THE House of Representatives Standing Committee on Economics has tabled its first Report on the banking sector in parliament.

The Report contains a number of recommendations to Government, including:

• the creation of a new Banking Tribunal by 1 July 2017, to enable consumers to achieve fair and timely recompense through a one stop shop;
• a new regime for executive accountability, with licence breaches reported publicly for the first time;
• a requirement that banks be forced to open up access to consumer data by 1 July 2018, which will give consumers much greater options when seeking to switch banks;
• a new, permanent regulatory function focused on day-to-day monitoring of competition in the banking sector;
• a review of the regulatory barriers to starting a bank, with the goal of injecting more competition into the sector; and
• new structures to improve the operation of bank internal dispute resolution processes, and risk management systems.
• Committee Chairman, David Coleman MP, said that the Report was the first in what would become a regular series:

“Banks need to be held to account for their actions.  The financial stability of our system is critical – but so is ensuring that consumers get a fair deal.  The Committee has identified a wide range of areas in which banking regulation can be improved to better serve the Australian community.  As we continue our ongoing review of the banking sector, we look forward to the Government’s response to the recommendations contained in the Report.”

The Committee expects to hold its next public hearings with the major banks in the first quarter of next year, soon after its scheduled public hearing with the Reserve Bank on 24 February 2017.

The report can be accessed from the Committee’s website.

www.aph.gov.au/economics

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THE Treaties Committee today tabled two reports covering their examination of six treaties covering a range of topics.

Amendments to the General Agreement on Tariffs and Trade (GATT) will remove tariffs on a range of technology products and eliminate agricultural export subsidies.

Committee Chair, tStuart Robert MP, says that while the changes will provide incremental improvements for Australian consumers and farmers, domestic subsidies and non-tariff barriers must be further reduced to encourage global trade.

Updates to the international Radio Regulations will provide for the growing demand for mobile broadband services, improve aeronautical and maritime communications and the international coordination of satellite networks.

Mr Robert said that accepting the revisions will align Australia with the rest of the world in its regulation of the radio frequency spectrum.

The reports also cover regular air service agreements with Kuwait and Bahrain and changes to an aviation safety agreement with the United States which will enable Australian manufacturers to gain access to the United States aviation market, one of the biggest in the world.  

Changes to the Hague Convention on Choice of Court Agreements are also examined.

Interested members of the public may wish to track the committee via the website. 

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A VISUALLY sumptuous drama about four women who push against the repressive, archaic gender politics of a small Indian village opens the Brisbane Asia Pacific Film Festival (BAPFF) tonight at the Palace Barracks Cinemas.

“The Brisbane Asia Pacific Film Festival is the pre-eminent film festival of the region and there is something in it for all film lovers,” said Lord Mayor Graham Quirk.

“The opening night film Parched, is the first international feature film from Indian director Leena Yadav. It has already won 18 international awards and is competing for Best Screenplay at the 10^th Asia Pacific Screen Awards (APSA) in Brisbane tomorrow night.

“It’s a film that celebrates female empowerment and is a vibrant and visual delight that packs enormous power. Cinematographer Russell Carpenter, who won an Academy Award for his work on Titanic, brings Yadav’s vision to glorious life.

“BAPFF is a window to the many and varied world’s like this one and gives local film buffs a smorgasbord of choice. Tickets are still available for tonight while there are many other world-class features to select from, including 31 Australian premieres, during the 12-day festival.”

Now in its third year, BAPFF is supported by Screen Queensland and will showcase 82 films from 46 countries and areas to be screened from today until the 4 December.

Cr Quirk said BAPFF was a celebration of cinematic excellence from a region that’s home to 4.5 billion people and is responsible for half the world’s film output.

“There are numerous highlights: a Japanese retrospective which includes the 1964 Akira Kurosawa classic No Regrets for Our Youth; a free family screening of the cherished Australian classic Storm Boy starring David Gulpilil; Exile, which revisits a childhood lived under Cambodia’s Khmer Rouge; the unconventional love story Bangkok Nites; and I Am Not Madame Bovary, a comic take on Chinese bureaucracy.

“Others not-to-be-missed include The Salesman from esteemed Iranian director Asghar Farhadi; Ants on a Shrimp, which follows NOMA legend René Redzepi as he takes his team to Tokyo to create an astounding 14-course menu; The Bonfire, a dark Russian tale of two grief-stricken fathers; and Snow Monkey, a remarkable documentary from Australia’s George Gittoes that takes us into the world of Jalalabad street kids.”

Cr Quirk said Snow Monkey was one of the stand-out films being presented in the festival’s Australian showcase which will also mark the local premiere of Hounds of Love, a chilling serial killer thriller starring Stephen Curry.

“As an art form, film offers a unique insight into the political, social and economic state of the country it represents. It’s that cultural exchange that make BAPFF so special.

“Brisbane is Australia’s gateway to the Asia Pacific and therefore ideally placed to host a film festival dedicated to the region. I urge locals and visitors alike to embrace the opportunity to enjoy such a rich and diverse range of cinematic offerings from leading filmmakers.”

APSA/BAPFF Chairman, Michael Hawkins said BAPFF offered a world-class program.

“Asia Pacific cinema is known for its willingness to push boundaries and explore the human condition at its best and worst,” Mr Hawkins said.

“BAPFF in 2016 will enchant, mesmerise and amaze audiences. This year we have also expanded the brief and chosen 10 titles from Europe and America for inclusion while the Australian showcase is exceptional.”

The 2016 Brisbane Asia Pacific Film Festival starts today and runs until 4 December across Brisbane cinemas and cultural venues including Palace Barracks Cinemas, New Farm Cinemas, The Australian Cinémathèque at QAGOMA, Griffith Film School, The Cube at QUT and The Courier-Mail Piazza.

The full program and tickets, including special presentations and Gala events, are on sale now at bapff.com.au where you can also download the FREE BAPFF App on your smart phone to plan your festival.

To purchase tickets or view the full program, visit bapff.com.au

BAPFF Q&A GUESTS

• Stephen Curry (actor), Ben Young (director) and Melissa Kelly (producer) from HOUNDS OF LOVE
• Douglas Watkin (director) and Veronica Fury (producer) from ELLA
• Anurag Kashyap (director) from PSYCHO RAMAN
• Andrew Leavold and Daniel Palisa (Directors) from LAST PINOY ACTION KING
• Mehran Kashani (screenwriter), Reza Mirkarimi (producer) and Farhad Aslani (actor) from DAUGHTER
• E J-yong (director) from THE BACCHUS LADY
• Natalia Pavlenkova (actress) from ZOOLOGY
• Carl Papa (director) from MANANG BIRING
• Mohammadreza Saberi (producer) from MUHAMMAD, THE MESSENGER OF GOD
• Hellen Rose (music director) + Arshad Khan (cast member) from SNOW MONKEYS
• Nermin Aytekin (producer) and Mustafa Kara (director) from COLD OF KALANDAR
• Manoj Bajpayee (actor) from ALIGARH
• Catherine Dussart (producer) from EXILE
• Alireza Ghanie (director) from IMAGINARY BORDER
• Emily Avila (director) from IN A CANE FIELD (short)

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THE AUSTRALIAN Parliament has taken a long overdue step towards improving the governance, transparency and management of trade unions and registered employer organisations by today voting up legislation to establish a new Registered Organisations Commission.

“The resource industry congratulates the government and Senate crossbenchers for getting this legislation over the line,” says AMMA chief executive Steve Knott.
 
“We hope this is the start of a process of pushing back against the ALP/ Greens/ Jacqui Lambie Alliance that seeks to shield these groups from a higher level of governance that is standard operating practice in every other business undertaking.
 
“While AMMA has long maintained that all registered organisations should be regulated under the Corporations Act 2001, just as companies and their directors are, the new Registered Organisations Commission is a sound policy outcome and will significantly improve the governance and accountability of Australian unions and registered employer groups.”
 
Resource employers are now looking to the Australian Parliament to address the far more substantive issue of lawlessness and corruption in the construction sector – an issue which impacts taxpayers, communities and small, medium and large businesses.
 
“It’s well beyond time that the Australian Parliament draws a line under the abhorrent behaviours we are seeing coming out of the construction sector, and supports the restoration of the Australian Building and Construction Commission (ABCC),” Mr Knott continues.
 
“Intimidation, thuggery and outright lawlessness should not be accepted anywhere, including in one of the key pillars of our national economy that involves massive amounts of public spending and the delivery of critical community and productive infrastructure.
 
“It is disappointing that the ALP/ Greens/ Jacqui Lambie Alliance continues to oppose the ABCC in the interests of protecting their union mates, when all this legislation would require them to do is comply with the nation’s workplace laws.
 
“This is something that daily events on Australian construction sites, and multiple Royal Commissions, have shown these union officials continually fail to do.
 
“Just this week there are reports that more than $100 billion worth of major projects in Australia have been specifically targeted by the CFMEU’s militancy, including some of the largest resources and energy projects ever built anywhere in the world.
 
“We trust the Senate crossbench to act in the national interest and ultimately pass this legislation rather than leaving the job half done.”

www.amma,org.au

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THE AUSTRALIAN Parliament’s Joint Committee of Public Accounts and Audit will discuss performance planning and reporting with Commonwealth agencies at a public hearing this Wednesday.

The hearing forms part of the Committee’s inquiry into the Commonwealth performance framework, based on recent Auditor-General reports. The framework, established under the Public Governance, Performance and Accountability Act 2013 (PGPA Act), requires Commonwealth agencies to produce Corporate Plans, Portfolio Budget Statements and Annual Reports, including Annual Performance Statements.

Committee Chair, Senator Dean Smith, said that improving the Commonwealth performance framework has been a long-term focus of the Committee.

“The new framework requires agencies to implement more meaningful performance information and report more consistently throughout the performance cycle, to strengthen accountability to the Parliament and the public.”

“The Committee will hear from agencies on how they have implemented new corporate planning requirements, and from the Department of Finance on the support and guidance it provides in this area. The Committee will also hear from the Australian Taxation Office and the Department of Education and Training on whether they have implemented appropriate performance information for the Higher Education Loan Program,” Senator Smith said.

The JCPAA is the Parliament’s joint public administration committee. The Committee scrutinises the governance, performance and accountability of Commonwealth agencies, and has the power to inquire into all expenditure of Commonwealth money.

Further information about the inquiry can be accessed via the Committee’s website.

Public hearing details: Wednesday 23 November 2016, Committee Room 2R1, Parliament House, Canberra

9:00am: 
ANAO Report 6: Corporate Planning in the Australia Public Sector
Australian National Audit Office, Australian War Memorial, Commonwealth Superannuation Corporation and Department of Finance

9:45am:
ANAO Report 31: Administration of Higher Education Loan Program Debt and Repayments
Australian National Audit Office, Australian Taxation Office, and Department of Education and Training

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

Interested members of the public may wish to track the committee via the website. 

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THE House Tax and Revenue Committee will hold a roundtable public hearing tomorrow with tax professionals. The hearing precedes the Committee’s public hearing with the Commissioner of Taxation and the Inspector-General of Taxation later this month.

In the lead up to Tax Time 2016, the Australian Taxation Office focused on feeding the results of industry consultation into the progressive project design and implementation of its new lodgement and advisory programs. With the old Electronic Lodgement systems being kept on until full digitalisation in 2017, there is work ahead to inform and support the community to adjust to digital lodgement. 

At this hearing the Committee will meet with three key tax practitioner bodies—CPA Australia, Chartered Accountants Australia and New Zealand, and the Tax Institute—to discuss how the ATO’s reinvention of its services is tracking since the former Committee met with these representatives in February of this year.

In addition to the ATO’s progress on new technology projects, the hearing will also investigate how the ATO’s transformation is working to increase willing participation (voluntary compliance) and build confidence in the ATO and the tax and superannuation systems.

The Committee Chair, Mr Kevin Hogan MP, said “The ATO appears to have made progress in establishing a consultative culture with tax professionals, with Tax Agent and BAS portals improved. At the same time, according to the ATO, while overall online lodgement has increased by nine per cent this year, lodgement by small business declined. The Committee is keen to investigate with tax professionals how they can grow their client base among small business and what the ATO can do to assist them.”

Public hearing details: Wednesday 23 November 2016, Committee Room 2R1, Parliament House, Canberra

4:10pm:
CPA Australia, Chartered Accountants Australia and New Zealand, and the Tax Institute

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

Interested members of the public may wish to track the committee via the website. Click on the blue ‘Track Committee’ button in the bottom right hand corner and use the forms to login to My Parliament or to register for a My Parliament account.

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THE Australian Institute of Credit Management (AICM) has partnered with the Australian Small Business and Family Enterprise Ombudsman (ASBFEO) in a bid to ensure small businesses across the country get paid in a timely fashion.

The futures of many family and small businesses are being put under serious threat by the payment times imposed by many big businesses and governments across the country, and this self-initiated enquiry aims to put a spotlight on the lengthy payment times that are being dictated, and often missed.

In a 2013-14 ASIC report into business insolvencies, it was identified that inadequate cash flow contributed to 41 percent of companies going to the wall. This inquiry aims to build up an accurate picture of the time it takes for payment to be processed across all areas of business. 

Nick Pilavidis, CEO of the AICM, whose members are professionals in managing cash flow and risks associated with credit sales, believes this inquiry is critical to not only get an accurate and realistic picture of the payment landscape in Australia, but to help small businesses succeed.

He says, “Cash flow is the lifeblood of all companies, however for small and family businesses it’s absolutely critical. Small businesses are often beholden to corporate clients, who dictate payment times. Lengthy payment times and missed payments can have a significant impact on people’s livelihoods and indeed lives.

“For some businesses, being paid on time will mean being able to pay staff on time. Being paid on time means being able to stay in business.

“AICM members regularly see their SME customers delaying payment to them due to the late payment by large businesses. Improving payment times for small business will have a positive effect on the whole business cycle.

“Late payments have a far greater effect than people may at first envisage. We need to raise awareness of this state of play across the country, and put pressure on big businesses to meet their payment obligations.

“The dilemma for small businesses is that they need to engage with large corporates, yet to operate they need the money to keep flowing in. It’s a vicious circle.

“We hope to get a clear understanding so small businesses will firstly have a good idea of what they’re getting into, and what resources they need to have in reserve, and secondly we hope to work with the large businesses to help them understand the real-life impact they’re having.”

As part of the inquiry, ASBFEO and AICM will be joined by state-based Small Business Commissioners in New South Wales, Victoria, South Australia and Western Australia, the Council of Small Business Australia (COSBOA), federal and state/territory governments and their agencies.

For more information visit www.asbfeo.gov.au/inquiries. Small businesses who would like to have their say can do so at the above website or by phoning 1300 650 460.

FOLLOWING the launch of the IPA Deakin SME Research Centre last week, the Institute of Public Accountants (IPA) has said that the mental health and wellbeing of small business owners will be included in the Centre’s policy focus.

“Small business keeps our economy moving; they sustain our communities and families and we have an obligation to understand their drivers, their challenges and assist them realise their potential,” said IPA chief executive officer, Andrew Conway.

“Running a small business is tough; it is all-consuming. Small business owners have everything on the line and that brings with it real anxiety. This contributes to the existing high rates of depression amongst small business owners.

“We need to delve into the social impact of small business ownership to arrive at a day when starting a small business is seen as a natural and viable first option career path for younger people. 

“The IPA Deakin SME Research Centre will explore small business welfare and the social impact with the intention of driving policy that supports the wellbeing, growth and prosperity of small businesses,” said Mr Conway.

publicaccountants.org.au

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