WITH THE IMPACT of COVID-19 still being felt around the country, executives from Australia’s four major banks will appear before a parliamentary committee in hearings over the next two Fridays to discuss their response to the pandemic.

Chair of the House of Representatives Economics Committee, Tim Wilson MP, said the hearings are part of the parliament’s role in publicly scrutinising and holding Australia’s four major banks to account.

"The Economics Committee and I are keen to discuss the banks’ response to the pandemic with the benefit of hindsight and bring forward new issues about Australia’s economic recovery," Mr Wilson said.

"Since the start of the pandemic, the Australian Government has introduced a range of support measures in cooperation with the banks. It’s really important that financial institutions are held accountable and that they are treating consumers fairly during what is a difficult time for many Australians.

"We are also keen to hear about the consequences of mortgage and small and medium business loan deferrals, and where there are opportunities for reform of responsible lending laws in light of the RBA Governor’s recent evidence to the committee."

In addition to COVID-19, the hearings will examine the four major banks’ progress in implementing the recommendations of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry.

"The committee will scrutinise the banks on how they are improving their practices and rebuilding trust in the sector. In particular, the committee will question banks regarding compliance issues that have continued to come to light, such as Westpac’s compliance failings in relation to its transaction reporting system," Mr Wilson said.

"Failures of this type have once again shaken the community’s trust in financial institutions, and these hearings give the committee an opportunity to follow up on how they can be prevented in the future so that the industry can regain the community’s trust."

For more information about the hearings, or to read transcripts from previous hearings, you can visit the Committee’s website.

Public hearing details

Date: Friday 4 September 2020
Time: 9.15am to 4.15pm
Witnesses: ANZ, CBA
Location: Via videoconference

Date: Friday 11 September 2020
Time: 9.15am to 4.15pm
Witnesses: Westpac, NAB
Location: Via videoconference

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

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THE Joint Standing Committee on the National Capital and External Territories will be briefed tomorrow by the National Capital Authority about issues relating to the nation’s capital.

The briefing will be broadcast live on the Parliament House website.

Committee Chair, Anne Webster MP said: "The Committee welcomes the opportunity to hear from the National Capital Authority about its role as custodian of the National Capital Plan and caretaker of the special character of Canberra as the nation’s capital.

"The Committee looks forward to discussing a range of matters during the briefing and being updated on the latest developments.”

Further information may be found on the Committee’s website.

Public hearing details

Date: Thursday 3 September 2020
Time: 11am to 11:45am

The hearing will be broadcast live at aph.gov.au/live. Due to the COVID-19 pandemic, committee hearings are not presently open for physical attendance by members of the public.

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BUILDING a National Cabinet consensus to deal cohesively and practically with the tension between the health and economic impacts of the virus is the overwhelming imperative to be drawn from the 7 percent fall in June quarter GDP, according to Master Builders Austrlaia.

“This is a fundamental requirement to instilling the confidence necessary to arrest the shocking drops in private sector demand and household spending that are driving the decline in economic growth,” Master Builders Australia CEO Denita Wawn said.

“Our industry is confronting forecast declines of 27 percent in home building activity and around 17 percent in commercial construction over the next 12 months,” she said.

“This will have a devasting impact on the nearly 400,000 businesses, the 1.2 million people they directly employ and negatively impact thousands more in the building supply chain and wider economy.

“That is why Master Builders is calling for bold action from the Federal Government in the Federal Budget which is now just over a month away.

“We want to see stimulus and policy measures that support economic growth. Investment in building and construction activity that gives back to the economy,” Ms Wawn said.

Ms Wawn outlined measures such as:

• Master Builders proposed CommunityBuilder grants scheme to activate and bring forward demand for building services through the Federal Government assisting community groups and not-for-profits with the cost of construction of new facilities and substantial maintence of existing ones.

•  Extending the life and expanding the scope of the highly successful HomeBuilder grants and First Home Deposit Scheme.

•   Introducing accelerated depreciation on capital works over the next two years for all property types.

•  Fast tracking construction pre-approved civil and social infrastructure.

• Funding to provide training and jobs to young people and new hope and opportunity whose jobs are displaced by the economic crisis.

• Complementary tax and regulatory reforms that lighten the load on business to maximise the effectiveness of government spending.  

“Rebuilding Australia from this recession is going to be a unique challenge. The building and construction has a major role to play and has been successfully navigating through the health challenges posed by the pandemic to continue providing jobs and economic activity,” Ms Wawn said.

“Boosting confidence through a National Cabinet consensus to deal with the economic and health challenges and Budget measures to bridge the gap in private demand are essential to providing a foundation for recovery."

www.masterbuilders.com.au

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ENERGY Networks Australia has welcomed the announcement today of the Regional Hydrogen Technology Clusters Seed Funding Program.

The National Energy Resources Australia (NERA) scheme aims to build the skills, capacities and commercialisation opportunities necessary to unlock Australia's enormous potential to create a global hydrogen export market.

Energy Networks Australia head of gas, Dennis Van Puyvelde, said it was good to see progress on actions outlined in the National Hydrogen Strategy.

"Technology clusters will support the development of different technologies to bring down costs of hydrogen production, transport and end-use," Dr Van Puyvelde said.

"Mapping the hydrogen landscape will create better opportunities to collaborate on technology development and integrate supply chains.

"Networks are already pushing ahead with hydrogen demonstration projects, with two already in operation and two more under construction."

More information on the future of gas in Australia can be found in Gas Vision 2050.

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