THE Credit and Investments Ombudsman (CIO) has welcomed today’s announcement by the Treasurer, Scott Morrison, that the Commonwealth Government will establish an expert panel to review the role, powers and governance of financial sector external dispute resolution (EDR) schemes.

Ombudsman and CEO, Raj Venga said he was particularly pleased to see the recognition of the critical role played by EDR schemes in financial services, and the importance of ensuring that consumers and small businesses are able to have disputes resolved efficiently and at no cost to them.

“We are an important part of Australia’s consumer protection framework, and deliver tangible benefits to consumers, our members and the financial system as a whole," Mr Venga said. “We are also committed to continuous improvement, and look forward to working with the panel to identify where there might be scope to enhance the services we provide."

The panel will also be asked to assess the merits of better integrating existing schemes to improve complaints handling.

“We recognise the importance of working closely with the Financial Ombudsman Service, and have a number of measures in place that ensure the consumer experience is seamless," Mr Venga said. “Equally, however, we continue to see significant value in having more than one scheme, which has enriched the contributions of EDR to a range of policy and law reform initiatives. EDR schemes within and across sectors learn from each other, and together encourage and inspire innovation.”

ABOUT

The Credit and Investments Ombudsman (CIO) is an alternative dispute resolution scheme approved by the Australian Securities and Investments Commission to provide consumers with an alternative to legal proceedings for resolving disputes with financial services providers who are members of CIO. These include finance brokers, non-bank lenders, building societies, mutual banks, credit unions, financial planners, finance companies, debt purchasers, small amount short term lenders and mortgage managers.

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COMMERCIALISING research, fostering entrepreneurship and educating graduates for the future of work will be hot topics when the House Standing Committee on Education and Employment convenes a series of round-table style public hearings.

Over the next two weeks the Committee will conduct public hearings in Canberra, Melbourne, Sydney and Brisbane as part of its inquiry Innovation and creativity; a workforce for the future.

Committee Chair, Mr Andrew Laming MP, said representatives from government, industry, universities and local start-ups have been invited to participate in the hearings.

“Innovation is not just the domain of universities or start-ups. It requires close collaboration between businesses and universities to drive the development of new technologies and to ensure graduates’ skills are suited to the modern workplace.”

“The Australian Government also has an important role. Policy and legislation must keep pace with innovation by accommodating collaboration and encouraging entrepreneurship.”

“It’s important that the Committee hears a range of perspectives on these issues,” Mr Laming said.

“The inquiry findings will help shape a more innovative Australia able to remain competitive in the global economy and maintain high standards of living.”

PUBLIC HEARING DATE: Tuesday 19 April
VENUE: Committee Room 1R3, Parliament House, Canberra
PROGRAM: 3:30 pm until 6:30 pm

PUBLIC HEARING DATE: Tuesday 26 April
VENUE: Seek, 541 St Kilda Road, Melbourne
PROGRAM: 9:00 am until 1:45 pm

PUBLIC HEARING DATE: Wednesday 27 April
VENUE: TBC, Sydney
PROGRAM: 9:00 am until 1:00 pm

PUBLIC HEARING DATE: Thursday 28 April
VENUE: TBC, Brisbane
PROGRAM: 9:00 am until 12:30 pm

Members of the public are welcome to observe proceedings. For further information about the Committee or its inquiry, please visit the committee’s website.

INFORMATION ON THE INQUIRY: contact the Standing Committee on Education and Employment inquiry into innovation and creativity: workforce for the new economy on (02) 6277 4573, This email address is being protected from spambots. You need JavaScript enabled to view it. or visit the committee website.

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ADVANCE CAIRNS believes that yesterday’s Government announcement that the tender for construction of 21 steel-hulled Pacific Patrol Boats has been awarded to Perth is a blow to the Northern Australian community.

Advance Cairns Acting CEO Rob Giason, expressed his disappointment saying, “Cairns put together an extremely professional and competitive bid that was based on proven experience and well developed expertise within the region.

“This decision represents a massive loss for Northern Australia and will have a genuine impact on downstream infrastructure development.  It was always going to be a David and Goliath battle - as a regional and remote area bidding against a major population centre such as Perth. But Cairns can be proud of the regional partnerships that were formed as part of the tender and the professionalism and capability that we demonstrated on the national stage.”

The Cairns bid, which was a collegiate and collaborative partnership, was one of only two that made it to the final stage of the tender process which was valued around $500m and will employ more than 130 people.

Rob Giason continued, “We are a proud regional community and although our sadness at this news may be drowned out by the celebrations of the much larger centres of population that were successful in their bid, now, more than ever, is the time for Advance Cairns and the Northern Australian region to make sure our united voice is heard and to maximise whatever local spin off opportunities might come from this contract.

“We will seek urgently to understand what maintenance contracts will remain in Cairns and also what infrastructure and capacity is needed to be competitive into the future.   We have a very competitive marine sector and so will now regroup to identify future opportunity to continue our proud and rich heritage in this sector.”

Mr Gaison said, "Advance Cairns has already been advocating through the 8+8 Infrastructure Priorities for broad development of our shipping industry through the development of HMAS Cairns and the Cairns Port Shipping Strategy and will continue our push to see renewed investment and development in this crucial sector."

www.advancecairns.com

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THE Federal Parliament's Northern Australia Committee today recommended the Northern Australia Infrastructure Facility Bill 2016 be passed by the Australian Parliament in its report titled ‘Advisory Report on the Northern Australia Infrastructure Facility Bill 2016’.

The Northern Australia Infrastructure Facility established by the Bill will provide up to $5 billion in concessional financial assistance for infrastructure projects designed to stimulate economic and population growth in Northern Australia. 

The Committee Chair, the Hon Warren Entsch MP, said: ‘The Northern Australia Infrastructure Facility will provide up to $5 billion in concessional loans, but by leveraging private sector capital, the value of the infrastructure projects it supports will be far greater than $5 billion. The Facility will accelerate the development of an infrastructure base that can underpin the long-term growth needed to unlock the economic and social potential of Northern Australia.’ 

The report is available from the Committee’s website

www.aph.gov.au/jscna

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