THE House of Representatives Standing Committee on Economics will hold a public hearing with the Governor of the Reserve Bank of Australia (RBA), Dr Philip Lowe, in Sydney from 9.30am to 12:30pm on Friday, February 22, 2019.

Since the previous hearing with the RBA in August 2018, monetary policy has remained accommodative with a cash rate of 1.50 percent, following the RBA’s recent decision to leave interest rates unchanged.

Commenting on the decision to keep rates on hold, the RBA Governor noted that "the central scenario is for the Australian economy to grow by around 3 per cent this year and by a little less in 2020 due to slower growth in exports of resources".

"The housing markets in Sydney and Melbourne are going through a period of adjustment, after an earlier large run-up in prices. Conditions have weakened further in both markets and rent inflation remains low."

In relation to the inflation outlook, the Governor said, "Underlying inflation is expected to pick up over the next couple of years, with the pick-up likely to be gradual and to take a little longer than earlier expected. The central scenario is for underlying inflation to be 2 percent this year and 2¼ percent in 2020."

The Governor concluded that "the low level of interest rates is continuing to support the Australian economy. Further progress in reducing unemployment and having inflation return to target is expected, although this progress is likely to be gradual".

The Governor, at a speech on February 6, said, "Today, the probabilities appear to be more evenly balanced’ between an increase or decrease in rates".

It is also notable that in December, the Deputy‑Governor commented, "Quantitative easing is a policy option in Australia, should it be required."

The Chair of the House Economics Committee, Tim Wilson MP, said, "The committee will examine these issues in more detail and will ask the RBA if it remains confident that current monetary policy settings will encourage growth and inflation consistent with the target for coming years."

Public hearing details: 9.30am to 12.30pm, Friday, February 22, 2019, NSW Parliament, Macquarie Room, Macquarie Street.

The hearing will be webcast: http://www.aph.gov.au/Watch_Read_Listen

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THE House Infrastructure, Transport and Cities Committee inquiry into automated mass transit is shifting into turbo, with a hearing next week to investigate the potential convergence of new energy sources and automation.

Committee chair John Alexander said the Committee has seen at first hand the possibilities for the automation of public transport and the use of hydrogen fuel cells to power vehicles.

"The potential for cleaner, greener, more efficient transport systems is immense," Mr Alexander said.

"Automated high speed rail has the potential to revolutionise inter-city transport, creating a new pattern of settlement around Australia."

The committee will hear evidence from Hydrogen Mobility Australia, the Federal Chamber of Automotive Industries and the Australasian Railway Association at a public hearing on Tuesday.

In a submission to the inquiry, Hydrogen Mobility Australia noted that automation, connectivity and electric drivetrains are "inextricably linked in that they are complementary technologies". The Federal Chamber of Automotive Industries have added that hydrogen fuel cell development is taking place globally for a range of vehicle types including buses, trains, heavy trucks, material handling vehicles, as well as conventional motor vehicles.

In its submission to the inquiry, the Australasian Railway Association noted that greater use of automation will assist passenger and freight rail operators to increase their capacity.

Public hearing details: 5pm – 6.30pm, Tuesday, 19 February 2019 Committee Room 1R2, Parliament House, Canberra.

5pm: Hydrogen Mobility Australia and Federal Chamber of Automotive Industries

5.40pm: Australasian Railway Association

6.30pm: Close

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

THE Joint Committee of Public Accounts and Audit has commenced a new inquiry into cyber resilience, based on Auditor-General’s Report No. 53 (2017-18), Cyber Resilience.

Committee chair Senator Dean Smith said the cyber resilience of Commonwealth agencies continues to be a key focus of the Joint Committee for Public Accounts and Audit.

“Effective implementation of a comprehensive cyber security framework across Commonwealth agencies is critical to protect Australians’ privacy and Australia’s social, economic and national security interests from emerging cyber threats,” Senator Smith said.

The Committee invites submissions to the inquiry by March 4, 2019, addressing the terms of reference. A public hearing will be held in mid March.

Further information about the inquiry can be accessed via the Committee’s website.

The JCPAA is Parliament’s joint public administration committee. It scrutinises the governance, performance and accountability of Commonwealth agencies, and has the power to inquire into all expenditure of Commonwealth money.

The Committee examines all reports of the Auditor-General tabled in the Parliament and can inquire into any items, matters or circumstances connected with these reports.

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IN A HUGE BOOST to regional employment, Glencore has increased its apprenticeship intake by 74 in Queensland and 112 across its Australian mining operations, according to the Queensland Resources Council (QRC).

QRC chief executive Ian Macfarlane said this cohort of young women and men were embarking on a long and rewarding career in the resources sector.

“I congratulate Glencore for this significant increase in apprenticeship numbers which will bring life changing opportunities to these young apprentices,” Mr Macfarlane said.

“For example, Casten Lemson, who grew up in Charters Towers and moved to Mount Isa to complete Mount Isa Mines’ Indigenous Employment Program is now an apprentice diesel fitter with the company.

"Over 12 months the resources sector has created a job every 40 minutes which is helping drive down the state’s stubbornly high unemployment rate which is above 6 percent.

“When resources are doing well Queensland is doing well and this announcement is further proof of the sector creating more jobs," Mr Macfarlane said.

“These apprentices will also contribute to the billions of dollars paid in royalty taxes by the resources sector to the State Government to help pay for new schools, hospitals and roads. This year the State Budget is expected to receive $5.2 billion in royalty taxes from the resources sector."

In total, Glencore has 362 young men and women as apprentices based in regional communities throughout Australia.

www.qrc.org.au

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