REGIONAL Australia will be the focus of a new select committee launched today.
The Select Committee on Regional Australia will look at the contribution regional Australia makes to the nation’s identity, economy and environment. The effectiveness of existing programs to develop and promote regional centres, cities, towns and districts will also be examined.
"Regional Australia is more than just our food bowl," Mr Pasin said.
"Our regions provide enormous opportunities for investment, contribute significantly to our economy and national identity, and provide a quality of life beyond the congestion of our major cities.
"The committee is keen to examine how regional Australia can grow and prosper in a way that benefits everyone."
The committee is accepting submissions to the inquiry until mid-November. These can be made via the committee webpage at www.aph.gov.au/RegionalAustralia.
CHARTERED Accountants ANZ and CPA Australia strongly believe that accountants should be able provide services that benefit their clients and support the public interest.
But reintroducing a mechanism that, due its extreme limitations, is no longer relevant in this current, increasingly complex financial advice environment is unlikely to achieve this objective.
“There is widespread agreement amongst members that the current regulatory and licensing regime for strategic advice needs work,” said Simon Grant, group executive, advocacy and international.
“So rather than putting a band-aid over a very deep wound, we need to look at the issue holistically and find a solution for strategic advice that is fit-for-purpose, permanent and serves Australian mums and dads," Mr Grant said.
“Both professional bodies are undertaking extensive consultation to find a solution, ranging from a public practice member survey to nation-wide workshops to gather feedback."
Paul Drum, CPA Australia external affairs general manager said, “The objective of the Future of Financial Advice reforms was to ensure advice is in the best interests of clients and advice should not be put out of reach of those who would benefit from it, and this has arguably not been achieved,
“CA ANZ and CPA Australia are calling for a wholesale review of the current financial advice frameworks to address regulatory complexity.
“This complexity has been caused by years of layered regulatory reforms, without appropriate consideration to ensure these reforms are meeting their policy intent," Mr Drum said.
“The wholesale review must identify policy changes needed to ensure that consumers can access quality affordable advice from their choice of trusted adviser.”
The joint bodies submitted on behalf of members and in the public interest that:
Tax is a key consideration for the majority of financial planning strategies, it is material to the advice and recommendations and not incidental.
The accountants’ exemption only permitted the recommendation to either establish or wind up an interest in an SMSF. It was so limited that it did not even allow a recommendation to not establish an SMSF. Restoring such a limited exemption is not going to address the need to enable affordable, accessible and quality advice by trusted advisers.
Chair of the Committee, Barnaby Joyce MP, said he would like to get an overview of the whole nuclear industry.
"The Committee is receiving briefings on a broad range of issues and due to the high level of public interest in nuclear power decided to make this briefing open to the public," Mr Joyce said.
"We want to hear from a broad range of voices about nuclear power and see what part it has to play in Australia’s energy future. There is a broadening view that zero emissions baseload power can be delivered by nuclear energy."
The Chair, Andrew Hastie MP, said, "These further public hearings will allow for the Committee to hear more from key witnesses on the important issues being raised in this inquiry. The inquiry has raised a number of lines of evidence that the Committee wishes to interrogate further and these hearings will be crucial to pulling these many threads of evidence together.
"The complexity of this inquiry has also resulted in the Committee requesting extra time from the Attorney-General in which to report its findings, which was agreed to. The Committee will now report back to the Parliament by 28 November 2019."
"5G will transform the way we live and work, and provide opportunities for family life, industry and commerce. It will power smart homes and cities and provide new ways to experience entertainment, and at the same time transform transport, logistics and industry," Dr Gillespie said.
Dr Gillespie added, "5G is expected to be significantly faster than current mobile network technology, delivering more capacity and faster mobile data speeds for consumers. We want to hear about the opportunities and challenges of 5G."
For more information about the inquiry, including the terms of reference, visit the committee’s webpage at: www.aph.gov.au/communications \
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