Chair of the Defence Sub‑Committee, Senator Linda Reynolds CSC, said the Sub-Committee will hear from representatives from the defence industry, unions, academia and Defence on the risks and benefits of reaching a bipartisan agreement on defence capability planning.
“Strategic planning for Australia’s Defence is one of the fundamental tasks of government,” Senator Reynolds said. “The Sub-Committee looks forward to meeting with defence industry experts to explore options for providing long-term stability for the planning of Australia’s Defence capabilities, including a possible bipartisan defence agreement.”
Public hearing details: 9:00am to 2:30pm, Friday 23 February, Committee Room 1R3, Parliament House, Canberra
The full program for Friday’s hearing is available from the committee’s website.
THE House of Representatives Standing Committee on Economics will conduct public hearings on 11, 12 and 19 October in Canberra as part of its ongoing scrutiny of Australia’s four major banks.
The Chair of the committee, Sarah Henderson MP, stated that "these hearings provide an important mechanism to hold the four major banks to account before the Parliament".
"The hearings will be conducted shortly after the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry hands down its interim report which is due by 30 September 2018. This will provide the committee with an important opportunity to scrutinise the banks on a range of matters including the interim findings of the Royal Commissioner," Ms Henderson said.
The committee has held three rounds of hearings and published three reports in November 2016, April 2017 and December 2017. The committee has made a suite of recommendations for banking reform, which have been broadly adopted by the Government.
Key reforms to improve outcomes for Australian consumers to date include: putting in place a one-stop shop for consumer complaints, the Australian Financial Complaints Authority; a regulated Banking Executive Accountability Regime; and, new powers and resources for the ACCC to investigate competition issues in the setting of interest rates.
The Government also adopted the committee's recommendations to establish an open data regime and change the regulatory requirement for bank start-ups in order to encourage more competition in the sector.
AS AUSTRALIA’s leading peak body for the retail industry, the Australian Retailers Association (ARA) is calling for a competitive corporate tax rate to sustain growth and drive prosperity for the country’s $310 billion sector.
Russell Zimmerman, Executive Director of the ARA, said the ARA works hard to advocate and support employers and employees working in the sector as the Australian retail industry employs 10% of the working population.
“The current trading environment has seen many retailers doing it tough, with last year’s retail trade figures averaging a 2.76 percent year-on-year growth, and retail trade growth down more than 1 percent on the 50 year average in 2017, the Government needs to intervene and offer some relief to the struggling industry,” Mr Zimmerman said.
“At 30 percent, Australia has one of the highest corporate tax rates in the advanced economic world, making it difficult for retailers to invest in jobs growth and increased wages that would benefit the economy.”
The ARA insists the present corporate tax rate currently discourages international and Australian businesses from investing in Australia and calls on all sides of politics to drive investment and accept the economic benefits tax cuts will create.
“The current corporate tax rate discourages international and Australian businesses from investing in Australia and providing further job opportunities, as many Australian and offshore businesses choose to invest in, and headquarters overseas,” Mr Zimmerman said.
“The Senate needs to cooperate with the Government’s plan to lower the corporate tax rate below 25% so local retailers are able to invest in their businesses and grow the Australian economy.”
Retailers have told the ARA that balancing rising cost pressures with low sales growth and a high-tax environment, it is becoming increasingly difficult with some retailers even struggling to pay their rent.
“As retailers are already struggling in a volatile trading environment, the ARA will continue to advocate for a reduced company tax rate before it stifles future employment and growth,” Mr Zimmerman said.
“The Australian retail industry currently employs more than 1.2 million people. If the corporate tax rate is not reduced to be more in line with our international counterparts, employees and the underemployed will be the ones who suffer, as employees are the heart and soul of retail.”
About the Australian Retailers Association:
Founded in 1903, the Australian Retailers Association (ARA) is Australia’s largest retail association, representing the country’s $310 billion sector, which employs more than 1.2 million people. As Australia’s leading retail peak body industry, the ARA is a strong pro-active advocate for Australian retail and works to ensure retail success by informing, protecting, advocating, educating and saving money for its 7,500 independent and national retail members throughout Australia. For more information, visit www.retail.org.au or call 1300 368 041.
THE Joint Standing Committee on Electoral Matters has extended the submission deadline for its inquiries into matters relating to Section 44 of the Constitution and on the Electoral Legislation Amendment (Electoral Funding and Disclosure Reform) Bill 2017.
The submission deadline for both inquiries is now March 9, 2018.
THE Australian Small Business and Family Enterprise Ombudsman (ASBFEO) has welcomed the passing of legislation to establish the Australian Financial Complaints Authority (AFCA) last week..
Ombudsman Kate Carnell said she is particularly pleased with the more flexible definition of a small business as fewer than 100 employees and a rise in the compensation cap for agricultural small business of up to $2 million.
“And is good to see that a small business will be able to seek resolution of a dispute where the credit facility is up to $5 million and potentially receive compensation of up to $1 million,” Ms Carnell said.
“Small businesses do not have the time or the money to hire lawyers and challenge banks and other financial institutions through the court system.
“This will significantly improve small businesses access to justice, which we raised in our Small Business Loans Inquiry last year.
“The AFCA one-stop-shop will be free, fast and binding, and will provide the forum where the needs of small business are understood, which we hope will significantly reduce the need for litigation.
“We look forward to when AFCA will open its doors later this year.”
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