The Chair, Andrew Hastie MP said, “The Committee will be examining the nature and extent of, and threat posed by, extremist movements and persons holding extremist views in Australia.”
The Deputy Chair, Anthony Byrne MP said, “The Committee will, as always, conduct this inquiry in a bi-partisan manner and with a focus on the security of all Australians.”
Submissions are requested by Friday February 12, 2021. Further information about making a submission to a parliamentary committee inquiry is available here.
Further information about making a submission to a committee inquiry can be found at this link.
Committee Chair Tim Wilson said the work of the committee in scrutinising Australia’s key financial regulators remains vital in light of the findings of the Royal Commission, the COVID-19 pandemic and more recently, the standing aside of the chair of ASIC.
"The COVID-19 pandemic has created unprecedented disruption and uncertainty in the financial sector. Now, more than ever, it is essential to maintain strong prudential regulation and ensure fair and transparent dealings to safeguard financial stability and consumer trust in the financial sector," Mr Wilson said.
"The economic comeback post COVID-19 brings its own challenges. It is essential that governments, regulators, and financial institutions continue to be proactive and work together as the immediacy of the crisis fades and the hard work of economic comeback continues.
"Both ASIC and APRA have responded quickly and appropriately to the pandemic, unfortunately ASIC’s recent expenses scandal has overshadowed its efforts. The Committee takes its role of the oversight of ASIC very seriously, and will closely follow the outcome of the independent review into expenses of ASIC executives paid by the Australian tax payer," Mr Wilson said.
"Coupled with the data errors in the SMSF factsheets on the MoneySmart website that remain unacknowledged, it is difficult to say that there is as much confidence in ASIC today as there was at the same time last year and ASIC should seek to address these issues as a matter of urgency because they go to the heart of their capacity and internal processes."
THE Australian Small Business and Family Enterprise Ombudsman Kate Carnell said she was disappointed by a Labor Party media statement that inappropriately politicised her Insurance Inquiry final report.
Ms Carnell said although the report recommendrd a number of reforms that require government action, it was in no way critical of the Federal Government.
“I’m very disappointed by the Labor Party’s media statement regarding our Insurance Inquiry because it detracts from the real issues that are impacting small businesses every day,” Ms Carnell said.
“Our Inquiry found widespread market failure in regards to the availability and affordability of essential small business insurance products. The report does not politicise this issue and I believe it is inappropriate to do so.
“The fact is the local insurance market has been hardening for years, with insurers adapting their risk weightings to increasing threats. The natural disasters, such as the catastrophic bushfires that happened earlier this year, have brought this issue to a head," Ms Carnell said.
“Our comprehensive report made a suite of recommendations designed to rebalance the risks taken on by insurers and make small business insurance produces more accessible.
“This is a critical issue that is sending far too many small businesses to the wall and what they really need right now is solutions – not a political bung fight.
“For the sake of Australian small businesses, I hope that all sides of politics can work together on this issue to ensure small businesses have access to the insurance products that are essential for their operation.”
I A MAJOR vote of confidence in the South Australian economy, Mas, part of national workforce solutions provider IntoWork Australia, has invested millions of dollars to create over 50 new permanent jobs within a state of the art employment and training contact centre in central Adelaide.
Minister for Innovation and Skills, David Pisoni, through a State Government initiative, Skilling South Australia, has supported the establishment of the centre. Skilled staff will deliver apprentice and trainee support services to existing and future workers across South Australia and nationally, and will ensure workers in training are supported through to permanent employment.
“Adelaide stood out as the ideal location for this centre due to Mas' strong existing presence in South Australia and also because of the commitment and support of the South Australian State Government,” IntoWork Australia Group CEO Poul Bottern, Group said.
“As part of our role as an Australian Government funded Apprenticeship Network Provider, this new employment and training contact centre will ensure that thousands of apprentices and trainees are supported into employment and enjoy a meaningful and productive career,” Mr Bottern said.
“We are confident the South Australian economy will bounce back strongly from the economic shock of 2020 and that there will be demand for employment and training services to get people into jobs in the coming months and years,” he said.
Among the new starters employed at the contact centre are re-deployed workers from travel specialist Flight Centre – one of the South Australian businesses that took a major hit from the COVID-19 pandemic through border closures.
“Like many people this year, I have struggled personally and financially as a result of losing work when the travel industry was hit by travel restrictions,” said Max Ford, newly employed consultant at the IntoWork National Contact centre. “I’m very grateful to now have a job where I can assist others to overcome their struggle and obtain meaningful employment.”
Mr Bottern said the centre would play an important role in assisting South Australian businesses by supporting thousands of skilled workers.
Minister Pisoni said, “the decision by IntoWork Australia to establish the state-of-the-art employment and training contact centre in Adelaide dovetails perfectly with the State Government’s $280 million investment in making South Australia a centre of excellence in skills development.
“With the South Australia economy roaring back to life and the Marshall Government leading the nation in supporting opportunities for apprentices and trainees, IntoWork Australia’s investment in the new facility comes at the perfect time.”
About IntoWork Australia
IntoWork is a people focussed not-for-profit organisation delivering specialist recruitment, employment and training services, as well as support for apprentices and trainees, to individuals, businesses and government. IntoWork is the parent body for a group of businesses that promote workforce participation in communities across Australia.
About Mas
Mas is part of the IntoWork group and is an Australian Apprentice Support Network Provider, providing support services for job seekers, apprentices, trainees and employers across Australia. Mas also provides advice and support on career transition, career counselling, mentoring and networking to equip Australia’s diverse workforce with the skills they need to grow and prosper.
THE Business Council of Co-operatives and Mutuals has congratulated Australian Unity on becoming the first mutual organisation in Australia to begin trading Mutual Capital Instruments (MCIs) on the Australian Stock Exchange
Mutual Capital Instruments are a new form of bespoke investment designed specifically to recognise the characteristics and intrinsic nature of member-owned firms.
BCCM CEO, Melina Morrison said this landmark event should be a moment of celebration, not only for Australian Unity but for Co-operative and Mutual Enterprises (CMEs) and their members across Australia.
“The significance of this milestone should not be underestimated.” Ms Morrison said. “This is a truly transformative moment for co-ops and mutuals in Australia bringing our jurisdiction up to world standard by creating an enabling environment for mutual capital. It’s fitting that Australia’s oldest mutual is the first to take advantage of this enhanced regime for mutuals.
“The investor response to the Australian Unity Offer has shown that there is a healthy appetite for investments that make an impact in our communities. Now, more than ever, we need to support the businesses that are helping our regions to thrive.
“Following a year in which many CMEs have deployed their capital reserves in order to continue delivering to the needs of their members and their staff, the potential that MCIs represent for these businesses is to grow, transform, innovate and compete in newer and broader markets is immense,” she said.
“The acquisition of capital will allow for digital transformations for businesses looking to support new ways of working for their staff; it will provide opportunities to research and develop better product offerings to their members, and it will support Australia’s advancement in manufacturing industries integral to our economic recovery and resilience.
“Importantly, this capital will also benefit Australian communities, small and large. CMEs have long played a role in safeguarding regional economies through times of crisis; by facilitating their access to capital, we can ensure that they can continue to protect and grow community prosperity for years to come.” Ms Morrison said.
In recent months, more than 30 CMEs have indicated their intention to amend their constitutions to allow them to pursue MCIs and at least 17 members have already made the necessary changes.
KPMG has estimated that if mutuals were able to hold capital levels consistent with their larger competitors, loans could increase by as much as $25 billion to generate additional profits of $375 million, assuming a 1.5 percent spread. This would equate to a 25 percent increase in size and 60 percent increase in profitability.
“Lack of awareness about the CME contribution to the economy, which last year was more than $34 billion, drove the establishment of BCCM, the first peak national body representing member-owned businesses across all industries. The significant potential for growth in this sector should not be overlooked as we strive to recover from the economic devastation of the past year,” Ms Morrison said.
A campaign led by BCCM and funded by its members resulted in legislative amendments to the Corporations Act allowing co-operatives and mutuals to issue equity instruments without demutualising.
The changes were passed into law by the Morrison Coalition Government in April 2019. The changes had bipartisan support and came after four years of BCCM led industry advocacy starting with the 2016 Senate inquiry into Co-operatives, Mutuals and Member-Owned Firms, and culminating in the 2017 Hammond Review into access to capital for mutuals and co-operatives.
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