THE House of Representatives Standing Committee on the Environment and Energy is holding further public hearings in Canberra on the prerequisites for nuclear energy in Australia.

The Committee will hear from a number of witnesses during the course of these hearings. Full programs are available on the inquiry website at https://www.aph.gov.au/nuclearpower.

Public hearing details

Date: Wednesday, 16 October 2019
Time: 10:30am to 11:15am
Location: Committee Room 2R2, Parliament House, Canberra

Date: Friday, 18 October 2019
Time: 8:30am to 3:45pm
Location: Committee Room 1R1, Parliament House, Canberra

Date: Wednesday, 23 October 2019
Time: 10:30am
Location: Committee Room 1R4, Parliament House, Canberra

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

The Committee will announce any further public hearings on the inquiry website:  https://www.aph.gov.au/nuclearpower.

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A HIGH-POWERED GROUP of women and men are mobilising in a push to make sure that the pressing needs of women are not left out of the forthcoming retirement income review.

The group, coordinated by Women in Super, are pushing for the review’s terms of reference to be updated to specifically include women.

Women in Super Chair Cate Wood said it was vital the report take a thorough look at how policy settings combined with the structural, economic, social and demographic drivers are leaving increasing numbers of women without economic security in retirement.

“There is a crisis in women’s retirement happening all around us,” Ms Wood said. “Single retired women are the fastest growing group of people becoming homeless in this country.

“The rate of poverty for retired women also continues to increase, which is unsurprising given women retire on average with just over half the superannuation savings of men.”

Ms Wood said that while the terms of reference are broad, an explicit focus on women’s retirement outcomes was needed to ensure that the review did not miss an important opportunity to address the gender retirement gap.

Treasurer Josh Frydenberg announced the Review of the Retirement Income System in late September.

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THE Financial Services Council (FSC) has welcomed the passage of legislation ending grandfathered conflicted remuneration payments to financial advisers.

FSC CEO Sally Loane said the FSC has been consistent in its support for ending grandfathered conflicted payments, which was detailed in the FSC’s submission to the Royal Commission last year.

“It is encouraging to see the government acting promptly on the Royal Commission implementation roadmap and delivering on Recommendation 2.4, which is expected to benefit Australian consumers,” Ms Loane said.

“From 1 January 2021, as part of these reforms, where a conflicted remuneration is payable in contracts, the benefit must be passed through to the client.

“This is consistent with the FSC position of enhancing confidence in a strong, sustainable financial services sector, that serves Australians with integrity.”

These reforms remove remuneration arrangements that are today considered conflicted and also deliver an appropriate transition period for businesses.

“The FSC will continue working with government and relevant stakeholders to help ensure the effective implementation of the Royal Commission’s recommendations, set out in the government’s roadmap, and that the arrangements reached are workable for business,” Ms Loane said. 

About the Financial Services Council

The Financial Services Council (FSC) has more than 100 members representing Australia's retail and wholesale funds management businesses, superannuation funds, life insurers, financial advisory networks and licensed trustee companies. The industry is responsible for investing $3 trillion on behalf of more than 15.6 million Australians. The FSC promotes best practice for the financial services industry by setting mandatory Standards for its members and providing Guidance Notes to assist in operational efficiency. The FSC’s mission is to protect and enhance confidence in a strong, sustainable financial services sector that serves Australians with integrity.

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THE latest report from Gas Vision 2050 has been released by Energy Networks Australia and the Australian Pipelines and Gas Association (APGA) at the 2019 APGA Convention and Exhibition.

The Hydrogen Innovation – Delivering on the Vision report shows the significant progress made since the release of Gas Vision 2050 over two years ago with $180 million committed funding for hydrogen infrastructure projects.

Energy Networks Australia chief executive officer Andrew Dillon said that hydrogen was part of a sustainable energy solution and replacing natural gas with hydrogen would deliver a safe, reliable and zero-emissions fuel for customers.

“This report demonstrates that crucial innovation by networks is already underway to advance a hydrogen future,” Mr Dillon said.

“Networks are looking to renewable hydrogen made from solar and wind power to decarbonise our gas networks.”

APGA chief executive officer Steve Davies said developments in gaseous fuels signalled a promising future for gas as Australia’s energy system moved to a low carbon future.

“Natural gas already provides more energy than electricity, at lower emissions and less cost,” Mr Davies said.

“Gaseous fuels fit well with future energy needs as we decarbonise, providing diversity in energy supply which delivers great benefits for competition, reliability and security now and into the future.”

Trials are already underway, and some networks have made clear plans to blend hydrogen into existing gas infrastructure.

Energy Networks Australia has previously released research confirming that the injection of hydrogen into the gas distribution network can be done under current gas legislation.

There is a global focus on hydrogen as the way forward with 19 separate hydrogen roadmaps underway or completed around the world, including Australia.

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