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Major bank CEOs to face House Economics Committee

THE CEOs of Australia’s four major banks (ANZ, Commonwealth Bank, National Australia Bank and Westpac) will appear before the House Standing Committee on Economics in Canberra on  August 2024 29 and 30 for its review of Australia’s four major banks.

Committee Chair Daniel Mulino MP said it had been an eventful year for banking, from high interest rates and cost-of-living issues to huge losses from scams, allegations that ANZ manipulated the bond market, and banks playing a growing role in the green energy transition.

Dr Mulino said the committee looked forward to engaging with the major banks’ CEOs on these and other issues.

He said the committee’s scrutiny was timely, with most major banks at odds with the Reserve Bank’s messaging on future interest rate moves in the midst of a cost-of-living crisis.

“At our August 16 public hearing, the RBA Governor told us it is premature for commentators to be thinking about rate cuts, yet the major banks all predict an easing cycle in the near to medium term. We want to understand the reasoning.”

Dr Mulino said the committee would also ask how banks can better protect customers from increasingly sophisticated scams.

“Australians lost $2.7 billion to scams last year, with a marked increase in scams from social media," he said.

“The banks are obviously not the only powerful corporations in this space, but they are incredibly important—and many people are rightly calling on them to do more to protect vulnerable customers.”

Dr Mulino also said the committee was very concerned by recent allegations of misconduct by ANZ.

“The Hayne Royal Commission was a watershed moment in terms of resetting expectations about ethical conduct by banks,” Dr Mulino said. “One of our core roles since the Hayne Royal Commission has been regular public scrutiny of the banks through these hearings to discourage ethical backsliding, and the allegations against ANZ are obviously extremely serious.”

Programs for the hearings and more details about the inquiries are available on the committee’s website.

Public hearing details

Date: Thursday 29 August 2024
Time: 9.15am to 5pm AEST
Banks: CBA and Westpac
Location: Main Committee Room, Parliament House, Canberra

Date: Friday 30 August 2024
Time: 9.15am to 5pm AEST
Banks: NAB and ANZ
Location: Main Committee Room, Parliament House, Canberra

The public hearings can be viewed on demand, or via live YouTube feeds, at https://www.aph.gov.au/live.

 

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Master Builders statement on CFMEU administration

MASTER Builders Australia CEO Denita Wawn has welcomed "the swift action of government to appoint an external administrator to all branches of the CFMEU Construction and General Division".

“The appointment occurred within a day of the Fair Work (Registered Organisations) Amendment (Administration) Bill 2024 received royal assent," she said.

“This has been a long time coming and is a critical first step in getting the building and construction industry on the road to meaningful cultural change.

“Master Builders applauds the bipartisanship approach at federal and state levels to clear the way for the administrator, Mark Irving KC, to hit the ground running.

“This culture has existed for decades and has stifled productivity and increased the cost of construction at the expense of the community, taxpayers, jobs and small business.

“We all, whether as employers, workers or union members, deserve to work in an industry that is lawful, safe and free from corruption, coercion, bullying and intimidation," Ms Wawn said.

“Everyone in building and construction recognises the important role that unions play in workplaces but it’s clear some within the CFMEU have lost their way.

“History shows that the only way to comprehensively crack down on criminality and corruption is to tackle a poor culture underpinned by disregard for the rule of law.

"The relationship between employers and unions should be a constructive and mutually respective one and we hope this is the first step to achieving that goal.

“Master Builders urges all industry participants to come forward to report any conduct or potentially unlawful activity involving the CFMEU to the Fair Work Commission," Ms Wawn said.

“If we don’t learn from history, we will be doomed to repeat it. Permanent and lasting change requires long-term regulatory reform.

“The Federal Government must now move to establish a dedicated building and construction industry watchdog with real teeth.

“Australians expect a thriving and safe building and construction industry to deliver the roads, hospitals, schools and most importantly housing that they are crying out for.
“Master Builders will continue to work collaboratively with both the Government and Opposition to achieve a strong, safe, and prosperous sector,” Ms Wawn said.
 
 
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Committee considers reforms to better protect victim-survivors of family violence

THE House of Representatives Standing Committee on Social Policy and Legal Affairs will hold public hearings on Friday, 23 August 2024 and Friday, 30 August 2024 to further inform its inquiry into family violence orders.

Chair of the Committee, Susan Templeman MP, said, "While important changes to the family law system came into effect in May this year to ensure the safety of children is at the heart of every decision relating to parenting orders, we have heard there is more still to be done. These public hearings provide an opportunity to explore what the Australian Government can do to provide better access to family violence orders (FVO) and the effective enforcement of them.

"Family violence orders do not always serve their intended function of ensuring the safety of victim-survivors, for a range of reasons.

"In these hearings, the Committee will hear from advocacy groups, legal professionals and researchers to better understand the measures that are needed to keep victim-survivors safe. We are also interested in exploring how FVOs could be more accessible for victims of violence going through the family law system," Ms Templeman said.

Public hearings details

Date: Friday, 23 August 2024
Time: 9am to 2pm AEST
Location: Committee Room 1R4, Parliament House, Canberra and via videoconference

Date: Friday, 30 August 2024

Time: 10:30am to 4pm AEST
Location: via videoconference

The hearings will be live streamed on the APH website: www.aph.gov.au/live.

Further details about the inquiry, including published submissions and hearing programs, are available on the inquiry webpage at www.aph.gov.au/familyviolenceorders.

 

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First public hearing – Inquiry into Pacific Priorities

TODAY (August 22), the Foreign Affairs and Aid Subcommittee of the Joint Standing Committee on Foreign Affairs, Defence and Trade will conduct its second public hearing for its inquiry into Australia’s response to the priorities of Pacific Islands and countries in the Pacific.

The Subcommittee will hear evidence from Douglas Yu-tien Hsu, the representative of the Taipei Economic and Cultural Office (TECO) in Australia.

Chair of the Subcommittee, Josh Burns MP, said, "In this inquiry we are testing our understanding of the needs of Pacific Island countries and reflecting on Australia’s role in the Pacific. We are keen to hear from representatives from Taiwan about their views of the priorities of the Pacific and how they are engaging in the region.”

Further information, including the hearing program is available on the Inquiry webpage.

Public Hearing Details

Date: Thursday 22 August 2024
11:30am – 12:30pm (AEDT)
Committee Room 2R1, Parliament House, Canberra

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

 

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Treaties Committee recommends ratification of CITES, Tuvalu and Balloon treaties

THE Joint Standing Committee on Treaties (JSCOT) has tabled a report recommending the ratification of three major treaty actions.

These actions are:

  • Amendments to Appendices I, II and III of the Convention on International Trade in Endangered Species of Wild Fauna and Flora (CITES Amendments);
  • Australia-Tuvalu Falepili Union; and
  • Exchange of Notes to extend the Exchange of Notes constituting an Agreement between the Government of Australia and the Government of the United States of America to Amend and Extend the Agreement concerning the Conduct of Scientific Balloon Flights for Civil Research Purposes of 16 February 2006 (Scientific Balloon Treaty).

CITES is a multilateral environmental agreement that regulates the international trade in wild fauna and flora based on scientific assessments and analysis of international trade data. At the 19th Conference of CITES Parties, decisions affecting more than 500 species of animals and plants were made.

Amendments that have trade implications for Australia include regulation of the pygmy bluetongue lizard, requiem sharks, hammerhead sharks, guitarfish, sea cucumbers, and seven plant species.

Committee Chair, Lisa Chesters MP, said the CITES Amendments ‘"help tackle unregulated wildlife trade and address risks to conservation and animal welfare"

"Australia’s continued participation in CITES facilitates legitimate trade and enhances our relationship with other parties to the convention," Ms Chesters said.

The Australia-Tuvalu Falepili Union is a legally binding partnership between Australia and Tuvalu that enhances development, creates human mobility pathways and facilitates cooperation between the two nations on matters related to climate change and regional security. The partnership builds upon the existing relationship between Australia and Tuvalu and advances the national security interests of both nations.

Ms Chesters said, "The treaty elevates Australia’s existing relationship with Tuvalu and improves Australia’s standing in the Pacific through a display of good neighbourliness. This partnership is a signal to both Tuvalu and the broader Pacific of Australia’s commitment to finding solutions to the region’s security challenges."

The Scientific Balloon Treaty extends an agreement between Australia and the United States (US) that allows for the US to continue using existing facilities in Woomera for the launching, tracking, recording and recovery of scientific balloons in Australian territory.

"Cooperation on space-related activities between Australia and the US dates back to 1957 and the extension of this agreement ensures that both countries will continue to reap the benefits. Since 1957, the US has spent over $1 billion on space-related activities in Australia and Australian scientists have contributed to and benefited from the research conducted," Ms Chesters said.

The committee supported ratification and recommended that binding treaty action be taken for all three treaties.

The report can be found on the Committee website, along with further information on the inquiries.

Ms Chesters was elected as the new chair of the Joint Standing Committee on Treaties on Monday, August 19. On behalf of the other committee members, Ms Chesters has thanked the previous chair, Josh Wilson MP, "for his stewardship of the committee".

 

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