THE Banking Code Compliance Committee (BCCC) has highlighted its first independent review and the work it has undertaken to implement the recommendations in its 2021-22 Annual Report.

In response to the review, the BCCC said it was improving its approach to operate more efficiently "while maintaining a high quality, trusted program of compliance monitoring".

'We were pleased with the consultative approach of the review and the comprehensive report that followed,’ BCCC chair, Ian Govey AM said.

"The report showed that the BCCC plays a critical role in promoting compliance with the Code and we are working hard on implementing the recommendations it made."

In its annual report, the BCCC noted the significant progress it had made on several recommendations. In particular, it emphasised how it had revitalised its Small Business and Agribusiness Advisory Panel.

"Breathing new life into the Small Business and Agribusiness Advisory Panel is an important step," Mr Govey said.

"The expert insight and advice we get from this panel is vital and we already see the value in its renewed form."

The annual report also made note of the need for banks to reduce breaches of the Code, and the BCCC expected improvements in the next 12 months.

For three consecutive reporting periods, July 2020 to December 2021, banks reported about 20,000 breaches, resulting in an overall increase of nearly 20 percent.

"A rise in Code breaches suggests that banks can still improve their systems and processes to comply with obligations," Mr Govey said.

"Although we have had changes in the regulatory environment in the past 18 months, banks have had sufficient time to consider the implications and ensure appropriate systems and processes are put in place.

"We expect to see better results in the coming 12 months."

The BCCC’s inquiry into inclusivity, accessibility and vulnerability was also a feature of the Annual Report, and it points to more work with banks in this area.

It showcases the findings of the inquiry, reiterating banks are in a prime position to identify customers at risk of poor outcomes and should ensure their systems and processes allow fair outcomes for all customers.

It states that the BCCC will follow up with banks in 2022-23 to see the action they took to address the inquiry’s findings and recommendations.

"This follow-up work is crucial," Mr Govey said. "To see the true effect of the inquiry, and whether it has led to improvements, we need to follow up with banks and examine their responses.

"The next financial year will reveal the extent to which banks implemented the recommendations. We expect to see some good results."

For the first time, the BCCC consulted stakeholders on its work program. The consultation focused on issues of the greatest risk of consumer harm, and the responses contributed to the development of the BCCC’s priority areas for the year ahead.

About the BCCC

The Banking Code Compliance Committee (BCCC) monitors adherence to the Banking Code of Practice. The BCCC’s purpose is to monitor and drive best practice Code compliance. To do this, the BCCC:

• examines banks’ practices
  * identifies current and emerging industry wide problems
  * recommends improvements to bank practices
  * sanctions banks for serious compliance failures, and
  * consults and keeps stakeholders and the public informed.

ends

IN SPITE OF a permanent uplift in demand for lower density housing, new home building starts have dropped again during the June 2022 quarter – the fourth consecutive quarterly reduction – according to the Australian Bureau of Statistics (ABS) Building Activity figures released today.

Master Builders Australia CEO Denita Wawn said while the volume of new detached house starts was still higher now than it had been in the lead up to the pandemic, the phasing out of exceptional fiscal and monetary stimulus propelling new home building starts means today’s figures "are not surprising".

According to the latest ABS figures, there was a 2.7 percent fall in new home building starts during the June 2022 quarter. This included a 3.1 percent reduction in the number of new medium/high-density home commencements, and detached house starts inched down only marginally at 0.2 percent.

“Despite the volume of new home starts dropping over the past year, there were still over 240,000 new homes under construction at the end of June," Ms Wawn said. "This is higher than ever before and is related to the supply bottlenecks in the building pipeline which are slowing the pace at which new homes can be built.

“However, over the next three years, Master Builders forecasts that new home building starts will fall significantly short of 200,000 per year, the volume of output that will be needed to meet demand. Our forecasts indicate this threshold will not be exceeded until 2026.

“Our 2022-26 residential forecasts predict a bumpy road with a downturn over the next few years," she said. "Forecasts will trend upwards as inward migration and interest rates stabilise, and pent-up demand shifts the dial.

“The building and construction industry continues to be frustrated with lengthy delays in approvals for land title, building applications, and occupation certificates. Shortage of land in the right places, high developer charges, and inflexible planning laws also restrict opportunities to meet the housing needs of our future.

“We look to working with the Federal Government to assist with finding and delivering solutions,” Ms Wawn said.

www.masterbuilders.com.au

ends

THE Select Committee on Workforce Australia Employment Services will hold its first public hearing today, Thursday November 3, from 11.30am to 5pm AEDT.

The Committee will hear from the Department of Employment and Workplace Relations (DEWR), with a focus on key components of the system such as mutual obligations and the Targeted Compliance Framework. DEWR will also provide data on participant cohorts and demonstrate how online services platforms are used by individuals and employers.

There will be visual presentations and interactive demonstrations through most of the hearing to publicly explain and expose the:

• composition of the current unemployment caseload – who are the unemployed in Australia today and where do they live?
• online systems that unemployed Australians and employers use, and
• controversial Targeted Compliance Framework.

Committee Chair, Julian Hill MP said, “This is a first-principles review of Workforce Australia and the employment services system. We will build a robust evidence base starting with an understanding of who are the unemployed in Australia today and what are the systems they are required to engage with and be subject to. The Committee needs to understand the issues in detail to make recommendations so that employment services are best designed to meet current and future challenges facing Australian society”.

The Committee will call for submissions to its inquiry into Workforce Australia Employment Services in the coming weeks and will publish guidance material to assist submitters.

Further information about the inquiry, including Terms of Reference, published submissions and hearing transcripts, will be available on the inquiry website.

Public hearing details

Date: 3 November 2022

Time: 11.30am – 5pm AEDT

Location: Main Committee Room, Parliament House, Canberra

Witnesses: Department of Employment and Workplace Relations

The hearing will be live broadcast via the Parliament’s Watch, Read, Listen website.

ends

IDENTIFYING challenges and opportunities for Australia to capitalise on our abundant natural resources to drive economic growth, create new industries and jobs and become a renewable energy superpower will be the focus of a parliamentary committee.

The Joint Standing Committee on Trade and Investment Growth has launched the inquiry into Australia's transition to a green energy superpower.

Committee Chair, Steve Georganas MP said, “Australia is well on its way to becoming a renewable energy superpower, and I hope this inquiry will be a valuable opportunity to ensure we are doing everything possible to strive further towards a green energy future.

"The committee wants to hear from Australian governments, businesses, and other interested parties from across the community about where trade and investment activities are already having a positive impact; emerging and possible future trends, areas of growth, and how can these be accelerated.”

The committee is seeking submissions from interested individuals, businesses and organisations on the inquiry’s terms of reference by Wednesday, November 30, 2022.

The committee will have particular regard to areas that play to Australia's strengths, including: renewable energy, battery storage, energy supply and infrastructure, electric vehicle industry, infrastructure; advanced manufacturing, and services and technology.

Further information about the inquiry, including published submissions and hearing transcripts, will be available on the inquiry webpage.  

ends

THE 2022-2023 Federal Budget has delivered on the Fedetal Government’s promise to implement its election commitments, according to the Financial Services Council (FSC).

FSC CEO Blake Briggs said, “The Government’s new Housing Accord delivers on the Government’s commitments and the financial services industry looks forward to the opportunity to take on the historical challenges that have prevented institutional capital from investing in affordable housing. 

“The FSC will work constructively with Government to ensure that any capital deployed is consistent with the legal obligation on superannuation trustees to promote the best financial interests of members.”

The FSC also welcomed additional funding to introduce climate reporting standards for large businesses and financial institutions, in line with international reporting requirements.

“The Government has responded to funds management industry calls for a mandatory, principles-based climate-reporting regime that will support investment in climate reduction and abatement, and we look forward to supporting the Government with this initiative,” Mr Briggs said.

The FSC also welcomed the Government’s Women’s Economic Equality Taskforce, which will advise on the optimal settings for the extension of the Government Paid Parental Leave scheme from 18 to 26 weeks, but urged the Government to go further to promote women’s economic security in retirement.

“It would be a missed opportunity if this taskforce did not recommend paying superannuation contributions on the Government’s paid leave program, which would help close the gender gap in superannuation – women on average have 25 per cent less superannuation than men at retirement," Mr Briggs said.

The FSC was also encouraged to see the Federal Budget contained no adverse changes to superannuation taxation and contribution settings.

“Stability in the superannuation tax and contribution settings ensures consumers have the confidence they need to make financial plans for their future as they battle inflation and plan for an uncertain global outlook," Mr Briggs said.

“Future budgets must continue to honour election commitments to provide stability and certainty in superannuation policy settings, and an enhanced focus on structural reform and economic growth to achieve Budget sustainability – not just increased taxes.”

www.fsc.org.au

About the Financial Services Council

The FSC is a peak body which sets mandatory standards and develops policy for more than 100 member companies in one of Australia’s largest industry sectors, financial services. FSC Full Members represent Australia’s retail and wholesale funds management businesses, superannuation funds, life insurers and financial advice licensees. Supporting Members represent the professional services firms such as ICT, consulting, accounting, legal, recruitment, actuarial and research houses. The financial services industry is responsible for investing $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 one of the largest pools of managed funds in the world.

ends

MOBILE infrastructure services across regional Australia will be the focus of a new Federal parliamentary inquiry. The House Communications and the Arts Committee will hear evidence on co‑investment in regional mobile carrier infrastructure.

Committee Chair, Brian Mitchell MP said, "Co-investment is a tool which would allow multiple telecommunications providers in regional areas to invest in and share ‘multi-carrier’ mobile towers and related infrastructure, to improve services."

"The majority of mobile infrastructure is not co-located, especially in regional areas. The rates of co-location for Australia’s major mobile providers dramatically decline as you move from urban to regional and remote areas, to as low as 4.8 percent in very remote areas.

"Connectivity and infrastructure are critical drivers of regional development," Mr Mitchell said. "It is particularly important that we hear directly from our rural, regional and remote communities to hear their views on connecting and staying connected to telecommunications infrastructure."

The terms of reference are available from the committee's inquiry webpage. Submissions can also be made through the webpage, or by email to This email address is being protected from spambots. You need JavaScript enabled to view it. until November 10, 2022.

Further information can be found on the committee’s webpage.

ends

THE Joint Standing Committee on Foreign Affairs, Defence and Trade, through the Trade Subcommittee (the committee), has launched an inquiry into Australia’s tourism and international education sectors, with a focus on the operation of both sectors in the post COVID-19 world.

The Chair of the Trade Subcommittee, Senator Deborah O’Neill said, “Both the tourism and international education sectors have contracted substantially since the emergence of COVID-19. The committee looks forward to understanding how both sectors can be best supported so they can be positioned as key contributors to the post COVID-19 recovery of Australia’s economy.”

The committee will also consider the effectiveness of recent tourism campaigns overseas and how Australia can support tourism in the Asia Pacific region. In relation to international education, the committee is interested in hearing about innovations in the delivery of online education to strengthen the sector’s resilience.

“We encourage a broad range of stakeholders in the tourism and international education sectors from across the country to share experiences about transitioning into the post COVID-19 period,” Senator O’Neill said.

Submissions from interested individuals and organisations are invited by Monday, December 12, 2022. The preferred method of receiving submissions is by electronic format lodged online using a My Parliament account.

Further information about the committee’s inquiry, including the full terms of reference and details on how to lodge a submission is available on the committee’s website.

ends

THE National Anti-Corruption Commission (NACC) Legislation Committee will commence public hearings as part of its inquiry into the NACC Bills this week.

Hearings will be held on October 18, 19, 20 and 21, 2022 at Parliament House in Canberra and broadcast on the Australian Parliament House website.

Committee Chair Senator Linda White said, "While public hearings will be held in Canberra, the committee will hear from witnesses from around Australia. The committee is determined to hear as many perspectives as possible on this important matter."

Deputy Chair Dr Helen Haines MP said, "The Committee is looking forward to unpacking various issues raised in submissions at these public hearings. The committee is encouraged to see that we have received strong interest from across the community."

The committee invited organisations and individuals to provide evidence at public hearings based on the submissions it received. Submissions closed on October 14, 2022.

Updates or other details regarding general arrangements for public hearings will be published on the committee’s website. Public hearing programs, when available, will remain subject to change. Transcripts of public hearings will be published on the committee’s website once available.

You can also find out more information on the Committee’s FAQ website, which is updated periodically: www.aph.gov.au/Parliamentary_Business/Committees/Joint/National_Anti-Corruption_Commission_Legislation/Frequently_Asked_Questions.

The committee is due to report on or before 10 November 2022.

More information about the Committee and its inquiry is available on the committee’s website: www.aph.gov.au/NACC2022.

Public hearing details

Date: Tuesday, 18 October 2022 – Friday, 21 October 2022
Time: Full day hearings. Please monitor the Committee’s website for public hearing programs, which will specify start and end times when published.
Location: Parliament House, Canberra

Hearings will be broadcast live at aph.gov.au/live.

ends