THE House of Representatives Standing Committee on Economics today presented its second Report on the banking sector.

On 24 November 2016 the committee tabled its first Report which contained 10 Recommendations designed to improve the banking system for Australian consumers. The second Report affirms these 10 Recommendations, and calls on Government to implement each of them.

The March 2017 public hearings provided the committee with an opportunity to scrutinise the banks over their response to the committee’s November Recommendations and the Carnell Report Recommendation into the use of non-monetary default clauses in small business loans.

Committee Chair David Coleman MP said that the second round of hearings had provided a useful forum in which to scrutinise the banks on the November recommendations.

“Each of these Recommendations should be implemented,” Mr Coleman said.

“The committee is open to some modest variations to the first report Recommendations but affirms the substance of each of them.

“In particular, it is important that the committee’s Recommendations on executive accountability, creating a new focus on competition, and opening up of consumer data are acted upon.”

Mr Coleman said that ANZ had been notably more constructive than the other banks during the hearings.

“Other than ANZ, the banks all argued against the committee’s recommendations to put in place a new executive accountability regime and increase the focus on competition in the banking sector,” Mr Coleman said. 

“The reasoning of the banks on these matters was not in any way persuasive and their views should be rejected by the Government.”

As part of the hearings, the committee scrutinised the banks over their use of non-monetary default clauses in small business loans. This matter was examined by the Australian Small Business and Family Enterprise Ombudsman, Ms Kate Carnell, as part of her inquiry into small business loans.

The committee commends Ms Carnell on her important work on this issue and has recommended that non-monetary default clauses be abolished for loans to small business.

The report can be accessed from the Committee’s website.

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SATELLITE imagery depicting pictures of what was purported to be a coal spill from the Abbot Point port into wetlands have been shown as a clear misrepresentation of the satellite imagery supplied by NASA.

Queensland Resources Council Chief Executive Ian Macfarlane said NASA’s own website provided further evidence that the information supplied to the ABC by the Mackay Conservation Group was incorrect.

“It’s disgraceful that satellite imagery was misrepresented as coal particles in the water by the Mackay Conservation Group when in fact NASA’s website clearly says water absorbs light so it is usually black in the images.”

“Similar photos taken in the aftermath of Cyclone Debbie show black water in the imagery which included swimming pools and waterways nowhere near coal terminals.”

In a statement Adani confirmed they were not only acting within its Temporary Emissions Licence (TEL) from the Department of Environment and Heritage Protection (DEHP) but have not exceeded its normal licence limits.

“It’s time these extreme tactics of environmental activists were exposed and all media outlets should be alert to the constant misrepresentation of the truth by groups opposed to economic development in Queensland,” said Mr Macfarlane.

www.qrc.org.au

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THE BACKLOT Films is thrilled to announce the exclusive ‘one week only’ theatrical release of the much-anticipated documentary I Am Heath Ledger in Australia.  A select number of cinemas have been secured in each state for the release on Thursday May 11.

I Am Heath Ledger is a feature length documentary celebrating the life of Heath Ledger: actor, artist and icon. The documentary provides an intimate look at Heath through the lens of his own camera as he films and often performs in his own personal journey.

Extravagant in gesture and in action, Heath’s artistic nature and expression set him apart from the Hollywood mainstream, and ultimately vaulted him to stardom and endeared him to the world.

Complementing the footage from his own personal recordings, the documentary also features excerpts of his greatest performances, combined with interviews with friends and family (including Ben Mendelsohn, Naomi Watts, Ang Lee, Ben Harper, and his sister Kate).  

I Am Heath Ledger is co-directed by Derik Murray (with Adrian Buitenhuis), the man behind the “I Am” slate of documentaries on Bruce Lee, Steve McQueen, Evel Knievel, Chris Farley and JFK Jr. His film work is rounded out by the Academy Award® shortlisted feature documentary Facing Ali, and the feature documentary Johnny Cash - American Rebel.

Set for a World Premiere this weekend at the Tribecca Film Festival in New York on the evening of April 23, the documentary will then screen in LA for the Australians In Film Society, ahead of the Australian Premiere on Tuesday 9th May at Luna Cinemas in Perth, which will be attended by Heath’s family.

The official trailer for the documentary released online last week and has had more than 5 million worldwide views.  Interest has been huge in Australia with media and fans clamouring for more information on a potential release in Heath’s home country.

Information on locations that have been selected to screen I Am Heath Ledger can be found at the official Australian website - www.iamheathledger.com.au.  Locations will continue to be added and more information will be released in the lead up to May 11 via the website and Facebook.

I Am Heath Ledger is produced by Network Entertainment with theatrical distribution in Australia via The Backlot Films. International media sales are via Fremantle Media. All cinema / exhibitor enquiries should be directed to The Backlot Films - This email address is being protected from spambots. You need JavaScript enabled to view it.

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THE HOUSING affordability debate needs to consider the economy on an Australia-wide basis, according to the Institute of Public Accountants (IPA).

“While there is a housing unaffordability crisis in Sydney and Melbourne, this is not the case in the rest of Australia's cities and regional areas,” said IPA chief executive officer, Andrew Conway.

“We urge the Government to consider a holistic and broad approach to housing affordability, and to consider the whole country and the entire economy. 

“This must include consideration of land supply problems in Sydney; giving time for APRA's macro-prudential levers to take effect; dealing with the over-reliance of state governments on stamp duty revenue; responsible lending by banks; responsible borrowing by consumers; a greater focus on financial literacy; getting over the 'fear of missing out'; dealing with the impact of foreign investors, including property vacancies; and, other factors.

“There is also another impact which must be considered.  Many small business owners are also individual consumers; some of whom have second mortgages on their homes to fund their business. 

“This means that Government housing policy can have flow on impacts to the health of these small businesses; not just the potential for financial distress but also impacts on the mental and health wellbeing of small business owners. 

“The IPA is urging the Government to consider the housing affordability situation not in isolation but in the broader context of the whole of the economy, and especially for the sake of the health of the small business sector and owners.

“All variables and options should be explored. However, any discussion of accessing superannuation for the purpose of entering the housing market needs to be cautioned to ensure the true objective of superannuation is not lost; that is to provide income in retirement to substitute or supplement the age pension.

“We welcome the fact that the Government seem to be looking at a range of solutions to address housing affordability and we will continue to be an active participant.  There is no panacea to this problem so we must all work constructively to find a range of solutions,” said Mr Conway.

publicaccountants.org.au

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