THE Joint Standing Committee on Trade and Investment Growth has released its report on the Prudential Regulation of Investment in Australia’s Export Industries, which examined how Australia’s prudential regulation framework interacts with operations of the country’s biggest export industries.

The Committee Chair, George Christensen MP, said while a healthy financial system is underpinned by strong regulatory settings, it is important for law-abiding export sectors to have adequate access to funding and insurance, as they make significant contributions to Australia’s economy.

"The Report makes 13 recommendations, all addressing the challenges heard during the inquiry. In particular, we emphasise that Australia’s regulators should work with affected sectors in issuing clear advice about risks. Some of the recommendations also deal with the influence of small shareholder groups in financial institutions," Mr Christensen said.

Other recommendations made by the committee outline a role for the Australian Government in mitigating these challenges, including:

• Recognising that finance, banking and insurance services are essential services for businesses;
• Taking steps to ensure that banks must, at a minimum, provide transactional banking services to all law-abiding businesses;
• Directing banks to prepare a regulatory impact statement (or similar) that outlines the real impacts of a policy setting; and
• Working with the resources sector to create a self-funding insurance model that meets the needs of resource companies, contractors, suppliers and associated export infrastructure.

The full report can be found on the Committee’s webpage.

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UNIVERSITY of New South Wales (UNSW) Sydney has secured the State Significant Development Approval for the UNSW Health Translation Hub (UNSW HTH) for a dedicated 15-storey, 35,600 square metre clinical health, education and research building.

A significant project for UNSW, the UNSW HTH will integrate health education, training and research with acute healthcare services, directly benefiting patients, carers and the NSW community. UNSW’s expansion into the Randwick Health & Innovation Precinct is on track to be completed in 2025.

Professor Ian Jacobs, President and Vice-Chancellor at UNSW welcomed news of the development approval.

“This is an exciting milestone in a visionary collaboration, decades in the making. We are one step closer to bringing together academics, clinicians, industry partners and public health officials with the shared goal of advancing health outcomes locally and further afield,” Prof. Jacobs said.

“This development will improve health in NSW and Australia while also achieving physical and working integration between the hospitals and the new Health Translation Hub. It will elevate us to the forefront of health research and education internationally.

“UNSW has had teaching hospital affiliations on the Randwick Hospitals’ Campus for nearly 60 years. This new building and our commitment to major investment in the precinct will take our partnership to a new level.”

Located on the corner of High Street and Botany Street, the UNSW HTH includes:  

• Purpose-built spaces for researchers, educators and industry partners to work alongside clinicians
• Education, training and research rooms
• Clinical schools and ambulatory care clinics
• Food and beverage retail along with supporting amenities including allied health services
• Space for community and cultural events
• Publicly accessible open space for the community
• Pedestrian prioritised pathways, including bridge links, to easily connect to UNSW’s Kensington Campus and the broader Randwick Hospitals Campus.

UNSW Estate Management has managed the development process and has worked with some of Australia’s leading consultants including Architectus, Aspect Studios, Yerrabingin and Arup to develop the Health Translation Hub. The UNSW HTH has been developed to support the acceleration of improved health services for communities locally and globally. The UNSW HTH is not just a building but instead a place which will drive UNSW’s vision to realise future health benefits.

The new UNSW Plaza, with 2,500sqm of publicly accessible open space, will help to create an engaging and welcoming place for staff, students, patients, community and industry partners who are attracted to research, learn, work and socialise.

The UNSW HTH will sit adjacent to the Sydney Children’s Stage 1 and Children’s Comprehensive Cancer Centre building. These two buildings will accompany the Acute Services Building (ASB), currently in construction, to expand the Randwick Health & Innovation Precinct. UNSW has about 5000sqm of space in the ASB which will promote the physical and working integration between UNSW and the Hospital.

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THE Joint Standing Committee on Treaties has recommended the Federal Government move to ratify the agreement with the United States and United Kingdom for the Exchange of Naval Nuclear Propulsion Information (ENNPI).

Committee Chair Dave Sharma MP said, "This agreement will help determine the optimal pathway for acquiring nuclear-powered submarines for the Royal Australian Navy, one of the most important strategic military capabilities for Australia in the decades ahead.

“The agreement will allow for the exchange of sensitive and classified naval nuclear propulsion information with a third country for the first time, and provide a mechanism for Australian personnel to access training and education from UK and US counterparts, essential for learning how to safely build, operate and support nuclear-powered submarines.

“With our security environment growing more challenging in the decades ahead, a regionally superior submarine capability is critical to safeguard Australia’s security," Mr Sharma said. “This agreement will help facilitate this capability.

"The proposed agreement will not affect Australia’s strong commitment to nuclear non-proliferation," Mr Sharma said.

The Report can be found on the Committee website, along with further information on the inquiry.

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HEARINGS for the Indigenous Affairs Committee inquiry into fostering better engagement with Aboriginal and Torres Strait Islander consumers are continuing this Wednesday and will include further discussions with Reconciliation Australia and with key government regulators.

Committee Chair Julian Leeser MP said, "We look forward to continuing our important discussions with Reconciliation Australia and we will also be hearing from the Australian Communications Consumer Action Network (ACCAN) who will have insights into some of the issues facing Indigenous consumers in the telecommunications sector.

"The committee will also hear from the ACCC and ASIC, who are key Commonwealth regulators dealing with business malfeasance, including towards Aboriginal and Torres Strait Islander people. Their knowledge of the current policy settings in this regard will be particularly valuable for the inquiry," Mr Leeser said.

Public hearing details

Date: Wednesday, 15 December 2021 (AEDT)

10am          Reconciliation Australia
11am          ACCAN
12.30pm          ACCC
1.30pm            ASIC

A live audio stream of the hearing will be accessible at https://www.aph.gov.au/Watch_Read_Listen.

For more information about this inquiry, including its terms of reference, details of upcoming public hearings, and instructions on making a submission, visit the Inquiry webpage. Track the committee to receive email updates on the inquiry by clicking the blue ‘Track Committee’ button.

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