Business News Releases

Big four banks to face annual parliamentary scrutiny

SCRUTINY of Australia’s four major banks -- Commonwealth Bank, ANZ, National Australia Bank and Westpac -- will continue, with the House Standing Committee on Economics to hold public hearings at least annually with bank executives.

Daniel Mulino MP, the chair of the committee, said given the banks’ key role in the functioning of the economy, ongoing scrutiny was vital.

"The Financial Services (Hayne) Royal Commission, which reported in 2019, showed that far too often the banks did not live up to the trust that Australians placed in them," Dr Mulino said.

The committee will consider a number of consumer protection issues, including:

  • The financial position of borrowers and areas of potential vulnerability
  • Interest rates paid on deposits and loans
  • Ongoing implementation of recommendations from the Financial Services Royal Commission, and
  • Actions to protect customers from scams.

Other matters that will be raised include:

  • Supporting the flow of credit, including to small businesses
  • Operational performance, and
  • Responses to climate change and supporting Australia’s progress towards climate and other sustainability goals.

"And when it comes to scams, with evidence showing that Australians lost more than $2 billion to scams in 2021, a record amount, we need to hear what extra consumer protection the banks are planning," Dr Mulino said.

Dr Mulino said the government continued to work on implementing the recommendations of the Hayne Royal Commission and that the committee was keen to hear from the banks on their responses.

The banks will also face scrutiny by a parallel inquiry into competition to be held by the Economics Standing Committee. The inquiry into promoting economic dynamism, competition, and business formation will examine how healthy competition can enhance the wellbeing of Australians.

The terms of reference for the hearings into the Big Four banks are available on the committee’s website. Information about public hearings will be made available in due course.

The committee will not be seeking or accepting submissions for this inquiry.

 

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National Redress Scheme inquiry seeks submissions

THE Joint Standing Committee on Implementation of the National Redress Scheme is currently inquiring into the operation of the scheme.

The inquiry will look closely into a range of areas, including The experience of First Nations applicants and applicants with disability in their dealings with the scheme; and accessibility, performance and effectiveness of support services and legal advice for survivors and their advocates.

Submissions from interested individuals and organisations on the inquiry’s terms of reference are encouraged by Monday, February 27, 2023.

The committee wants to hear from individuals and organisations on their experience with the scheme. Submissions can respond to some or all aspects of the inquiry terms of reference.

Full details of what the inquiry will examine can be found in the terms of reference on the committee’s website. An easy English guide is also available.

Chair of the committee, Senator Catryna Bilyk said it was imperative that the committee heard first-hand the experiences people have had when accessing the scheme.

“There are low rates of access in parts of our community amongst people who are eligible to access the scheme,” Senator Bilyk said. “We need to understand what the barriers to access are to ensure that everyone who is eligible to seek redress does so."

Further information about the Committee is available at https://www.aph.gov.au/redress.

 

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Deadline for submissions extended for Migration, Pathway to Nation Building inquiry

THE Joint Standing Committee on Migration has extended the deadline for submissions to its Migration, Pathway to Nation Building inquiry. Submissions are now open until Thursday, March 16, 2023.

Committee Chair, Maria Vamvakinou MP, said the committee took this decision to allow as many individuals, organisations, and businesses as possible to contribute evidence to the inquiry.

"Many sectors of the Australian community are directly impacted by the policy settings in place for regulating migration into the country," Ms Vamvakinou said. "It is vital for the committee to hear from as many of these sectors as possible to gain an informed view of the issues and on ways the system can be improved.

"Some industries and certain regional locations are now facing unprecedented labour shortages. Migration offers one means to help alleviate these pressures and the committee is keen to investigate these possibilities and more," she said.

Ms Vamvakinou encourages all interested individuals and groups to contribute their thoughts on this vital issue.

More details on the inquiry are available on the committee website.

The terms of reference for the inquiry are:

The Joint Standing Committee on Migration shall inquire into and report on Australia’s migration system, with reference to,

  1. The role of permanent migration in nation building, cultural diversity, and social cohesion;
  2. Immigration as a strategic enabler of vibrant economies and socially sustainable communities in our cities and regional hubs;
  3. Attraction and retention strategies for working migrants to Australia;
  4. Policy settings to strengthen skilled migrant pathways to permanent residency;
  5. Strengthening labour market participation and the economic and social contribution of migrants, including family and humanitarian migrants and the partners of working migrants;
  6. The role of settlement services and vocational training in utilising migrant experiences, knowledge, and opportunities; and
  7. Other related matters that may assist the inquiry.

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Future governance on Norfolk Island

THE Joint Standing Committee on the National Capital and External Territories will examine restoring local government on Norfolk Island as part of a new inquiry.   

The committee will examine different models of local government and revenue collection to determine the most appropriate approach that accords with the culture of Norfolk Island and provides for a financially sustainable future.

“This inquiry is about the future of Norfolk Island, its governance and economic sustainability,” committee chair Alicia Payne MP said. “Most importantly, the inquiry is focused on improving democracy for people on Norfolk Island.

“The views of the local community will be central to this process,” Ms Payne said.

The committee plans to visit Norfolk Island over the coming months to hear directly from Norfolk Islanders about what they would like for their community. People seeking to participate in the inquiry can engage with the Committee in a number of ways including by making a submission, at an upcoming public meeting or confidentially.

Submissions to the inquiry will remain open until March 24, 2023. Further information on the inquiry, including the terms of reference and how to contribute, is available on the committee’s website.

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New inquiry on the Defence Annual Report 2021–22

THE Defence Subcommittee of the Joint Standing Committee on Foreign Affairs, Defence and Trade is conducting a new inquiry, focussing on important aspects of the Department of Defence Annual Report 2021–22.

Key themes of the inquiry’s focus include workforce recruiting and retention; Space Command and capability; and support to national crisis.

Chair of the Subcommittee, Julian Hill MP said, "The committee has decided to exercise its oversight powers and conduct a public review of the Department of Defence Annual Report 2021–22.

“Defence personnel is the greatest capability for the defence of Australia and its national interests. This inquiry will critically examine Defence’s approach to workforce planning, inclusive of specific recruiting and retention initiatives.

“Space is a contested domain and Defence must be able to effectively operate within it. This inquiry will review this newly formed command including key capability milestones.

“Defence is increasingly being used more as part of the national response to domestic crisis. This inquiry will examine current policy, resourcing, and the impact on the organisation from a preparation, training, retention, and capability perspective."

The subcommittee is now inviting written submissions by Friday, March 31, 2023.

 

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