this year, have brought this issue to a head," Ms Carnell said.

“Our comprehensive report made a suite of recommendations designed to rebalance the risks taken on by insurers and make small business insurance produces more accessible.

“This is a critical issue that is sending far too many small businesses to the wall and what they really need right now is solutions – not a political bung fight.

“For the sake of Australian small businesses, I hope that all sides of politics can work together on this issue to ensure small businesses have access to the insurance products that are essential for their operation.”

www.asbfeo.gov.au

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