THE Australian Prudential Regulation Authority (APRA) will appear before the House Economics Committee at a public hearing on Friday, August 9,2019, as part of its review of the performance and operation of Australia’s banking, insurance and superannuation regulator.

Chair, Tim Wilson MP, said, "The hearing will provide the committee with the opportunity to question APRA on its performance and operation, and, in particular how it is implementing the recommendations of the Hayne Royal Commission and the APRA capability review."

"A common theme across the Royal Commission and capability review reports was that APRA is a strong regulator in the area of traditional financial risk, but that more work needs to be done to ensure APRA is prepared to respond to future challenges, particularly in relation to non-financial risk.

"Since the committee’s last hearing with APRA, the government has passed a comprehensive package of legislation that will help safeguard the retirement savings of millions of Australians by ensuring APRA can take effective action against underperformance and conduct that is contrary to members’ best interests," Mr Wilson said.

"T committee will scrutinise APRA on how it promotes financial stability through the prudential regulation and supervision of Authorised Deposit-taking Institutions, insurers and superannuation licensees, and other related issues."

Public hearing details

Date:  Friday, 9 August 2019
Time:  1.30pm to 4pm
Location: Main Committee Room, Parliament House, Canberra

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

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THE Queensland Resources Council (QRC) has welcomed the Federal Government’s new proposals to increase gas supply in the domestic market, but warned their success would hinge on the free ride coming to an end for other states.

QRC chief executive Ian Macfarlane said the proposals announced today, including looking at options for a prospective gas reservation scheme, could help increase supply for domestic use, supporting jobs and industries.

“The free ride for NSW and Victoria is over. But you can’t reserve gas that hasn’t been developed, so it’s time for the southern states to end their unscientific, politically-motivated bans on gas projects,” Mr Macfarlane said.

“For too long, the southern states have been coasting off investments made in Queensland, while refusing to develop their own resources.

“NSW and Victoria cannot expect Queensland to continue to do all the heavy lifting while they do nothing.

“Queensland has been successfully implementing a type of prospective reservation scheme whereby tenements are released to develop gas solely for domestic use," he said.

“This is a plan that will also work in other states, but only if those states come to the table and open up their own gas reserves.

“Ensuring affordable and reliable gas is one of the key economic issues for Australia, so we welcome the commitment from the joint portfolios of the Treasurer, the Minister for Resources and Northern Australia and the Minister for Energy and Emissions Reduction to address this task," Mr Macfarlane said.

“The QRC hopes to see further co-operation at both the COAG Energy Council and the COAG meeting of State and Territory leaders later this week.”

www.qrc.org.au

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THE House of Representatives Standing Committee on Economics will hold a public hearing with the Governor of the Reserve Bank of Australia (RBA), Philip Lowe, on Friday, August 9, 2019 in Canberra.

Since the RBA appeared before the committee during the previous Parliament in February 2019, the RBA has eased monetary policy by 50 basis points to 1.00 percent, following the RBA’s decisions to cut the cash rate in June and July. At its meeting today, the RBA decided to leave the cash rate unchanged at 1.00 per cent.

Commenting on the decision to keep rates on hold, the RBA Governor said, "The outlook for the global economy remains reasonable."

However, he also noted "the increased uncertainty generated by the trade and technology disputes is affecting investment and means that the risks to the global economy remain tilted to the downside".

The Governor further remarked, "It is reasonable to expect that an extended period of low interest rates will be required in Australia to make progress in reducing unemployment and achieve more assured progress towards the inflation target."

The Chair of the House Economics Committee, Tim Wilson MP, said, "Many Australians question the justification of a low interest rate environment for the foreseeable future. The committee will examine the decisions of the RBA in the context of Australia’s broader macroeconomic conditions and assess the RBA’s confidence in current monetary policy settings which aim to encourage growth and keep inflation consistent with the target over the coming years."

Public hearing details:

Date: Friday, 9 August 2019

Time: 9.30am to 12.30pm

Location: Main Committee Room, Parliament House, Canberra

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

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THE Queensland Resources Council (QRC) has welcomed the Palaszczuk Government’s Skills for Queensland Strategy as a targeted plan to deliver skills to support the sector’s current and future growth. 

QRC chief executive Ian Macfarlane said the QRC welcomed the strategy’s multiple initiatives, from schools to workplaces, to boost the development of skills so critical to the resources sector’s critical contribution to the Queensland economy. 

“QRC has had the opportunity to work with Employment Minister Shannon Fentiman and her department on the government’s agenda for skills and apprenticeships.  The Skills for Queensland strategy picks up on a number of recommendations that QRC has made on behalf of our member companies and the wider resources sector,” he said. 

“The resources sector supports more than 316,000 Queenslanders in employment.  One in eight jobs in Queensland are supported by the resources sector.

“The ongoing prosperity and future development of the resources sector and the economic contribution to Queensland – through more jobs, more exports and more royalties – depends on pipeline of skilled labour.” 

Mr Macfarlane said QRC welcomed the strategy’s commitment to:

• launch a micro-credentialing pilot to support students, workers and new entrants to skills, upskill and reskill with QRC looking to focus this initiative on emerging jobs in automation and other associated areas, including remote operations centres.  
• establish a New Regional Jobs Committees to identify trends and opportunities and deliver place-based solutions; and
• expand Gateway to Industry Schools Program, which QRC participates in through the Queensland Minerals and Energy Academy that operates in 60 schools with plans to grow to 100 schools with support of QRC member companies.

Mr Macfarlane said QRC would welcome the opportunity to continue to work with the Minister and the Government on the strategy and supports the formation of a Ministerial Skills Roundtable and biannual regional skills and jobs summits to better inform government planning.

www.qrc.org.au

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