Business News Releases

Economics Committee to scrutinise APRA and ASIC on financial stability and governance

WITH Australia’s economy starting to recover from the impacts of COVID-19, this Monday (March 29) the House Economics Committee will gather key financial regulation bodies to discuss consumer protection, responsible lending, and other issues.

Witnesses from the Australian Prudential Regulation Authority and Australian Securities and Investments Commission will appear at the hearing.

Committee chair Tim Wilson said, "The COVID-19 pandemic has created unprecedented disruption and uncertainty in the financial sector.

"As Australia moves towards our 'post COVID normal', it is essential to maintain strong prudential regulation; promote competition; and ensure fair and transparent dealings to safeguard financial stability and consumer trust in the financial sector.

‘After the chair of ASIC stepped aside due to allegations of misuse of taxpayer funds during our last hearing, the committee is particularly interested in scrutinising ASIC’s response to the Treasury's review of ASIC governance, released in January this year," Mr Wilson said.

"The committee is also interested in hearing how APRA is promoting strong prudential regulation and operational resilience amongst financial institutions, including super funds."

Public hearing details

Date: Monday, 29 March 2021
Time: 9am to 1.30pm
Venue: Main Committee Room, Parliament House, Canberra, and via videoconference

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

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PSA: NSW budget cuts force ICAC to beg for funding every year

INDEPENDENT funding for ICAC is needed now, according to the Public Service Association, so the corruption watchdog can focus on its investigations rather than trying find annual budget savings.

"Every year budgetary pressure sees ICAC forced to go cap in hand to the Premier for supplementary funding," PSA general secretary Stewart Little said.

"In 2021, the fearless investigator is being asked to find $3.4 million in savings for the next four years.

"Without this cash it is hamstrung in its ability to sniff out corruption or run multiple investigations. The Berejiklian government is whittling it down to its smallest size in three decades."

The latest budget pressure comes after ICAC was forced to find $4.7 million in savings in 2019/20, and $2.9 million in 2018/2019.

"Independent and consistent funding, which is allocated at arm's length from the government, is needed urgently. Keeping NSW corruption free shouldn't be treated as a line item in the budget, it is a core service we need," Mr Little said.

"ICAC is the ultimate check on government. Funding independence removes any threat of pressure from those ICAC is investigating."

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National disability campaign #SeeME launches to an emotional response

ON TUESDAY, STEPS Employment Solutions launched their highly anticipated #SeeME campaign launch event.

The national campaign, which features a video series, explores the realities of nine extraordinary individuals who face barriers to employment and highlights the importance of concentrating on the abilities of job seekers. This idea is embodied in the event’s tagline of “employMYability”.

The event featured the first screening of all nine participants’ powerful stories, and also saw the nine participants and other speakers share their experience and insights with the audience.

The video series garnered emotional responses from the audience, as well as from the participants themselves.

Carmel Crouch, managing director of STEPS, was also present at the event and shared the importance of campaigns like #SeeME in changing the landscape for young Australians with barriers to gaining employment.

“STEPS Employment Solutions and the idea of giving equal job opportunities to young people with disabilities was what initially began what is now known as STEPS Group Australia in 1989,” Ms Crouch said.

Kerry Staines, the chief executive officer of STEPS Group Australia, spoke at the event and shared her great confidence in what campaigns like #SeeME could achieve.

“This campaign really embodies our core message; that young adults with disabilities, mental health issues, or any other barriers have so much to offer in the workspace,” Ms Staines said.

“Our nine participants are such a small part of such a large group of amazing, qualified, and deserving people.

“I really hope that this campaign helps more employers see that good employees don’t just come in one form.”

While the campaign’s launch was a great success, each participant has far more insight and experience that they look forward to sharing with the Australian community.

“It has been a great opportunity to share what it’s like to try to overcome barriers in employment,” one of the campaign’s participants, Jessica, said.  

“Hopefully, we can encourage more conversations about those barriers and the strengths of diversity.

“Inclusive workspaces start in the hiring process so working toward better knowledge and processes will surely highlight our abilities.”

https://seeme.stepsemploymentsolutions.com.au/

Participants stories are on the STEPS Employment Solutions YouTube channel at https://youtu.be/TUXDjcGdjeg

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Keeping the lights on: Committee to examine future energy generation and storage

THE House of Representatives Standing Committee on the Environment and Energy today launched a new inquiry into dispatchable energy generation and storage capability in Australia. 

Committee chair, Ted O’Brien MP said, “Australia’s energy system is changing. We are seeing rapid growth in renewable energy and the retirement of thermal energy capabilities which creates a risk of unintended consequences.

“As older power stations leave the market, we can’t rely on intermittent renewables alone to keep the lights on and the costs down,” Mr O’Brien said.

“We need sufficient dispatchable generation capacity to balance renewables, so the electricity system is affordable, reliable and secure. Our new inquiry will tackle this generational challenge by assessing both sides of the equation - generation and storage.

“It’s not just about how the system works today but how it might work in the future, so we’ll assess the future need for dispatchability and the potential for different types of technology.

“We will learn from what’s happening elsewhere in the world to address this challenge while exploring opportunities for Australia to export dispatchable zero-emissions power to others.

“We’re at a turning point in how our electricity market operates and how we respond will be a major determinant of our strength as a nation well into the future. We have to get it right.”

Further information, including the inquiry’s full terms of reference, is available on its website.

The committee will accept submissions addressing the terms of reference until May 7, 2021.

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Aussie logs for Aussie jobs report published

THE Australian Parliament’s Agriculture and Water Resources Committee has published its report Aussie logs for Aussie jobs: inquiry into timber supply chain constraints in the Australian plantation sector.

The committee’s inquiry considered challenges preventing growth in Australia’s timber industry and investigated potential solutions to current issues.

The committee chair, Rick Wilson MP, noted the ongoing decline in the extent of the domestic plantation estate, and stated that "more needs to be done if the timber industry is to flourish into the future".

"From greater investment in forestry research and development capabilities, farm forestry, and the exciting new possibilities presented by carbon storage initiatives, the industry is ripe for innovation and growth. With the appropriate policy settings, the plantation industry may once again have the potential to expand, and indeed thrive." Mr Wilson said.

Mr Wilson also highlighted the importance of encouraging greater transparency in softwood pricing. The committee recommended the Australian Government support stakeholders to develop a voluntary code of conduct for the timber industry to facilitate long-term supply contracts between producers and processors for the mutual benefit of both.

Mr Wilson said, "It is anticipated that such an arrangement would better support the growth of an efficient domestic processing sector, while reducing the risks associated with reliance on export markets for plantation owners."

The committee’s report can be found at the inquiry website.

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