THE Institute of Public Accountants (IPA) has welcomed legislative changes to section 46 of the Competition and Consumer Act 2010.

“The IPA has long advocated change to the misuse of market power provision within the Act and has continually voiced support for the recommendations falling out of the Harper Competition Policy Review,” said IPA chief executive officer, Andrew Conway.

“We commend the Government for introducing the changes we have been fighting for; changes that will better protect small business in a more equitable, competitive market.

“The amendment will help address anti-competitive conduct and protect the competition process rather than the interests of individual players in the market.  This is particularly important to small business.

“Considering 97 per cent of all Australian businesses is made up of small businesses, this is a huge win.

“This change and other recommendations from the Harper Review which are currently before the House of Representatives will go a long way in forming a fairer playing field for all and will enhance Australia’s capacity to compete globally,” said Mr Conway.

publicaccountants.org.au

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THE Foreign Affairs and Aid Sub-Committee of the Parliament’s Joint Standing Committee on Foreign Affairs, Defence and Trade has tabled its interim report for its inquiry into establishing a Modern Slavery Act in Australia.

The Sub-Committee is investigating whether elements of the UK Modern Slavery Act 2015 could be introduced in Australia, particularly the UK requirement for businesses and organisations to report on how they ensure their global supply chains are free of slavery and human trafficking.

The Sub-Committee’s interim report, Modern slavery in global supply chains, summarises the evidence heard so far on the issue of global supply chain reporting. The report highlights the strong support from businesses, unions and NGOs for the introduction of supply chain reporting requirements for businesses and organisations operating in Australia. The report also highlights support for an Independent Anti-Slavery Commissioner to coordinate and oversee Australia’s response to combatting modern slavery.

The report recommends that the Australian Government consider introducing a Modern Slavery Act in Australia, including supply chain reporting requirements and an Independent Anti-Slavery Commissioner. The report also offers in-principle support for a number of proposed elements of a Modern Slavery Act and identifies areas for further consideration in the Sub-Committee’s final report.

Chair of the Foreign Affairs and Aid Sub‑Committee, Mr Chris Crewther MP, said the Sub-Committee welcomed the Australian Government’s recent announcement supporting a mandated modern slavery reporting requirement for businesses and organisations operating in Australia, as well as a central repository.

“We have a unique, once-in-a-lifetime opportunity to take the lead on stamping out modern slavery for good, particularly with over 30 million victims in our region.”

“Let us not miss the opportunity to continue taking strong action on this issue. I look forward to working with the Sub-Committee for the remainder of this inquiry to recommend, then see implemented, strong action to eradicate this appalling crime. Modern slavery must stop.”

The Sub-Committee’s inquiry into modern slavery continues and its final report will address the other important issues raised by submitters and witnesses including support for victims, Australia’s visa framework and orphanage trafficking.

The interim report is available from the committee’s website: www.aph.gov.au/modernslavery.

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

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THE House of Representatives Committee on Economics will conduct further public hearings with Australia’s four major banks in October as part of its ongoing scrutiny.

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

Recommendations adopted by the Government relating to the banking sector 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.

The committee’s mandate from the Government to review the banking sector is ongoing. The Chair of the committee, Mr David Coleman MP, stated that "these hearings provide an important mechanism to hold the four major banks to account before the Parliament."

The hearings with the banks will be held across two days in October. In finalising the dates for the hearings, the committee took into account the views of AUSTRAC in relation to its current proceedings against the Commonwealth Bank. The allegations against the Commonwealth Bank are extremely serious and the committee notes that a Case Management meeting is scheduled for September 4.

Public hearing details: 
Wednesday, 11 October, 9.15 am to 4:15 pm, Committee Room 2R1, Parliament House, Canberra

9.15am – 12.15pm Westpac
1.15pm – 4.15pm ANZ

Friday, 20 October., 9.15 am to 4.15 pm, Committee Room 2R1, Parliament House, Canberra

9.15am – 12.15pm NAB
1.15pm – 4.15pm CBA

The hearing 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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MINISTER for Defence Industry, Christopher Pyne MP, today announced a new research agreement with industry to explore innovative technologies for protecting Australian Defence Force aircraft against missile threats.

Minister Pyne said this five-year agreement with Chemring Australia was signed in Adelaide today as part of the Defence Science and Technology (DST) Group Partnerships Week, and was a big step towards improving the countermeasures deployed to protect our aircraft.

“Chemring Australia and DST Group will explore capabilities and advanced techniques for the manufacture of high performance countermeasures that hide aircraft from radar detection and deflect heat-seeking missiles,” Minister Pyne said.

“The research will also examine the use of more efficient manufacturing technologies, such as resonant acoustic mixing, and novel concepts for pyrotechnic device. 

“This partnership will allow the development of an advanced flare capability to provide protection against increasingly sophisticated missile systems.

“I welcome these agreements which are designed to give Defence a capability edge. Chemring Australia specialises in the manufacture of countermeasures, sensors, and energetic systems.”

Partnerships Week is an annual external engagement event open to invited representatives from industry, academia, research agencies, Defence and stakeholders from the Science, Technology, Engineering and Mathematics community.

DST Group also leads the $730 million Next Generation Technologies Fund which complements the Defence Innovation Hub launched last year, as the core of the new Defence Innovation System outlined in the Defence Industry Policy Statement.

These two signature innovation research and development programs, together with the Centre for Defence Industry Capability, deliver on the Government’s $1.6 billion commitment to grow Australia's defence industry and innovation sector.

ENDS