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Utilising benefits of Australia’s free trade agreements: Final report published

THE Joint Standing Committee on Trade and Investment Growth has completed its inquiry into the understanding and utilisation of benefits under free trade agreements.

Throughout the inquiry the Committee heard from experts about how to ensure businesses and communities can take advantage of trade opportunities. The Committee focussed on the extent to which small and medium sized enterprises, First Nations, and diaspora communities are able to engage with trade.

The Chair of the Committee, Mr Steve Georganas MP, said: “This inquiry highlighted the strength of Australia as a trading nation and the remarkable success that so many Australian businesses have had in making the most of the opportunities presented by international trade.

However, there is untapped potential. We must continue to ensure that more Australian businesses and communities are able to participate if we are to maximise the economic and social benefits of trade for all Australians.”

The Committee’s report makes thirteen recommendations to Government to boost access of Australian business to the benefits of trade, including by:

  • Publishing more information and data on the uptake and utilisation of trade agreements.
  • Developing a strategy to build awareness and capacity for Australian businesses to engage with trade and trade agreements, including through collaboration with industry bodies.
  • Continuing to work proactively with industry to identify and resolve non-tariff barriers to trade, including advocating for greater standards harmonisation.
  • Accelerating initiatives to streamline requirements and processes involved in accessing trade agreements, particularly relating to rules of origin and certificates of origin.
  • Creating a strategy for enhanced targeted education and outreach programs among groups such as small and medium sized enterprises, First Nations, and diaspora communities.
  • Supporting research to better understand how and to what extent different participants in the economy engage with and benefit from trade and free trade agreements.
  • Providing communications material and trade facilitation initiatives in non-English languages to more effectively engage with local diaspora communities.

Throughout the inquiry, the Committee held public hearings in Canberra, Melbourne, Sydney, and virtually, in addition to receiving 35 written submissions from businesses, industry groups and peak bodies, government agencies, community organisations, academics, and individuals.

The Committee would like to thank all those who have taken part in the inquiry by providing written submissions and giving evidence at public hearings.

The Committee’s final report can be found on the inquiry webpage alongside further information about the inquiry, including the terms of reference, published submissions, and public hearing transcripts.

 

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Share your volunteering ideas now

WITH ONLY THREE DAYS to go until the submission deadline for the Parliamentary Inquiry into Volunteering, Volunteering Queensland is urging volunteers and organisations to have their say. 

“Every person and organisation who has been involved in volunteering can make a valuable contribution. Every story, every idea can help improve the future,” Volunteering Queensland chief executive Jane Hedger said.

“You don’t have to submit a formal document – just an email telling your volunteering story and what you would like to see change will do.” 

Volunteering Queensland believes this inquiry has the potential to create a positive legacy for decades to come.  
“There is so much more we can do to raise awareness of the need for volunteers and make volunteer experiences more rewarding and effective,” Ms Hedger said.

“Our vision is a volunteering ecosystem in which people are able to easily find and engage in meaningful acts of service in their community.

“The Inquiry provides an opportunity to strengthen the foundations of communities across Queensland, especially as we move towards the 2032 Olympics & Paralympics during which volunteers will play a pivotal role.” 

Volunteer numbers are declining and, as Ms Hedger said, it is essential that this trend is turned around as the need for volunteers is growing. 

“This inquiry is a crucial opportunity to have your say.” 

The Inquiry into Volunteering Queensland is accepting submissions until Friday,  February 28. Find more information about the Inquiry and how to make your submission on the Volunteering Queensland website (click here).

 

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House Select Committee releases interim report for nuclear power inquiry

AS PART of its inquiry into nuclear power generation in Australia, the House of Representatives Select Committee on Nuclear Energy has released an interim report.

The committee was established to inquire into and report on the consideration of nuclear power generation, including deployment of small modular reactors, in Australia.

The committee has held 19 public hearings across Australia, which took important evidence from a range of stakeholders. The committee heard from global nuclear experts about the milestones and recommended approach for deploying nuclear power generation were the existing state and federal prohibitions on nuclear power in Australia lifted.

Evidence was also received from representatives of Australia’s science, energy and climate sectors — including federal government agencies responsible for Australia’s existing nuclear activities — who advised on key considerations and challenges for deployment in the Australian context. Many stakeholders, including First Nations, environment and community groups, commented on social licence issues for deploying nuclear power in Australia.

Chair of the committee, Dan Repacholi MP, the Federal Member for Hunter, said, "This interim report focuses on two key issues that have dominated the evidence we’ve received to date: whether nuclear power generation could be rolled out in Australia in an acceptable timeframe, and how affordable it would be – particularly compared to alternative power generation technologies currently available in Australia.

"From the evidence considered by the committee to date, it is apparent that it could be well into the 2040s before we might see nuclear energy generated in Australia if that form of energy generation were to be pursued. This would be too late to meaningfully support the achievement of Australia’s climate and energy targets or to help our coal power plant workforce and communities as we transition away from coal power," he said.

"We also heard that nuclear power is more expensive than the alternatives both to build and to use. As a country with no previous nuclear power experience, we were told that Australia could experience a 100 percent premium on the estimated cost to build nuclear reactors – a cost that taxpayers would likely have to pay."

On the question of small nuclear reactors, Mr Repacholi said, "Given they are still in the conceptual design stage and are not commercially available, small nuclear reactors simply don’t measure up as a viable option for powering Australia in the foreseeable future compared to proven solar and wind technologies which are already being rolled out and generating power."

The interim report states it does not present the committee’s final views or recommendations.

The committee thanked all those who contributed to the inquiry to date through written submissions, correspondence and giving evidence at public hearings.

The interim report and further information about the inquiry can be found on the Committee's website.

 

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Speaker flies the Australian Parliament House flag in Sydney

THE Speaker of the House of Representatives, Milton Dick MP, is bringing the Australian Parliament House (APH) Flag Roadshow to schools across Sydney.

Under this program, the iconic flag that usually flies above Parliament House in Canberra will travel across Sydney, accompanied by local Members of Parliament, visiting local schools.

Over the next two days, the Speaker will take the APH National Flag to:

  • Heathcote High School, with the Federal Member for Hughes, Jenny Ware MP;
  • Gladesville Public School, with the Federal Member for Bennelong, Jerome Laxale MP;
  • Box Hill Public School, with the Minister for Communications and the Federal Member for Greenway, the Hon Michelle Rowland MP; and
  • Mimosa Public School, with the Federal Member for Mackellar, Dr Sophie Scamps MP.

This is an extension of the Speaker’s existing civics program to increase access to civics education and opportunities to experience Australian democracy, outside Canberra.

The APH Flag Roadshow program is designed to promote Australian democracy and is a gateway to broader discussions about civic engagement.

"The massive, iconic Parliament House Flag is something our young Australians should have the opportunity to see in real life," the Speaker said.

"This is an important way we can encourage students to develop an interest in and understanding and appreciation of the Australian National Flag – in a very practical way.

"I look forward to working with MPs from across the political spectrum, to deliver this program to schools across the country."

The APH Flag Roadshow complements the Parliament in Schools program, established by the Speaker in September 2022. An initiative to bring Parliament to regional and remote schools across Australia who may not get the opportunity to visit Canberra.

The Parliament in Schools Program has been delivered to over 145 schools across Australia by the Speaker, in collaboration with the Parliamentary Education Office and local Members of Parliament.

 

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Economics Committee releases report on the four major banks

THE House Standing Committee on Economics has released its report on Australia’s four major banks, concluding a series of annual public hearings throughout the 47th Parliament with executives from CBA, Westpac, ANZ and NAB.

These hearings are a key part of the committee’s long-standing role in scrutinising the major banks, a practice upheld since the 45th Parliament.

Chair of the Committee, Daniel Mulino MP, said, "The banks play a critical role in the economy and in the daily lives of Australians. Households and businesses have faced inflation, a sustained period of rising interest rates, and cost of living pressures. Mindful of this, the committee focused on how the banks are safeguarding both their institutions and the customers who rely on them."

The report highlights the significant influence of banks across many aspects of the economy and the importance of rigorous scrutiny to ensure transparency, accountability and responsible banking practices. It details key discussions on:

  • the financial position of households and businesses amid ongoing economic pressures, as observed by the banks;
  • the adequacy of the banks’ efforts to combat scams and protect consumers, particularly in the evolving social media landscape;
  • the decline of cash services and concerning trends on branch closures, and whether the banks are properly supporting Bank@Post as an alternative;
  • the evolving payments landscape, including concerns over surcharging on card payments at a time where the cost of living is elevated, and the banks’ influence in this space;
  • the banks’ perspectives on housing affordability and supply challenges; and
  • the banks’ commitments to environmental, social, and governance initiatives and their progress in meeting these responsibilities.

The committee also raised concerns about bank culture and conduct, noting that despite progress made since the Financial Services (Hayne) Royal Commission more than five years ago, serious issues persist.

Dr Mulino said, "The committee remains concerned about ongoing cultural and governance challenges within the banks. Recent developments—such as the increase in variable bonus caps for lenders and ASIC’s investigation into alleged misconduct by ANZ—demonstrate that parliamentary scrutiny of bank conduct remains essential."

Further information on the inquiry as well as a copy of the report can be obtained from the inquiry website.

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