THE House of Representatives Standing Committee on Economics will tomorrow hold its first public hearings into three of the four key financial regulators, the ACCC, ASIC and APRA. These follow the hearing into the Reserve Bank of Australia three weeks ago.

Giving evidence will be Gina Cass-Gottlieb, chair of the Australian Competition and Consumer Commission (ACCC), Wayne Byres, chair of the Australian Prudential Regulation Authority (APRA), and Joe Longo, chair of the Australian Securities and Investments Commission (ASIC).

Labor’s Daniel Mulino MP, the committee’s chair, said that scrutiny of Australia’s financial system regulators is crucial to ensuring Australia’s economic resilience.

“While the Optus data breach has caused immense concern to the millions of Australians affected, it should also be a wake-up call to the corporate sector generally that robust systems are critical, regardless of the industry," Dr Mulino said.

“And as a committee we need to make sure that the key regulators of the corporate sector are doing what is required, and expected of them, to protect all Australians. The data breach has shown how vulnerable Australians can be.”

Dr Mulino added that the regulators needed to remain on the front foot in light of the challenges facing the economy including cost pressures facing businesses and households, skills shortages, concern about competition, uneven performance across superannuation funds, failing neo banks, the rising numbers of social media 'finfluencers', and corporate greenwashing activities.

International factors also pose challenges, including the deterioration in the global economy and heightened global uncertainty, the war in Ukraine and significant supply chain impacts

“The committee will be probing the supervision and enforcement activities of the ACCC, APRA and ASIC, as well as their policy development and governance processes.”

Public hearing details

Date: Tuesday 11 October 2022
Time: 9.15am – 4.45pm
Location: Main Committee Room, Parliament House, Canberra

Program

9.15 am           Australian Competition and Consumer Commission

11.45 am         Break

12.30 pm         Australian Prudential Regulation Authority

2.45 pm           Australian Securities and Investments Commission

4.45 pm           Finish

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

ends

ACCORDING to Master Builders Australia, it is unsurprising that the Skills Priority List, published this week, has doubled in 12 months, leading to around a third of all Australian occupations facing critical shortages.

“We identified in late 2021 that the pressure of material shortages in the building and construction industry was being taken over by skill shortages, with the pressure steadily increasing throughout 2022," Master Builders Australia CEO Denita Wawn said.

"Skill shortages result in delays in building activity which impacts capacity to occupy new homes, schools, and offices or use new roads and railways.  It also puts a massive handbrake on economic activity.

“Master Builders has been calling on the Federal Government to not only speed up skilled migration pathways but also expand the skills list and provide greater flexibility.  The new Skills Priority List reinforces our calls. We acknowledge that the Federal Government is working on migration solutions.

“Skill shortages can also be resolved through greater completion of apprenticeships.  The industry has appreciated ongoing government support to encourage more people into trade apprenticeships, but we now need an equal focus on completion rates.  The average current completion rate for trade apprentices, of just over 50 per cent, is not acceptable given the environment," Ms Wawn said..

Building and construction roles added to the list in 2022 include:
•    Building inspector
•    Construction estimator
•    Crane, hoist or lift operator
•    Rigger
•    Scaffolder
•    Steel Fixer 

Building and construction roles that continue to be on the list include:
•    Construction project manager
•    Surveyor 
•    Engineer
•    Bricklayer
•    Stonemason
•    Carpenter and joiners
•    Painting trade worker 
•    Tilers (roof, wall, floor)
•    Plumber
•    Electrician.

www.masterbuilders.com.au

ends

THE House Standing Committee on Procedure has launched a new inquiry reviewing parliamentary practice and procedure to implement recommendations 10 and 27 of the Set the standard report by Sex Discrimination Commissioner Kate Jenkins.

These recommendations related to eliminating sexist, exclusionary or discriminatory language, behaviour and practices in the chamber and improving safety and respect, as well as looking at the sitting calendar and order of business.

"The Jenkins review recommended that the House consider whether there were opportunities to improve both the standing orders and any unwritten conventions in the Chamber," committee chair Shayne Neumann said. "The committee is interested in feedback and is now welcoming submissions to the inquiry."

However, matters such as codes of conduct and behaviour outside the Chamber are covered by other recommendations and will not be considered as part of this inquiry.

"The focus of our inquiry is on the standing orders and practices and procedures in the Chamber — we are not looking at the development of codes of conduct, for example," Mr Neumann said. "A joint select committee has been established to consider codes of conduct."

To read the full terms of reference or make a submission, visit the inquiry page.

ends

THE PROVISIONS of the National Anti-Corruption Commission Bill 2022 and the National Anti-Corruption Commission (Consequential and Transitional Provisions) Bill 2022 will be the focus of an inquiry by the newly established National Anti-Corruption Commission Legislation Committee.

Committee Chair, Senator Linda White said, "The inquiry is a way for individuals, organisations and interest groups to share their views on the proposed National Anti-Corruption Commission."

The Committee is calling for submissions commenting on the provisions of the bills and encourages that submissions be concise. The preferred method of receiving submissions is by electronic format lodged online using a My Parliament account.

Submissions close on Friday October 14, 2022.

Public hearings are planned on October 18, 19, 20 and 21 in Canberra with an expected option for remote participation by witnesses.

The Deputy Chair, Dr Helen Haines MP said, "While public hearings will be held in Canberra, the Committee intends to hear from witnesses from around Australia."

Submitters should indicate in their submission if they wanted to give evidence at a public hearing. The Committee’s website will detail any updates or other details regarding general arrangements for public hearings.

The Committee is due to report on or before November 10, 2022.

Further information about the Committee, including membership and details on how to lodge a submission, are available at the Committee’s website:  www.aph.gov.au/Parliamentary_Business/Committees/Joint/National_Anti-Corruption_Commission_Legislation.

ends