AUSTRALIA'S four major banks will appear before the House of Representatives Standing Committee on Economics at public hearings in Sydney on Friday, June 12 and Canberra on Friday, June 26, 2020.

The chair of the committee, Tim Wilson MP, said, "These hearings are an important mechanism for the Parliament to publicly scrutinise and hold Australia’s four major banks to account."

"The committee’s scrutiny will include examining the four major banks’ progress in implementing the recommendations of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry.

"Recent revelations about Westpac’s shocking compliance failings in relation to its transaction reporting system have again shaken the community’s trust in financial institutions.

"Given these failings and the widespread misconduct identified by the Hayne Royal Commission, it is important that the banks and other entities are held publically accountable. This will help to ensure Australia’s financial sector implements the critical reforms needed to regain the community’s trust," Mr Wilson said.

The committee has already extended its scrutiny beyond the four major banks to smaller banks and the superannuation sector. The insurance and financial advice sectors will also be scrutinised at future hearings.

Public hearing details

Day 1
Date: Friday 12 June 2020
Time: 9.15am to 4.15pm

Location: Macquarie Room, NSW Parliament House, 6 Macquarie St, Sydney

9.15am to 12.15pm: Westpac
1.15pm to 4.15pm: National Australia Bank

Day 2

Date: Friday 26 June 2020
Time: 9.15am to 4.15pm

Location: Main Committee Room, Parliament House, Canberra

9.15am to 12.15pm:  Commonwealth Bank of Australia
1.15pm to 4.15 pm ANZ Bank

The hearings will be audio cast live at aph.gov.au/live.

RSL QUEENSLAND and RSL National have jointly welcomed a $15 million investment in veteran employment announced by Prime Minister Scott Morrison and Veterans Affairs Minister Darren Chester.

The RSL Employment Program is one of three programs to receive funding under the Department of Veterans Affairs’ new Enhanced Employment Support for Veterans (EESV) grant program.

The RSL Employment Program was granted $6 million in one-off EESV funding to extend its services nationally. The program was successfully developed and piloted by RSL Queensland in Townsville in 2017 and launched state-wide in 2018.

RSL National is working collaboratively with RSL Queensland and is well advanced in planning the national rollout, starting in South Australia.

RSL National President Greg Melick AO RFD FANZCN SC said the organisations were on track to quickly and effectively implement the program Australia-wide.

“I welcome Minister Chester and Prime Minister Morrison’s announcement today as recognition of the efficacy of RSL’s approach to veteran wellbeing and support,” Mr Melick said.

“RSL Queensland’s Employment Program was developed in response to the initial findings of the Gallipoli Medical Research Foundation’s Military Reintegration Initiative, which aims to identify the factors influencing successful transition.

“The Employment Program was created to acknowledge and successfully overcome the unique challenges many veterans face when transitioning into a civilian workforce.”

RSL Queensland general manager for Veteran Services, Rob Skoda said the organisation was proud of the results its employment program had achieved in Queensland and was confident the model would enjoy continued success on a national scale.

“RSL Queensland exists to provide wellbeing and welfare support to ensure a bright future and enduring legacy for all veterans and their families,” Mr Skoda said.

“Part of this involves helping veterans find employment that gives them purpose, direction and a fulfilling postservice career.

“We’re very excited to be supporting the national rollout of the program.”

Mr Skoda said RSL Queensland Employment’s state-wide results since its launch in April 2018 included:

• 476 veterans and partners accepted into the program
• 251 roles secured
• 78 days spent in the program, on average.

Mr Melick also acknowledged ex-service organisations Soldier On and Team Rubicon who both received an EESV grant to implement their veteran employment initiatives.

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THE House of Representatives Standing Committee on Economics will scrutinise the insurance sector over two days of hearings in Sydney onApril 28 and 29, 2020, as part of its ongoing review of the four major banks and other financial institutions.

Public hearing details:

Dates: Tuesday, 28 April and Wednesday, 29 April 2020

Time: 9.15am to 5pm (both days)

Location: Jubilee Room, NSW Parliament, Sydney

The hearing will be broadcast (audio only) at aph.gov.au/live.

The Queensland Resources Council (QRC) has welcomed the State Government’s 2020 Queensland Exploration Program which will open more than 7000 square kilometres of land for coal, gas and petroleum exploration. 

QRC chief executive Ian Macfarlane said the release of land for exploration for all resources was essential in creating new jobs, growing exports and supporting regional Queensland.

“We have been very supportive of the release of areas for exploration for all resources and the development of gas to service the domestic market. A proactive exploration program secures tomorrow’s resource industry while supporting jobs, many of which will be in regional Queensland,” Mr Macfarlance said.

“To keep this momentum in job creation going it’s essential that during this election year all sides of Parliament commit to a consultative regulatory process and clear approval guidelines."

Mr Macfarlane said Queensland’s neighbours must take a leaf out of Queensland's book and develop their own onshore gas reserves. New South Wales and Victoria cannot expect Queensland to continue to supply, and subsidise, their own gas users. he said.

The release of land in the Bowen and Surat basins includes two metallurgical coal areas and 12 petroleum and gas areas. The petroleum release will include land for domestic only supply with the first competitive tender in April and March for the coal areas.

www.qrc.org.au

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