KEY PLAYERS in the superannuation sector will be scrutinised at the House of Representatives Standing Committee on Economics public hearing on September 10, 2020, as part of the committee’s ongoing review of the four major banks and other financial institutions.

Chair of the Committee, Tim Wilson MP, said, "These hearings are an important part of the committee’s scrutiny of the financial sector.

"Due to the impact of the COVID-19 pandemic a significant number of Australians have accessed their super to support themselves during this difficult time. It is crucial that the superannuation sector is operating effectively, fairly and to the benefit of fund members," Mr Wilson said.

The committee’s examination of the groups will also include monitoring the sector’s progress on implementing relevant recommendations from the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry.

Public hearing details

Date: Thursday, 10 September 2020
Time: 10am to 4.45pm
Location: Videoconference

10am—ISPT Pty Ltd
11am—Break
11.15am—Industry Super Holdings
12.15pm—Lunch break
1.15pm— Mine Super
2pm—Hostplus
2.45pm—Break
3pm—AMP
3.45pm—CBUS
4.45pm—Finish 

The hearings will be broadcast live at aph.gov.au/live.

Australian medicinal cannabis company Althea has applauded the interim decision by the Therapeutic Goods Administration (TGA) to amend the current Poisons Standard to down schedule cannabidiol (CBD) to allow greater access through a new Schedule 3 entry1.

The proposed amendment would allow Australian patients to purchase CBD products upon consultation with a pharmacist, without the need for a prescription

The Therapeutic Goods Administration today released a notice of interim decision to amend the Poisons Standard for CBD. The proposed amendment to down schedule CBD from Schedule 4 would allow CBD to be supplied for therapeutic use under a new Schedule 3 (Pharmacist Only Medicine) entry.

This new, nonprescription cannabis channel would allow Australian patients to purchase CBD products over the counter upon consultation with a pharmacist, without the need for a prescription.

Althea has engaged with the TGA throughout the consultation process and is supportive of the down scheduling of CBD. The proposed amendment would bring patient access into closer alignment with comparable international jurisdictions, improving access to CBD products for therapeutic use.

Since listing in September 2018, with a focus on patient access, Althea Group Holdings Limited (ASX:AGH) has quickly grown its footprint in the Australian medicinal cannabis market and is one of the leading providers in the space.

“We applaud the TGA’s interim decision in this matter and see it as one of the biggest developments in our industry to date," Althea CEO Josh Fegan said.

"The interim decision reflects the significant shift in community and government attitudes towards medicinal cannabis since it was legalised in Australia in late 2016, which has seen it move from a fringe alternative towards an accepted mainstream option.

"As a strong advocate for patient access, Althea has closely monitored the proposed amendment since it began and has participated in the consultation process. We are excited by the TGA’s interim decision to down schedule CBD products and see this development as a big step forward for prescription cannabis products already available in Australia.” 

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THE Joint Standing Committee on Migration will be holding three days of hearings for its inquiry into the Working Holiday Maker program on 9, 10 and 11 September.

Committee Chair Julian Leeser MP noted that the hearings so far have mostly focused on Working Holiday Makers and the agriculture sector, and the Committee will turn its focus to other important matters.

“In our inquiry so far, we have received much evidence on the impact of border closures and the departure of approximately 50,000 Working Holiday Makers on the agriculture industry,” Mr Leeser said.

“This week’s hearings will further explore the broader context of the Working Holiday Maker visa, as the Committee talks with representatives of the tourism industry, and organisations and individuals involved in protecting Working Holiday Makers from exploitation in the workplace.

“Crucially, the Committee will also hear from some Working Holiday Makers themselves, about their experiences of the program,” Mr Leeser said. 

“The Committee has received a large amount of correspondence from Working Holiday Makers both onshore and offshore and will be taking this into account when making recommendations.”

Public hearing details

Date: Wednesday 9 September 2020
Time: 12.30pm – 4pm
Location: by teleconference

Date: Thursday 10 September 2020
Time: 12.30pm – 4pm
Location: by teleconference

Date: Friday 11 September 2020
Time: 9am – 11.30am
Location: by videoconference

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

Further details on the inquiry, including the terms of reference, are available on the inquiry website.

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NEW Australian Bureau of Statistics (ABS) lending figures for July show that HomeBuilder has started to drive a recovery in loans for  home building.

“The 9 percent jump in the number of owner occupier loans for the building of new homes in the month is encouraging and shows the highly effective impact of HomeBuilding in activating demand,” Master Builders Australia CEO Denita Wawn said.

“However, the outlook for the industry and the economy is extremly grim and HomeBuilder should be extended for 12 months in the Federal Budget to help maintain a pipeline of work and be a lifeline for buiders and tradies.

“Lending for residential land purchase jumped by 31.5 percent over the month. There was also an increase (+4.0%) in the number of loans provided for the purchase of new dwellings by owner occupiers during July,” Ms Wawn said.

“The home renovations market also appears to be responding well to the roll out of HomeBuilder across the country. During July, the number of loans to owner occupiers for home alterations/additions experienced a 6.3 percent uplift compared with the previous month,” she said.

“Our latest forecasts estimate that HomeBuilder is likely to boost new home building commencements by almost 10,000 during 2020-21 but the sector still faces a forecast of 27 percent decline.

“The heavy interlinkage between construction and the wider Australia economy means that the economic benefits across a range of sectors will be even greater than a boost to residentil building activity.

“While the purchase of established homes are obviously not eligible for HomeBuilder, lending in this part of the loan market still jumped substantially during July. This is another encouraging sign, showing that HomeBuilder is starting to help strengthen sentiment even in those areas which is does not directly target,” Ms Wawn said.

www.masterbuilders.com.au

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