THE House of Representatives Standing Committee on Economics will conduct further public hearings with Australia’s four major banks in March as part of its review of the performance of Australia’s banking and financial system.
The Chair of the committee, Mr David Coleman, MP, stated that ‘these hearings provide an important mechanism to hold the banking sector to account before the Parliament.’
The committee will continue to hold public hearings with the four major banks focusing on:
domestic and international financial market developments as they relate to the Australian banking sector and how these are affecting Australia
developments in prudential regulation, including capital requirements, and how these are affecting the policies of Australian banks
the costs of funds, impacts on margins and the basis for bank pricing decisions, and
how individual banks and the banking industry as a whole are responding to issues previously raised in Parliamentary and other inquiries, including through the Australian Bankers' Association's April 2016 six point plan to enhance consumer protections and in response to Government reforms and actions by regulators.
Public Hearing Details
Day 1: Friday 3 March 2017 Committee Room 2R1, Parliament House, Canberra NAB 9:15am to 12:15pm
Day 2: Tuesday 7 March 2017 Main Committee Room, Parliament House, Canberra CBA 9:15am to 12:15pm ANZ 1:15pm to 4:15pm
Day 3: Wednesday 8 March 2017 Main Committee Room, Parliament House, Canberra Westpac 9:15am to 12:15pm
THE MAGNIFICENT success of the Australian film Lion continues, with the film taking $11.5 million in the 11 days since it was released in local cinemas.
Saroo Brierley’s incredible true story about love, hope and family has held the Number One position at the Australian box office for the second weekend in a row, a record for an independent Australian film.
The box office for the second weekend of release moves Lion further up the record books. The Great Gatsby is the only Australian film to have taken more on the second weekend. *
Following the exciting news last week that the film had received six Academy Award nominations, including one for Best Film, Lion is also winning the hearts of New Zealand audiences with a second weekend at the top of the local box office with NZD$1.2 million.
The Australian story continues to win hearts all around the world, having grossed almost $50 million in worldwide box office to date. Lion expands to over 1,800 screens in the US this Friday.
"It is so gratifying to see Saroo's story connect with audiences. The positive feedback has been overwhelming. At a time when the world seems to be fractured, LION offers hope and joy. Its themes of love and family shine bright for audiences worldwide," said Richard Payten and Andrew Mackie from Australian distributor Transmission Films.
Lion is directed by Garth Davis from a screenplay by Luke Davies and it stars Dev Patel, Nicole Kidman, Rooney Mara, David Wenham and Sunny Pawar. See-Saw Films (The King’s Speech) produced the film in association with Aquarius Films and Sunstar Entertainment. Emile Sherman, Iain Canning and Angie Fielder are producers with Andrew Fraser, Shahen Mekertichian and Daniel Levin executive producing.
* Second weekend Box Office grosses for Australian films:
THE Queensland Resources Council (QRC) supports the state government’s release of land in the Surat Basin for gas exploration.
QRC’s Chief Executive Ian Macfarlane said the pilot exploration project announced today will see the gas produced with an Australia-only sale condition.
“The gas produced will only be sold domestically that will help secure a reliable and affordable supply of gas to business and industry,” Mr Macfarlane said.
“It’s common knowledge the eastern seaboard of Australia is facing a gas shortage and instead of putting their head in the sand the government is opening up 58 square kilometers of land for exploration.
“Once again Queensland is leading the way in securing the energy security of Australia.
“The proactive release of new tenure conditioned for domestic market is an innovative response by the Queensland government to the lack of political back-bone shown by the governments of NSW and Victoria.
“The pilot should also be seen as chance to demonstrate best-practice regulations in action – fast, effective and focussed on outcomes.
“The Queensland government has set an aspirational goal of 50 percent renewables by 2030 and to achieve this goal will require a lot more gas if we are to keeping the lights on and protect Queensland jobs in manufacturing and energy intensive export industries.”
AMMA chief executive Steve Knott has this Australia Day been appointed a Member in the General Division of the Order of Australia (AM) for “significant service to the resources and energy industries, to the advancement of women, and to industrial relations”.
Mr Knott has led Australia’s resource industry employer group, AMMA, since 1998.
Over almost two decades he has overseen the organisation’s national policy development, workplace consulting services and employment support programs during a period where the industry’s workforce grew from about 85,000 employees to now directly employ 228,000 Australians.
In his role as one of Australia’s leading identities for the national resources and energy industries, as well as one of the country’s preeminent industrial relations specialists, Mr Knott has consistently advocated for policy and industry outcomes that promote AMMA’s long held vision:
To ensure the Australian resource industry is an attractive and competitive place to employ people, invest, do business and contribute to Australia’s national wellbeing.
In addition to leading AMMA, Mr Knott’s contribution to industrial relations in Australia extends to multiple advisory councils and board positions including:
Member of the International Labour Advisory Council since 2006.
Represented the resources sector and Australian employers generally at numerous International Labour Organisation forums in Geneva and the Asia Pacific Region.
Member of the National Workplace Relations Consultative Council since 2006.
Member of the Ministerial Advisory Council on Skilled Migration since 2015.
Director of the Australian Chamber of Commerce and Industry (ACCI) since 2014, and member of the ACCI General Council since 1998.
Mr Knott’s contribution to the advancement of women has primarily been through leadership of the Australian Women in Resources Alliance (AWRA), an Australian Government-backed initiative which since 2011 has worked to lift the number of women working within the resources, energy and allied construction and servicing sectors.
Among the programs overseen by Mr Knott to provide women with greater opportunity in the resources sector include specialist mentoring, implementing best practice diversity and recruitment processes within resource companies and developing innovative employer toolkits and support materials for greater workforce diversity outcomes.
“Being appointed a Member of the Order of Australia is a proud and special moment. I am thankful that throughout my career I have been able to passionately advocate for policy and industry outcomes that maximise the employment opportunities available to Australians in our diverse and wonderful resources and energy sectors,” Mr Knott said.
“I wish to offer my sincere gratitude to the many people over my working life whom without their support this award would not have been possible. I have been fortunate to have some great career and life mentors. This, together with working in an industry that provides prosperity here in Australia and abroad, is an absolute privilege.”
BACKGROUND
Steve Knott now resides in Melbourne however is proudly ‘born and bred’ in Tasmania, having attended Montagu Bay Primary, Rose Bay High and Hobart Technical College.
He is well known for an amateur track and field career in which he won more than 100 state titles, held national titles in both the long jump and pole vault, and compete in the 1982 Commonwealth Games three years after having open heart surgery.
Prior to joining AMMA he worked at Tasmania’s Hydro Electric Commission in roles ranging from Principal Industrial Advocate and Site Construction Industrial Officer through to IR and HR Manager Tasmania.
Mr Knott holds a post graduate diploma in business administration from Monash University and has professional memberships with the Australian Institute of Company Directors, the Industrial Relations Society of Victoria, and is also a Fellow of the Australian Human Resources Institute.
NEW United States President Donald Trump has honored his election commitment, and withdrawn the United States from the Trans-Pacific Partnership negotiations and agreement (TPP).
QUT Faculty of Law intellectual property expert and international trade, Professor Matthew Rimmer, said Mr Trump had directed the United States Trade Representative ‘to begin pursuing, wherever possible, bilateral trade negotiations to promote American industry, protect American workers, and raise American wages.’
Professor Rimmer said Mr Trump’s clear opposition to the TPP was one of the reasons why he prevailed against Hillary Clinton in the presidential race.
“The Republican candidate was able to win key Midwest states in a Rustbelt Brexit, highlighting the impact of trade deals upon the manufacturing sector of the United States,” he said.
“Hillary Clinton flip-flopped on her position over the TPP during the campaign. Trump was able to exploit this equivocation during the presidential race.”
Professor Rimmer said Donald Trump seemed to be focused on the renegotiation of the North American Free Trade Agreement (NAFTA), with Canada and possibly Mexico and was keen on a trade agreement with the United Kingdom Post-Brexit.
The US President has also engaged in threats of action against China over trade, currency, and intellectual property.
“It remains to be seen whether such policies will ‘Make America Great Again’ and revive United States manufacturing, particularly in light of the fast pace of technological change and innovation.”
Professor Rimmer said the withdrawal of the United States from the TPP had caused consternation within the Australian Government.
“The Turnbull Government has said that it will explore the possibility of a TPP – without the participation of the United States. This would be a complex undertaking.
“Many of the key chapters of the TPP – focused on intellectual property, investment, and electronic commerce– were dictated by the United States Trade Representative. Such measures make little sense, without the countervailing access to United States markets.”
He said China had seized its diplomatic opportunity and promoted the Regional Comprehensive Economic Partnership (RCEP).
“Australia has shown great interest in this alternative regional agreement as a means of consolidating a range of bilateral initiatives.
“Europe and Germany have also expressed a desire to forge fair trade deals with nations in the Asia-Pacific. The Turnbull Government is excited about the prospects of a partnership with the European Union.”
Professor Rimmer said the collapse of the TPP highlighted the need for Australia to modernize its model of conducting trade negotiations. The Productivity Commission report on Australia’s Intellectual Property Arrangements highlights the need for an open and transparent approach to trade, and independent, economic assessments of new trade agreements. There is also a need to better take into account the impact of trade agreements upon public health, the environment, and labor rights.
“The Turnbull Government has shown an interest in aligning its trade policy and its innovation policy. This could be a fruitful and strategic approach in the future.”
Professor Rimmer convened a symposium on the topic of whether the TPP would be trumped in 2016.
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