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Superannuation sector scrutiny as reforms take effect

WITH THE ‘Your Future, Your Super’ superannuation reforms having now come into effect the House Economics Committee will hear from key players in the sector at a public hearing via videoconference on Thursday, July 8, to discuss implementation of the reforms.

The hearing forms part of the committee’s ongoing Review of the Four Major Banks and other Financial Institutions. Appearing will be industry funds, including Australian Super, CBUS, Aware, Prime, Maritime, and TWU Super, as well as the retail funds Fiducian, and Equity Trustees (trustee of Zurich Master Superannuation Fund).

Committee Chair, Tim Wilson MP said, "Thursday’s hearing is an opportunity to scrutinise the superannuation sector’s response to the government’s 'Your Future, Your Super' reforms, which came into effect on July 1.

"It’s important that funds are taking their new obligations seriously, and that trustees are working in the best financial interests of members and being transparent about fund performance. In the highly competitive super field, where member assets have now exceeded $3 trillion, Australians should expect nothing less.

"The committee will also continue to scrutinise the impact of COVID-19 on super, as it has for the past eighteen months. In particular, how is the pandemic outlook affecting the funds’ future investment strategies and how they treat their members," Mr Wilson said.

A full program for the hearing is available on the committee’s website.

Public hearing details

Date: Thursday 8 July 2021
Time: 9.15am to 4.30pm
Location: videoconference

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

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Industry and expert panels to give evidence on security of critical infrastructure

THE Parliament’s Intelligence and Security Committee will hold two days of public hearings on Thursday and Friday, July 8 and 9, as part of its Review of the Security Legislation Amendment (Critical Infrastructure) Bill 2020 and Statutory Review of the Security of Critical Infrastructure Act 2018.

The committee will hear from a selected range of industry, union and expert representatives that have engaged with the committee for its review. Opening statements have been received from some witnesses and can be accessed as supplementary submissions.

Committee Chair, Senator James Paterson said, "It is vital that we hear from the companies and industries affected by the proposed framework under the Bill, to ensure that the serious cyber security risks we face can be met effectively with the lowest possible regulatory burden and cost to consumers."

Further information on the inquiry can be obtained from the Committee’s website.

Public hearings details

Thursday 8 and Friday 9 July 2021
9:30am–5pm (AEST)
Committee Room 2R1, Parliament House, Canberra and via videoconference

Programs for the hearings are available on the committee’s website and the hearing will be broadcast live at aph.gov.au/live.

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Indigenous participation inquiry hears from Northern Australia

THE Indigenous Affairs Committee will hear from stakeholders in Far North Queensland and the Northern Territory this week as part of its inquiry into pathways and participation opportunities for Indigenous Australians in employment and business.

Due to recent lockdowns, these hearings will be conducted by conference call.

Committee Chair Julian Leeser MP said Land Councils, Aboriginal Corporations, Indigenous enterprises and business associations, as well as employment service providers and training organisations would be among the many stakeholders appearing before the committee over three days of hearings.

"These hearings will contribute significantly to the existing body of evidence for this inquiry. The Committee looks forward to discussing gaps and opportunities in the workforce and future growth sectors that could result in employment and enterprise options for Indigenous Australians," Mr Leeser said.

"We will be particularly interested to hear from CDP and Jobactive providers about their experiences helping Indigenous people find work. It will also be very useful to learn about continuing challenges to Indigenous participation and how Government can better facilitate these opportunities."

Public hearing details

Date: Wednesday, 7 July 2021
Time: 9.30am to 4pm AEST 

Date: Thursday, 8 July 2021
Time: 9.30am to 4.40pm AEST

Date: Friday, 9 July 2021
Time: 9.20am to 4.50pm AEST

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

Full programs will be available at the inquiry website.

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Public Accounts committee inquires into Defence Major Projects and Commonwealth Financial Statements

THE Joint Committee of Public Accounts and Audit (JCPAA) has commenced two inquiries into important areas of public sector accountability as part of its examination of Auditor-General’s reports.

The Auditor-General's reports on Defence Major Projects and on Commonwealth Financial Statements are critical accountability mechanisms for the expenditure of public funds.

Committee Chair Lucy Wicks MP said the Major Projects Report inquiry was an important opportunity for Parliament to review the cost, progress and technical attributes of major Defence acquisitions, and the review of financial statements gives the committee the chance to examine Federal Government agencies' expenditure.

"The JCPAA scrutinises the governance, performance and accountability of Commonwealth agencies, to examine whether public money is used in an efficient, effective, economical and ethical manner," Ms Wicks said. "The committee has an important role holding Commonwealth agencies to account."

The Committee invites submissions to the inquiries which address the terms of reference. Public hearings will be held in the second half of 2021.

For more information about this Committee, visit its website.

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Juukan Gorge inquiry: Magazine Hill

THE Waanyi Native Title Aboriginal Corporation RNTBC will discuss their experience with New Century Resources at a public hearing tomorrow.

Committee Chair, Warren Entsch MP, noted that it was unfortunate the committee was unable to visit the Waanyi PBC in person due to COVID-19 restrictions.

Mr Entsch said, "The discussion via teleconference will be valuable to this inquiry. We will be interested to hear about the decision-making process that led to the agreement to the Cultural Heritage Management Plan for Magazine Hill."

The Waanyi Native Title Aboriginal Corporation RNTBC, in their submission, conveyed that the Waanyi People’s final decision to consent to the excavation of Magazine Hill was taken with considerable sadness, but it was an informed decision.

program for the public hearing is available on the committee’s website.

Public hearing details

Date: Thursday, 8 July 2021
Time: 10am to 11am AEST
Location: by video/teleconference

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

Further details of the inquiry, including terms of reference, can be found on the Committee’s website.

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