THE future development of Australia’s Antarctic science program will be the focus of a public hearing of a parliamentary inquiry considering Australia’s Antarctic Territory on Thursday 19 October in Canberra.

The Joint Standing Committee on the National Capital and External Territories will hear from a range of organisations and Australian Government agencies including the Australian Academy of Science, Geoscience Australia, and the Bureau of Meteorology.

The Australian Maritime Safety Authority will also provide the Committee with an opportunity to better understand search and rescue activities and the prevention of shipping incidents and pollution in the Southern Ocean and Antarctic region.

Committee Chair, Mr Ben Morton MP, noted that “a robust and enduring scientific research program in the Australian Antarctic Territory underpins Australia’s influence as part of the Antarctic Treaty System.

Antarctica provides Australian scientists with a significant opportunity to undertake research that is firmly focused on the national interest and on broadening Australia’s collaborative arrangements and resource sharing opportunities.”

Further information, including submissions made to the inquiry, and the details of upcoming public hearings may be found on the Committee’s website.

Public hearing details: 

4:30 pm – 7:45 pm, Thursday, 19 October 2017
Committee Room 1R2, Parliament House, Canberra

4:30pm – 5:15pm: Australian Maritime Safety Authority (submission)

5:15pm – 6.00pm: Australian Academy of Science (submission)

6:15pm – 7.00pm: Geoscience Australia (submission)

7:00pm – 7:45pm: Bureau of Meteorology

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

Interested members of the public may wish to track the committee via the website. 

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THE House Committee on Tax and Revenue will hold a public hearing tomorrow to discuss taxpayer engagement with experts from the world of blockchain technology and bitcoin trading.

Chair of the Committee Mr Kevin Hogan MP said that the RMIT Blockchain Innovation Hub was established only last month, and is the world’s first research centre on the cutting edge social science of blockchain.

Professor Sinclair Davidson and Dr Chris Berg, members of the Hub, have published extensively on the benefits and risks of the blockchain economy and of cryptocurrencies, such as bitcoin.

Blockchain is an online ledger controlled by a global network of computers. As the records are distributed across the network it cannot be hacked or falsified as easily as information held in a single repository, affording new levels of security and efficiency to governments and companies.

Bitcoin currency exchanges can be tracked by blockchain, as can other value holders including stocks, bonds, and other financial securities. Once largely associated with illicit activity, bitcoin is now traded as part of the thriving cryptocurrency market in Australia, galvanising regulators into action.

“The evolving blockchain economy puts pressure on government processes in a range of new ways—from taxation, to regulation and service delivery,” Mr Hogan said.

“The Committee will want to hear how blockchain can assist auditors and regulators increase certainty in the online marketplace, and also about its potential to disrupt traditional financial and taxation systems.”

Public hearing details: 

4.15 pm to 5.15 pm, Wednesday 18 October 2017
Committee Room 2R1, Parliament House, Canberra.

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

Interested members of the public may wish to track the committee via the website. 

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THE House of Representatives Standing Committee on Economics is conducting further public hearings with Australia’s four major banks in October as part of its ongoing review of the banking sector. On 20 October 2017 in Canberra the committee will hear from National Australia Bank and Commonwealth Bank.

The committee’s First Report was published in November 2016, following on from the initial public hearings in October 2016. The committee affirmed the ten Recommendations of its November Report in April 2017, after holding further public hearings in March of this year. In the May Budget, the Government broadly adopted nine of the committee’s 10 recommendations.

Committee Recommendations adopted by the Government include a one-stop-shop for consumer complaints, a regulated executive accountability regime, and new powers and resources for the ACCC in investigating competition issues in the setting of interest rates.  In addition the Government adopted Recommendations to increase competition in the sector through new bank licensing rules, and to implement an open data regime to allow consumers to more easily switch between banks.

The committee’s mandate from the Government to review the banking sector is ongoing.  “The committee will continue its focus on improving the banking system for the Australian community”, Chair David Coleman MP said.

Public hearing details: 

9.15 am – 4:15 pm, Friday, 20 October 2017
Main Committee Room, Parliament House, Canberra

NAB—9.15am to 12.15pm
Mr Andrew Thorburn, CEO
Mr Antony Cahill, Chief Operating Officer

CBA—1.15pm to 4.15pm
Ms Catherine Livingstone AO, Chairman
Mr Ian Narev, CEO

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

Interested members of the public may wish to track the committee via the website.

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THREE science agreements that will enhance opportunities for scientific cooperation and Australian innovation have been supported by federal parliament’s Joint Standing Committee on Treaties.

Report 174, tabled in the Parliament today recommends support for arrangements to increase Australia’s scientific cooperation with the USA, New Zealand and Israel.

Committee Chair, Stuart Robert MP, said “the three science agreements will enhance opportunities for scientific cooperation and commercialisation for Australian innovation entrepreneurs. In the current global world, innovation and technology are driving productivity and these types of agreements provide important benefits for Australian businesses,” he said

The committee has also thrown its support behind the renewal of the International Monetary Fund’s (IMF’s) arrangements to borrow from Australia. The IMF relies on arrangements to temporarily borrow funds from some of its members to top up its resources. Australia has been one of those members since 1997.  

Mr Robert, said the renewal was for a period of five years, from November 2017 to 2022. “The IMF plays an important role in maintaining international financial and monetary stability and Australia takes its ongoing support for the organisation seriously,” the chair said.

Interested members of the public may wish to track the committee via the website.

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