ON THURSDAY and Friday, April 22-23, the House of Representatives Standing Committee on Health, Aged Care and Sport will hold two days of public hearings in Melbourne as part of the committee’s ongoing inquiry into approval processes for new drugs and novel medical technologies in Australia.

The committee will hear evidence from numerous stakeholders including patient advocacy groups, various pharmaceutical companies, research bodies and clinical trial centres. The program for the hearings is available at the committee’s website.

The chair of the committee, Trent Zimmerman MP, said, "The inquiry has received a lot of interest with 185 submissions to date. At the public hearing, the committee will continue to hear from stakeholders to find out how Australia’s approval systems and funding for new medicines and novel medical technologies will provide the best possible outcomes for all Australians now and into the future.

"In particular, the committee is interested in hearing about new innovative drugs and novel therapies that are being developed in Australia and overseas. The repurposing of drugs to treat new conditions will also be discussed.

"Two other important aspects to be reviewed include making the approvals process for new drugs and novel medical technologies more efficient, and consideration as to how Australia could be a more attractive location for clinical trials,’ Mr Zimmerman said.

Further information about the committee’s inquiry including the full terms of reference are also available at the Committee’s website. Seating at the public hearing will be limited due to Covid restrictions. Interested parties are encouraged to listen to the audio live streaming.

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COVID-19 HAS HAD a severe impact on First Nations businesses, with Kinaway Chamber of Commerce claiming 22 percent of its Members (Indigenous businesses) in Victoria ceased operations in March 2020.

Thanks to LaunchVic, Barayamal is supporting five Indigenous businesses from Victoria during this challenging time by providing mentoring and workshops to overcome and thrive after COVID-19.

The participants include Elise Muller, a Wiradjeri and Palaway woman who started a social enterprise that supports young people with Autism through mentoring and support to achieve their goals. After achieving success as an elite VFLW player (played for the Western Bulldogs and Essendon), Elise is now looking to achieve success in business too with the help of Barayamal.

Another accelerator participant, Kira-Lea Dargin from Willow & Co started her innovative skincare brand after a serious health battle and said “I began to focus on my personal well being and implanting cultural remedies and foods into my families daily life. As I drew on my past knowledge and additionally began to further my research my love for culture, native benefits and well being developed my path into entrepreneurship and the establishment of an organic Aboriginal skincare brand.“

CEO of Barayamal, Mr Dean Foley, said an accelerator typically helps startups to gain access to business networks, knowledge, expertise and early-stage funding they need to build successful businesses.

“Aboriginal and Torres Strait Islander entrepreneurs in Victoria and throughout Australia have been struggling during COVID-19 but Barayamal has come a long way since launching the world’s first Accelerator program for Indigenous entrepreneurs in 2016 so we are looking forward to providing the participants with world-class support to overcome their challenges,” Mr Foley said.

Over the next 6-months, participants will learn the foundations of First Nations Entrepreneurship, contemporary techniques for taking their business ideas step by step through the essential stages, and growing their revenue. At the end of the program, Barayamal will showcase their successes to the world via a vast live audience online, similar to the 2019 Barayamal Accelerator Demo Day which was presented in person and online.

Further information:
Dean Foley
Barayamal
p: +61 458 980 232 
e: This email address is being protected from spambots. You need JavaScript enabled to view it.

Accelerator Participants:
Sara Stuart (VIC)

• Currency Print And Corporate Communications LTD - a print manufacturer with a National footprint providing design, print, marketing and distribution products and services  
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Joseph Barnes-Hill (VIC)

• Renew Energy Services Pty Ltd (RES) - Through Renew Energy Services RES provides commercial property owners & business owners access to solar through power purchase agreements.
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Elise Muller (VIC)

• Active Support - Active Support mentors young people on the Autism Spectrum who are isolated to find connection and purpose in their community and achieve their goals.
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Thara Brown & Tarsh Bamblett (VIC)

• Wala Connections - Wala Connections exists to deepen all peoples connections to self, culture and country through creative expression, storytelling, dance and wellbeing practices.
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Deb Miller (VIC)

• Aunty I’s Wellbeing Centre - Wellbeing Centre for women and girls.
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Jason Davis (NT)

• Holdaccess - software for enterprises, and a mobile app platform which integrates to a digital identification card.
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Ruby Heard (QLD)

• Alinga Energy Consulting - Research, feasibility, design, audits and training in the area of renewable energy.
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Kira-Lea Dargin (NSW)

• Willow & Co - Organic skincare formulated from traditional Aboriginal medicine and remedies using native ingredients.
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AUSTRALIA'S FIRST ASTRONAUT, Paul Scully-Power, appeared before the House Standing Committee on Industry, Innovation, Science and Resources for its Inquiry into Developing Australia’s Space Industry  in Sydney today.

Dr Scully-Power shared  his experiences and insights into what he describes as the ‘next world revolution’.

The chair of the committee, Barnaby Joyce MP said, "The Committee is very excited to be hearing from Dr Scully-Power and his ideas around ‘new space’, new technologies, and new opportunities for people to be involved in the space industry. Space related technologies were once considered those of the future – robots, drones, remote sensors, and artificial intelligence – but are very much where we are now.  

"For Australia to be competitive, we need to not only foster these technologies and their applications but ensure we have people with the right skills and expertise to make it happen." Mr Joyce said.

Other witnesses appearing in Sydney included Saber Astronautics, Solar Space Technologies, Moonshot, and the Space Industry Association of Australia.

The Committee will also hold a hearing in Armidale tomorrow.

Mr Joyce said, "There is so much potential for our rural and regional areas to benefit from and get involved in Australia’s space sector. This includes the links between our regional industries and the space sector, the application of space related technology and infrastructure to agriculture, health and telecommunications; and of course the uptake of regional education and training to better equip young people to build careers in this industry."

The committee will conduct a site visit of the University of New England’s SMART Farm Innovation Centre to see how satellites, sensors and software are being used in agriculture and farm management.

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THE Financial Services Council (FSC) has issued Affordable and Accessible advice: FSC Green Paper on financial advice, to lead the public policy debate on a restructure of financial advice.

FSC CEO Sally Loane said, “The financial advice industry is facing significant challenges, with rising regulatory requirements and cost pressures undermining the economics of the sector. The burden of compliance is doing nothing to help consumers, it’s actually putting advice beyond the means of average Australians, and driving advisers out of the sector.

“Our aim with these proposals is to lower the cost of providing financial advice to make it simpler for consumers to understand and access, all without undermining the quality of advice or eroding important consumer protections,” Ms Loane said.

The FSC supports the Best Interests Duty remaining the bedrock of the advice sector and for advisers to be held to a high standard of education and subject to a Code of Ethics. There are significant opportunities, however, to reduce the cost and complexity of providing financial advice.

The proposals in the FSC Green Paper which has been developed with the FSC’s advice licensee members, are bold and canvass fundamental changes to the legislative and regulatory framework, including:

• Abolishing the ‘safe harbour’ steps used to comply with the Best Interests Duty, which are administratively complex;
• Removing jargonistic advice categories that confuse consumers by simply breaking all advice into either general information or personal advice, and regulating them consistently; and
• Abolishing costly and unwieldy Statements of Advice, and replacing them with Letters of Advice, which would be short, concise and consumer orientated.

The FSC’s Green Paper is underpinned by independent research from RiceWarner and consumer testing, by research agency Pollinate whose research shows that almost two in three Australians support simplifying financial advice and reducing its cost, provided consumers are adequately protected by law.

“The FSC is seeking industry and public feedback for our proposals in advance of finalising a policy position on a more accessible and affordable financial advice system which we will publish in a White Paper later this year,” Ms Loane said.

“We are keen to hear from a wide range of stakeholders, particularly advisers. As leaders in policy development, we have a great opportunity to re-set the system for affordable, quality and professional financial advice, a critical component in enhancing the savings, wealth and peace of mind for every Australian.”

“The status quo will mean advice will consolidate in the wealthy elite, and will remain out of reach for the average consumer.”

Consultation on this Green Paper is open until July 1, 2021 and submissions can be sent to This email address is being protected from spambots. You need JavaScript enabled to view it..

A full copy of the Affordable and Accessible advice: FSC Green Paper on financial advice can be found at: https://fsc.org.au/resources/2181-affordable-and-accessible-advice-fsc-green-paper-on-financial-advice/file

About the Financial Services Council

The Financial Services Council (FSC) has more than 100 members representing Australia's retail and wholesale funds management businesses, superannuation funds, life insurers, financial advisory networks and licensed trustee companies. The industry is responsible for investing almost $3 trillion on behalf of more than 15.6 million Australians. The pool of funds under management is larger than Australia’s GDP and the capitalisation of the Australian Securities Exchange and is the fourth largest pool of managed funds in the world.

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