Business News Releases

Allianz Australia enters enforceable undertaking with APRA

ALLIANZ AUSTRALIA  has confirmed that it has entered into an enforceable undertaking (EU) with the Australian Prudential Regulation Authority (APRA) to complete the current program of work in relation to Allianz Australia’s risk culture and governance.

This matter was considered as part of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry and was the subject of a referral by the Commissioner to APRA.

Working with APRA, Allianz Australia said it recognised the need for reform and has embarked on a significant program of work to enhance its culture, conduct and governance. This involved a significant investment in Allianz Australia’s risk management, compliance, and corporate governance and conduct functions, the company reported.

Allianz SE, Allianz Australia’s parent company, recognised that it did not meet APRA’s expectations for robust oversight by an offshore parent of an APRA-regulated Australian insurance company and has taken vigorous measures to improve governance at its subsidiary, using its role as the ultimate parent of Allianz Australia to support Allianz Australia’s efforts to ensure that the program of reform is delivered.

Allianz Australia noted that its progress in implementing this program underpinned APRA’s decision in December 2020 to reduce from $250 million to $150 million the additional capital requirement applied to Allianz Australia in response to its Risk Governance Self Assessment.

Allianz Australia acknowledged APRA’s view that the effective implementation of the remainder of the program of work would be key to the removal of the remaining $150 million of additional capital.

ends

  • Created on .

Committee to hear from government and civil society groups on new identify and data disrupt warrants

THE Parliamentary Joint Committee on Intelligence and Security (PJCIS) will hold a public hearing this week for its Review of the Surveillance Legislation Amendment (Identify and Disrupt) Bill 2020.

The Bill review was requested by the Minister for Home Affairs in a letter to the Committee.

Committee chair Senator James Paterson said, "The committee will consider three new powers proposed in the Bill for the AFP and the ACIC. They are:

  • Data disruption warrants to enable the AFP and the ACIC to disrupt data by modifying, adding, copying or deleting in order to frustrate the commission of serious offences online;
  • Network activity warrants to allow agencies to collect intelligence on serious criminal activity being conducted by criminal networks; and
  • Account takeover warrants to provide the AFP and the ACIC with the ability to take control of a person’s online account for the purposes of gathering evidence to further a criminal investigation.’

Due to COVID-19 restrictions, teleconference and video conference facilities may be used to connect witnesses to committee members. The hearings will be broadcast live at aph.gov.au/live.

Public hearing details

Wednesday, 10 March 2021
10am–5pm (AEDT)
Committee Room 2R1, Parliament House, Canberra

program for the hearing can be found on the committee’s website.

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

  • Created on .

Industry, Innovation, Science and Resources Committee takes off to South Australia

THE House Standing Committee on Industry, Innovation, Science and Resources will travel to South Australia to hold a public hearing for its inquiry into Developing Australia’s Space industry.

The committee will also conduct site visits of some of Australia’s awe-inspiring space technology and infrastructure, including the RAAF No 1 Remote Sensor Unit, Lot 14 and the Australian Space Agency.

The chair of the committee, Barnaby Joyce MP said, "Australia was at the forefront of the space industry in the 1960s. From the geophysicists to the welder to the scientists soldering together the wire on a new Australian satellite, our nation has a future in space.

"Like all the space endeavours the benefits are far greater on the ground after the launch than the initial thrill of successful deployment. This inquiry will inform and ventilate the benefits of our own space industry across our nation," Mr Joyce said.

The committee is keen to learn more about what capabilities, support, skills and training are required for Australia to be a leader in space. It will hear from a range of stakeholders who are already playing a role in developing this important industry.

Hearing details

Date: Wednesday 10 March 2021
Time: 9am–3.15pm
Venue: Adelaide Hilton (Victoria Room), 233 Victoria Square, Adelaide.

A copy of the public hearing program can be found on the Committee’s website.

ends

  • Created on .

Apprenice wage subsidy extension a boost for jobs and economic recovery

THE EXTENSION of the Federal Government’s 50 percent apprentice and trainee wage subsidy will provide new job opportunities in the industry that is spearheading economic recovery.

"The $1.2 billion extension of the Boosting Apprenticeship Commencements (BAC) scheme is will also be a boost for economic recovery,” Denita Wawn, CEO of Master Builders Australia said.

“Governments around the country are harnessing the building and construction industry’s huge economic multiplier effect to accelerate the build to economic recovery. The extension of BAC will give employers confidence to take on new apprentices and trainees to help meet future demand for skills.

“Master Builders Australia called for the extension of employer support to take on apprentices and trainees in our Pre-Budget Submission especially given the major success of the program so far,” Ms Wawn said.

“Making the extended program demand driven is a good move that will support more people to take up pathways to careers in our industry as it leads the build to economic recovery."

www.masterbuilders.com.au

ends

  • Created on .

Mining sustainability initiative to highlight Qld resources sector excellence

THE Queensland Resources Council (QRC) has welcomed the adoption of a new initiative to promote excellence across the sector’s commitments to safety, environment, First Nations and broader community engagement.

QRC chief executive Ian Macfarlane said that the Environment, Social and Governance (ESG) initiative, 'Towards Sustainable Mining' (TSM) was developed by the Mining Association of Canada and is being adopted in Australia through the Minerals Council of Australia (MCA).

“The Queensland resources sector and the 420,000 men and women working in it or because of it have a lot to be proud of,” Mr Macfarlane said.

“Working with our communities and governments, the resources sector delivered more than $82 billion in economic prosperity to Queensland last year.

“That’s an injection of more than $224 million into the Queensland economy every day.

“Critically, we are the largest per-capita employer of Aboriginal and Torres Strait Islander people in Queensland, with over 4 percent of our workforce identifying as Indigenous, the highest rate of any private sector, and on par with the representation of Indigenous people in the broader Queensland community.”

Mr Macfarlane said Queensland’s resources sector also worked with 15,200 local businesses and supported more than 1200 community organisations.

“We are delivering the energy mix for Queensland, the rest of the Australia and the world,” he said.

“Queensland has globally significant reserves of coal, gas and metals that are so essential for power generation, advanced manufacturing and establishing renewable energy, battery storage, electric vehicles and pioneering hydrogen.”

Mr Macfarlane said the Queensland resources sector worked within a comprehensive legislative framework, including transparent environmental impact statement assessment and approval processes and world-leading financial assurance laws. 

Click here to view Minerals Council of Australia and the Mining Association of Canada statement

 

ends

  • Created on .

Contact Us

 

PO Box 2144
MANSFIELD QLD 4122