THE Australian Securities and Investments Commission [ASIC] will appear before the Parliamentary Joint Committee on Corporations and Financial Services at a public hearing via videoconference on Wednesday 18 November 2020.

The committee will review the performance and operations of the corporate regulator, with a particular focus on ASIC’s organisational structure.

The committee will hear evidence from the Australian National Audit office (ANAO) after its recent audit which identified potentially inappropriate expenses paid to ASIC Commissioners.

Submissions will also be heard from a number of academic experts on the optimal organisational structure for regulators.

This will be the fifth public hearing with ASIC before the Corporations and Financial Services committee in this Parliament.

Committee Chair Senator James Paterson said, “This hearing is an opportunity for the committee to hear from experts about ASIC’s leadership structure and alternatives to ensure we have a high-performing regulator which enjoys the trust and confidence of Australians.”  

Public hearing details

Date:  Wednesday, 18 November 2020
Time:  9am to 5pm
Location: Videoconference
The hearing will be broadcast live at aph.gov.au/live.

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INDUSTRY Super Australia (ISA) has welcomed the Victorian Government’s record $5.3 billion investment in social housing.  

The Andrews Government's five-year investment will provide homes to many Victorians in need and jobs for workers who have been impacted by COVID-19 and the state’s lockdowns.

ISA said the Andrews Government should be congratulated for recognising that there exists a unique opportunity for government stimulus spending to not only create jobs but to address areas of social need.

Industry Super Australia chief economist Stephen Anthony said, “The Andrews Government investment will boost the state’s economy while putting a roof over the head of some of Victoria’s most vulnerable people.

“The Victorian Government must be congratulated for seizing the opportunity of using its stimulus programs to not only create jobs but to meet a long-term social need.

“Australia’s housing shortfall is growing, only a co-ordinated effort between all layers of government, the social housing sector, construction bodies, investors and charity groups can we arrest the 30-year decline.”     

ISA is part of the National Affordable Housing Alliance (NAHA)- a coalition anti-poverty groups, construction bodies, unions and super funds, who want to lift construction of community and social housing.

The group collectively advocates for a commitment by all governments to the long-term funding of social and affordable housing in Australia. ISA is continuing to work with governments, housing providers, anti-poverty groups to develop policies and programs that will help address the 30-year under-investment in affordable and social housing stock

The shortfall of community and social housing is widening and by 2036 is set to reach 1 million properties nationally.   

The best way to address the national social and community housing shortfall is through a co-ordinated national plan and close co-operation between all levels of government, according to ISA.

ISA has had discussion with several governments on policies that would help unlock institutional investment in social and affordable housing and has written a paper discussing solutions to Australia’s affordable housing problem: https://www.industrysuper.com/media/fixing-affordable-housing-in-nsw-and-beyond/ 

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CONSUMER groups, financial counsellors and domestic violence advocates have slammed the Australian Government’s plans to remove critical protections for women experiencing economic abuse.

Chief executive officer of the Financial Rights Legal Centre, Karen Cox said current lending obligations prescribe important steps which often identify red flags in domestic and family abuse.

“These critical protections serve a vital purpose, requiring the lender to make inquiries as to the loan’s purpose, suitability and affordability,” Ms Cox said.

“Australia’s lending laws require lenders to undertake an assessment process that will often put them on notice when loans should not be approved.

“This is an important role in identifying and preventing the financial abuse of vulnerable women.”

Tania Farha, chief executive officer of Domestic Violence Victoria, said the lending laws we have in place provide a remedy for women when lenders do not undertake the required steps or ignore the red flags of economic abuse.

Carmel Franklin, chief executive officer of Care Financial Counselling said removing these laws would reduce the ability of advocates like financial counsellors and community lawyers to assist survivors with debts that they accrued during abusive relationships.

Laura Bianchi, team leader of Redfern Legal Centre’s Financial Abuse Service NSW and coordinator of the Economic Abuse Reference Group NSW, said its members had grave concerns about the impact of removing lending protections on people experiencing domestic and family violence.

“The wind back of responsible lending obligations will have dire consequences for people experiencing financial abuse. Coerced debt is a common factor preventing victim survivors from leaving a violent relationship and re-establish their lives,” Ms Bianchi said.

“It has been well documented that rates of family violence and economic abuse have risen sharply during the COVID-19 pandemic.

“Removing these critical protections at a time when so many women are more vulnerable than ever to economic abuse could have devastating results.”

BACKGROUND

On the September 25, 2020, the Federal Government announced a suite of changes to Australia’s consumer credit framework contained in the National Consumer Credit Protection Act 2009 aimed at reducing red tape for lenders as part ofthe Government’s economic recovery plans. Consumer groups and financial counsellors immediately voiced their concerns about removing these critical protections for consumers.

Exposure Draft Legislation was released for public consultation on 4 November: National Consumer Credit Protection Amendment (Supporting Economic Recovery) Bill 2020.

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AN $18.72 million project to consolidate the CSIRO’s four Perth locations will be scrutinised in a new inquiry from the Parliament’s Public Works Committee.

The Committee aims to conduct a public and in-camera hearing for the inquiry into the Perth Precinct Project (P3) in January of 2021.

The Committee wants to hear from all individuals or organisations interested in the project. Submissions for the project will be accepted until Wednesday January 13, 2021. Submission acceptance has been extended to take into account the Christmas/New Year period. 

Note that the  the Parliamentary Standing Committee on Public Works is not involved in the tendering process, awarding of contracts or details of the proposed works. Inquiries on these matters should be addressed to the relevant Commonwealth entities.

For more information about this Committee, you can visit its website.

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