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 scrutiny. On 11 October 2017 in Canberra the committee will hear from Westpac and ANZ banks.

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 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.’

Public hearing details: 

Wednesday, 11 October 2017

Main Committee Room, Parliament House, Canberra

Westpac—9.15am to 12.15pm
Mr Brian Hartzer, CEO
Mr Peter King, Chief Financial Officer

ANZ—1.15pm to 4.15pm
Mr Shayne Elliott, CEO
Mr Graham Hodges, Deputy CEO
Ms Alexis George, Group Executive, Wealth Australia

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

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BENDIGO will host the first of a series of public hearings this week, as the Select Committee on Regional Development and Decentralisation heads to Victoria and Tasmania.

Launceston and Burnie in Tasmania, and Wodonga, on the border of New South Wales and Victoria, will also host public hearings.

The Chair of the Committee, Dr John McVeigh MP said, “these public hearings will provide the Committee with some good opportunities to engage with local communities in regional Australia. The Committee is keen to hear from the diverse range of witnesses to better inform ourselves of the issues impacting regional communities, and what can be done to address them.

“Each regional and rural community in Australia is unique, with localised issues. The Committee has heard that what works well for these communities is local, tailored strategies. We are hoping to hear more about the local strategies being adopted by the communities of Bendigo, Launceston, Burnie, Albury and Wodonga,” said Dr McVeigh.

Dr McVeigh indicated that witnesses across the four public hearings will include business and communities leaders, universities and TAFEs, community advocacy groups, healthcare providers, and regional development specialists.

The hearing will be broadcast live at aph.gov.au/live and a transcript will be available on the Committee’s website.

Public hearing details: 

Bendigo

Time: 9.00am – 3.20pm (click to listen live)
Date: Monday 9 October 2017
Location: Bendigo Town Hall (Reception Room), 189-193 Hargreaves St, Bendigo Vic

Launceston

Time: 9.00am – 2.20pm (click to listen live)
Date: Tuesday 10 October 2017
Location: Hotel Grand Chancellor (Chancellor 6) 29 Cameron St, Launceston Tasmania

 
Burnie

Time: 8.30am – 12.15pm (click to listen live)
Date: Wednesday 11 October 2017
Location: University of Tasmania, Domestic Arts Building (103 Lecture Room) 8 Bass Hwy, Parklands Tasmania

Wodonga

Time: 8.30am – 4.00pm (click to listen live)
Date: Thursday 12 October 2017
Location: 158 Lawrence Street, Wodonga TAFEspace, Strategic Planning Room, Wodonga, Victoria

For the full programs of these public hearings, see the Committee’s website.

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

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BUSINESSES, not-for-profits, education and research organisations are encouraged to apply for grants to inspire more girls and women to pursue careers in science, technology, engineering, and maths (STEM) and entrepreneurship.

Acting Minister for Industry, Innovation and Science, Senator Michaelia Cash, today announced the second round of the Australian Government’s $8 million Women in STEM and Entrepreneurship (WISE) grants program.

“It is vital that all Australians are equipped with the skills they need for the jobs of the future but in particular, we need to get more girls and women engaged with STEM in schools, universities, TAFEs and in the workforce,” Minister Cash said.

“The WISE program supports activities to get girls and women interested and involved in STEM education and careers. This includes helping them develop entrepreneurial skills and professional networks, paving the way for more Australian women to start their own businesses and become entrepreneurs.”

The first round of WISE grants, announced in December 2016, saw approximately $4 million awarded to a diverse range of projects including coding workshops for teachers and primary school girls, networking and mentoring for female entrepreneurs in rural and remote Queensland, drone flying and programming camps in Northern Australia, and a new ‘Superstars of STEM’ initiative to raise the profile of Australia’s women in science, technology and engineering.

Minister Cash said eliminating barriers for women’s participation in STEM education and careers was a key aspect of the WISE program.

“As a Government we understand the importance of ensuring our young women have female role models in science and research, entrepreneurship and corporate leadership to look to for inspiration,” Minister Cash said.

Minister Cash also announced today that the Australian Mathematics Trust would receive $75,000 over 2017­­­–­18 to 2019–20 to recruit and send a team of four Australian students to the European Girls Mathematical Olympiad in each of the next three years.

“For the first time, Australia’s best and brightest female high school mathematics students will compete at this prestigious international event,” Minister Cash said.

“This will open up new opportunities for Australian girls to compete in elite international mathematical competitions and inspire more students to strive for mathematical excellence.”

Applications for round two of the WISE program close on 15 November 2017, and the successful projects will be announced in early 2018. The Women in STEM and Entrepreneurship program is part of the ‘Inspiring all Australians in Digital Literacy and STEM’ component of the National Innovation and Science Agenda.

business.gov.au/wise

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THE Australian Retailers Association (ARA) said the August trade figures released by the Australian Bureau of Statistics (ABS) represent a lower than expected move towards Spring with a 2.13 percent total growth year-on-year.

ARA Executive Director Russell Zimmerman said the August retail trade figures continued to show strong growth in the Other Retailing category which inlcudes gambling and online goods and services, however the broader retail categories have suffered significantly.

“With many historic challenges affecting the Australian industry these past few months, we have expected to see the sector suffer,” Mr Zimmerman said.

“With increased energy costs, higher tax burdens and an inflexible wage system, we need Government action to increase consumer and business confidence.”

Alongside Other Retailing, Food Retailing (2.30%) and Household Goods (2.01%) show moderate year-on-year growth.

The retail categories showing a significant hit to year-on-year sales growth include Cafes Restaurants and Takeaway Food (1.92%), Clothing Footwear & Personal Accessories (0.89%) and Department Stores (-1.35%).

“These August figures have seen Takeaway Food Services receive a -0.80% year-on-year growth, the first negative figures for this category in over 15 months,” Mr Zimmerman said.

Although Department Stores (-1.35%), Newspapers & Books (-3.87) and Hardware & Building (-0.47%) also received negative year-on-year growth figures, the drop in Takeaway Food is quite concerning for the industry.

“July month-to-month retail trade figures saw a return to growth for Department stores, to see these figures go backwards is of high concern to the sector.”

All states recorded a drop in growth year-on year, an undesirable sign for the months ahead. Victoria (3.41%) and New South Wales (2.91%) showed the strongest year-on-year growth of the States. With Tasmania (1.92%), the Northern Territory (1.71%), the Australian Capital Territory (1.69%) and South Australia (1.36%) trailing behind. Both Queensland (0.37%) and Western Australia (0.81%) again showed the least year-on-year growth across the nation.

“As we lead into Spring racing and the beginning of the Christmas season we expect to see a pickup in both Food Retailing and Clothing, Footwear and Accessories,” Mr Zimmerman said.

MONTHLY RETAIL GROWTH (July 2017– August 2017 seasonally adjusted) 

Department stores (0.67%), Other retailing (0.06%), Clothing, footwear and personal accessory retailing (-0.16%), Food retailing (-0.63%), Household goods retailing (-1.02%) and Cafes, restaurants and takeaway food services (-1.27%).

New South Wales (-0.25%), South Australia (-0.57%), Western Australia (-0.62%), Tasmania (-0.68%), Northern Territory (-0.68%), Queensland (-0.78%), Victoria (-0.79%) and Australian Capital Territory (-0.81%).

Total sales (-1.27%). 

YEAR-ON-YEAR RETAIL GROWTH (August 2016 – August 2017 seasonally adjusted)

Other retailing (4.92%), Food retailing (2.30%), Household goods retailing (2.01%), Cafes, restaurants and takeaway food services (1.92%), Clothing, footwear and personal accessory retailing (0.89%) and Department stores (-1.35%). 

Victoria (3.41%), New South Wales (2.91%), Tasmania (1.92%), Northern Territory (1.71%), Australian Capital Territory (1.69%), South Australia (1.36%), Western Australia (0.81%) and Queensland (0.37%).

Total sales (2.13%).

About the Australian Retailers Association:

Founded in 1903, the Australian Retailers Association (ARA) is the retail industry’s peak representative body representing Australia’s $310 billion sector, which employs more than 1.2 million people. The ARA works to ensure retail success by informing, protecting, advocating, educating and saving money for its 7,000 independent and national retail members throughout Australia. For more information, visit www.retail.org.au or call 1300 368 041.

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