THE Joint Standing Committee on Northern Australia is holding a public hearing in Canberra on Friday, February 15, 2019, as part of its Inquiry into the Opportunities and Challenges of the Engagement of Traditional Owners in the Economic Development of Northern Australia.

The Committee Chair, Warren Entsch MP, stated that, "The Committee is interested to hear from Federal Government agencies about how Traditional Owners in Northern Australia can be supported to take advantage of economic opportunities. In particular, the Committee will examine the role of representative bodies, government entities, and any legislative, administrative and funding constraints to the economic engagement of Traditional Owners."

The hearing program and further information about the Committee’s inquiry is available on the Committee’s website: www.aph.gov.au/jscna. The hearing will be broadcast live at aph.gov.au/live.  

PUBLIC HEARING DETAILS:

Canberra

9.15am to 11.45am, Friday, February 15, 2019

Committee Room 1R2, Australian Parliament House

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LEGISLATION to implement the recommendations of the banking Royal Commission should be treated with the same diligence and rigor as any other new bills to be brought before parliament, Financial Services Council CEO Sally Loane said today.

In Canberra today, Ms Loane said the FSC understood the appetite for immediate reform and was broadly supportive of the Commission’s recommendations.

“With the release of the final report, there is a real and justifiable desire to get on with the job of strengthening and improving our financial system,” Ms Loane said.

“There are already several important superannuation reform bills languishing in Parliament that have not yet been passed into law. The FSC would like these passed without delay.

“The next tranche of financial system reform needs to be treated with the same rigor and scrutiny as any other legislation or regulation would receive.

“While we must move quickly to repair the sector’s damaged reputation and ensure that consumers are able to trust the people, products and services in our sector, it was only eight days ago that the final report of the Royal Commission was released by the Government. 

“In some important areas of reform, further information has been either been sought by Treasury or further analysis is required. We need comprehensive industry consultation to ensure that the unintended consequences of any technical changes are identified and dealt with.

“We cannot end up in a situation where well-intended reforms deliver poor customer outcomes down the track. It makes no sense to ram through new reforms in a way that could damage our economy, hurt small business or harm consumers.”

About the Financial Services Council

The Financial Services Council (FSC) is a leading peak body which sets mandatory Standards and develops policy for more than 100 member companies in Australia’s largest industry sector, financial services. Full Members represent Australia’s retail and wholesale funds management businesses, superannuation funds, life insurers, financial advisory networks and licensed trustee companies. Supporting Members represent the professional services firms such as ICT, consulting, accounting, legal, recruitment, actuarial and research houses. The financial services industry is responsible for investing almost $3 trillion on behalf of more than 14.8 million Australians. The pool of funds under management is larger than Australia’s GDP and the capitalisation of the Australian Securities Exchange, and is the fourth largest pool of managed funds in the world.

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WITH LEGISLATION passing through Parliament today, employers with 19 or fewer employees will have to report under the Single Touch Payroll (STP) regime by July 1, 2019.  Employers with 20 or more employees came under these reporting requirements as from July 1, 2018.

“While it is appreciated that not all small or micro businesses are digitally ready for STP, their accountant is in the driver’s seat to assist them to meet these new reporting obligations,” IPA chief executive, Andrew Conway said.

“In fact some 30 percent of small businesses are still not on a digital platform and while cost may be a factor, some may well be missing out on many efficiency and productivity benefits that could help their business grow.

“STP has been in the pipeline for a long time.  For those seeking a digital solution, the IPA partnered with Reckon to establish IPA Books+ which provides a low cost STP solution and is readily available to all members of the IPA Group,” Mr Conway said.

For a cost as little as $8 per month IPA Books+ provides a digital base to monitor the cash book, view budgets, process payments, GST, manage pay runs, leave, super and STP for an unlimited number of employees.

“We acknowledge that for some micro businesses, a non-digital option may be a better fit to manage STP requirements, in the short term," Mr Conway said.

“With such tools available, accountants are encouraged to contact us today to become Cloud Advisers to assist their clients transition.

"Public Accountants are in the best position to help their small business clients transition to the digital world,” Mr Conway said.

www.publicaccountants.org.au

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THE House of Representatives Standing Committee on Economics today tabled the fourth report of its ongoing inquiry into Australia’s four major banks.

In October 2018, the CEOs of CBA, Westpac, ANZ and NAB appeared before the committee, shortly after the release of Commissioner Hayne’s Interim Report.

The chair of the committee, Tim Wilson MP said, "The Royal Commission has revealed shocking examples of behaviour by Australia’s four major banks. The conduct has, in many cases, been contrary to law and has fallen well below community expectations."

Mr Wilson said, "Since the committee began its inquiry into the four major banks in October 2016, the Government has undertaken major reforms to the banking and financial sector, including increasing penalties to protect Australian consumers from corporate and financial misconduct.

‘The Government has also taken action to impose higher standards of behaviour on senior executives through the Banking Executive Accountability Regime and has set up a one-stop shop for consumer complaints," Mr Wilson said.

On February 4, 2019, Commissioner Hayne delivered the Royal Commission’s Final Report, charting a course for future reform of the banking and financial sector.

Mr Wilson said, "The Government has agreed to take action on all 76 recommendations and is going further in a number of important areas.

"As a consequence of their own actions, the banks now face a considerable challenge in rebuilding the community’s trust and confidence."

The report can be accessed from the committee’s website at:

https://www.aph.gov.au/Parliamentary_Business/Committees/House/Economics/completed_inquiries

The committee’s next round of hearings will occur on March 8 and 27, 2019. Further details are available at:

https://www.aph.gov.au/Parliamentary_Business/Committees/House/Economics/FourMajorBanksReview