AUSTRALIA'S four major banks will appear before the House of Representatives Standing Committee on Economics at public hearings in Sydney on Friday, June 12 and Canberra on Friday, June 26, 2020.

The chair of the committee, Tim Wilson MP, said, "These hearings are an important mechanism for the Parliament to publicly scrutinise and hold Australia’s four major banks to account."

"The committee’s scrutiny will include examining the four major banks’ progress in implementing the recommendations of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry.

"Recent revelations about Westpac’s shocking compliance failings in relation to its transaction reporting system have again shaken the community’s trust in financial institutions.

"Given these failings and the widespread misconduct identified by the Hayne Royal Commission, it is important that the banks and other entities are held publically accountable. This will help to ensure Australia’s financial sector implements the critical reforms needed to regain the community’s trust," Mr Wilson said.

The committee has already extended its scrutiny beyond the four major banks to smaller banks and the superannuation sector. The insurance and financial advice sectors will also be scrutinised at future hearings.

Public hearing details

Day 1
Date: Friday 12 June 2020
Time: 9.15am to 4.15pm

Location: Macquarie Room, NSW Parliament House, 6 Macquarie St, Sydney

9.15am to 12.15pm: Westpac
1.15pm to 4.15pm: National Australia Bank

Day 2

Date: Friday 26 June 2020
Time: 9.15am to 4.15pm

Location: Main Committee Room, Parliament House, Canberra

9.15am to 12.15pm:  Commonwealth Bank of Australia
1.15pm to 4.15 pm ANZ Bank

The hearings will be audio cast live at aph.gov.au/live.

ON MONDAY February 10, the PFAS Sub-committee of the Joint Standing Committee on Foreign Affairs, Defence and Trade will begin the new parliamentary year with questions about government action on safety frameworks for PFAS in the environment.

The chair of the PFAS Sub-committee John McVeigh MP noted that the national regulatory framework for environmental management of PFAS —per- and poly- flouroalkyl substances— is under review.

“With safe levels for PFAS concentrations in soil and water being made more stringent, there will be new obligations for Government to focus on its PFAS remediation efforts," Dr McVeigh said.

Last year the committee’s first report, tabled out of session on December 20, 2019, documented Defence’s progress using new cleaning technologies to purge PFAS from soil and water at affected Defence sites around Australia.

At the hearing, representatives from the Environmental Protection Taskforce at the new Department of Agriculture, Water and the Environment will brief the committee on the status of the PFAS National Environmental Management Plan, which is under review, and on other regulatory reforms limiting PFAS exposures.

Dr McVeigh said, “Environmental laws covering PFAS are managed at state and territory level. There is a need to ensure that Defence is working to a nationally consistent framework of safety standards and that environmental best practice is followed.”

The PFAS Sub-committee’s program of review will continue the following week with the Department of Health. Invitations seeking feedback on evidence to date will also be sought in the course of the year.

Public hearing details:

Date: Monday February 10, 2020
Time: ~4:10pm to 5pm
Location: Committee Room IR4, Parliament House, Canberra.

The hearing will be audio streamed live at www.aph.gov.au/live.

THE House of Representatives Standing Committee on Economics will scrutinise the insurance sector over two days of hearings in Sydney onApril 28 and 29, 2020, as part of its ongoing review of the four major banks and other financial institutions.

Public hearing details:

Dates: Tuesday, 28 April and Wednesday, 29 April 2020

Time: 9.15am to 5pm (both days)

Location: Jubilee Room, NSW Parliament, Sydney

The hearing will be broadcast (audio only) at aph.gov.au/live.

THE Australian Small Business and Family Enterprise Ombudsman (ASBFEO) Kate Carnell has welcomed the news that Greensill Capital will stop providing its supply chain finance services to big companies that do not offer fair payment terms.

The announcement from Greensill Capital comes immediately following the release of ASBFEO’s Supply Chain Financing Position Paper, which provides a suite of draft recommendations to be finalised before a full report is handed down at the end of March 2020.

“We are delighted to see that Greensill Capital will no longer provide their product to businesses with poor payment terms, that is, in excess of 30 days,” Ms Carnell said.

“A key recommendation of our position paper is that all businesses, regardless of their size, should be paid within 30 days.

“Where payment terms are 30 days or less, supply chain finance should be available to those small businesses that want to be paid faster," she said.

"We have a real problem when large businesses extend their payment terms from 30 days to 60, or even 90 days, and then offer a supply chain financing product to those small business suppliers who are forced to take a haircut to get paid on time. Today’s announcement by Greensill Capital makes it clear that supply chain financing businesses won’t be used as a whipping boy for the appalling treatment of small business by large businesses.

“It is great to see businesses like Greensill Capital, along with Telstra and Rio Tinto, show corporate leadership on this issue. We will continue to monitor Australia’s other corporate players and encourage them to follow the leadership of these companies.”

www.asbfeo.gov.au

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RSL QUEENSLAND and RSL National have jointly welcomed a $15 million investment in veteran employment announced by Prime Minister Scott Morrison and Veterans Affairs Minister Darren Chester.

The RSL Employment Program is one of three programs to receive funding under the Department of Veterans Affairs’ new Enhanced Employment Support for Veterans (EESV) grant program.

The RSL Employment Program was granted $6 million in one-off EESV funding to extend its services nationally. The program was successfully developed and piloted by RSL Queensland in Townsville in 2017 and launched state-wide in 2018.

RSL National is working collaboratively with RSL Queensland and is well advanced in planning the national rollout, starting in South Australia.

RSL National President Greg Melick AO RFD FANZCN SC said the organisations were on track to quickly and effectively implement the program Australia-wide.

“I welcome Minister Chester and Prime Minister Morrison’s announcement today as recognition of the efficacy of RSL’s approach to veteran wellbeing and support,” Mr Melick said.

“RSL Queensland’s Employment Program was developed in response to the initial findings of the Gallipoli Medical Research Foundation’s Military Reintegration Initiative, which aims to identify the factors influencing successful transition.

“The Employment Program was created to acknowledge and successfully overcome the unique challenges many veterans face when transitioning into a civilian workforce.”

RSL Queensland general manager for Veteran Services, Rob Skoda said the organisation was proud of the results its employment program had achieved in Queensland and was confident the model would enjoy continued success on a national scale.

“RSL Queensland exists to provide wellbeing and welfare support to ensure a bright future and enduring legacy for all veterans and their families,” Mr Skoda said.

“Part of this involves helping veterans find employment that gives them purpose, direction and a fulfilling postservice career.

“We’re very excited to be supporting the national rollout of the program.”

Mr Skoda said RSL Queensland Employment’s state-wide results since its launch in April 2018 included:

• 476 veterans and partners accepted into the program
• 251 roles secured
• 78 days spent in the program, on average.

Mr Melick also acknowledged ex-service organisations Soldier On and Team Rubicon who both received an EESV grant to implement their veteran employment initiatives.

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THE Joint Committee of Public Accounts and Audit has commenced an inquiry to consider the cyber resilience of government entities prioritising information security. As part of this inquiry, the committee will examine two Auditor-General’s reports including:

No. 1 (2019–20) Cyber Resilience of Government Business Enterprises and Corporate Commonwealth Entities

No. 13 (2019­–20) Implementation of the My Health Record System

Lucy Wicks MP, chair of the committee, said, "The ability to design and maintain secure cyber networks is essential in modern governance. As such, it is a priority of the Committee to ensure that Government entities have the appropriate systems in place to protect information security."

Submissions from interested individuals and organisations are invited by Thursday, March 19, 2020. The preferred method of receiving submissions is by electronic format lodged online using a My Parliament account.

Further information about the inquiry is available on the committee's website.

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The Queensland Resources Council (QRC) has welcomed the State Government’s 2020 Queensland Exploration Program which will open more than 7000 square kilometres of land for coal, gas and petroleum exploration. 

QRC chief executive Ian Macfarlane said the release of land for exploration for all resources was essential in creating new jobs, growing exports and supporting regional Queensland.

“We have been very supportive of the release of areas for exploration for all resources and the development of gas to service the domestic market. A proactive exploration program secures tomorrow’s resource industry while supporting jobs, many of which will be in regional Queensland,” Mr Macfarlance said.

“To keep this momentum in job creation going it’s essential that during this election year all sides of Parliament commit to a consultative regulatory process and clear approval guidelines."

Mr Macfarlane said Queensland’s neighbours must take a leaf out of Queensland's book and develop their own onshore gas reserves. New South Wales and Victoria cannot expect Queensland to continue to supply, and subsidise, their own gas users. he said.

The release of land in the Bowen and Surat basins includes two metallurgical coal areas and 12 petroleum and gas areas. The petroleum release will include land for domestic only supply with the first competitive tender in April and March for the coal areas.

www.qrc.org.au

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FUND manager Atlas Advisors Australia is urging the Australian Government to recognise the long-term benefits of foreign investors to the Australian economy by increasing incentives under the Significant Investor Visa scheme.

The call  comes as the February 14 deadline approaches for public consultation on the “Business Innovation and Investment Program: Getting a better deal for Australia”, including the settings for Investor visas and Significant Investor visas.

Executive chairman of Atlas Advisors Australia, Guy Hedley said the fund manager entirely supported the review and the Federal Government’s objectives to maximise the opportunities and benefits to Australia from the program. 

“The Significant Investor Visa program has brought in billions to the Australian economy, assisting the growth of Australian companies and startups, creating employment opportunities and increasing our exports,” Mr Hedley said.

“However the hard figures do not account for the longer-term economic and other benefits of the scheme.”

Mr Hedley said the economic impact of the SIV scheme was currently measured only across the four-year investment period of the visa. 

“This does not account for the impact super wealthy migrants have on the Australian economy for the years after they obtain permanent residency,” Mr Hedley said.

“These new migrants not only pour billions of dollars into our economy, they also bring skills, expertise and experience that is assisting Australia to enhance its competitiveness in global trade and build better links with international markets. These effects last for generations.”

Aside from the SIV investment requirements, many applicants make additional investments to improve their knowledge of the business environment and build stronger connections to Australian communities.

“They also donate to charities to help people in need in and to help us better protect our environment,” Mr Hedley said.

With more than $1.7 billion of funds under management, Atlas Advisors Australia manages the investments of many of the highest net worth Chinese investors into Australia.

Mr Hedley urged the Australian Government to remain committed to the SIV program and to strengthen incentives for applicants.

“The Federal Government’s recognition of the value and contribution that our new migrants make is critical to encouraging ongoing investment in Australia.”

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