THE newly established House Select Committee on Nuclear Energy will kick start its public hearing program in Canberra today. The parliamentary committee has been established to inquire into and report on the consideration of nuclear power generation in Australia.

The committee will hear from Federal Government departments including the Department of Climate Change, Energy, the Environment and Water (DCCEEW); the Department of Industry, Science and Resources (DISR); the Department of Foreign Affairs and Trade (DFAT) and the Department of Defence, and government agencies including the Australia Nuclear Science and Technology Organisation (ANSTO) and the Commonwealth Scientific and Industrial Research Organisation (CSIRO), among others.

Committee Chair, Dan Repacholi MP, the Federal Member for Hunter, said, "The committee is looking forward to opening its public hearing program with a day of ‘scene setting’ evidence from government departments and agencies who play a role in federal nuclear energy policy and legislation in Australia. The committee hopes this will provide an opportunity for a productive discussion of the fundamental issues around nuclear power generation in Australia.”

Mr Repacholi explained the committee intends to hear from communities across Australia that would be impacted by the Opposition’s nuclear energy plan. In the coming weeks and months, the committee will also call on a broad range of experts to explore the financial, environmental, technical, and legal implications of developing nuclear energy in Australia, among other issues.

The hearing can be accessed online. Programs for all hearings and further information about the inquiry,  including the inquiry terms of reference are available on the committee’s website.

The Committee on Nuclear Energy is seeking submissions by Friday, November 15.

Public hearing details

Date: Thursday, 24 October 2024
Time: 9am to 5:15pm (AEDT) (approximately)
Location: Main Committee Room (MCR), Australian Parliament House, Canberra.

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THE Joint Standing Committee on Treaties will hold the third public hearing today in Perth for its inquiry into the Agreement among the Government of Australia, the Government of the United Kingdom of Great Britain and Northern Ireland, and the Government of the United States of America for Cooperation Related to Naval Nuclear Propulsion (AUKUS agreement).

The proposed AUKUS agreement will establish a framework to enable the exchange of information and transfer of material and equipment between Australia, the United Kingdom and the United States of America to deliver nuclear-powered submarine capability to Australia.

Committee Chair, Lisa Chesters MP, said, "The committee has heard a wide range of perspectives in its first two hearings for the proposed AUKUS agreement and is looking forward to hearing from local witnesses on the potential impacts the agreement will have on Perth.

"The purpose of the agreement is to facilitate Australia’s acquisition of nuclear-powered submarines. The committee’s inquiry will continue to examine whether the provision of these submarines will provide Australia with a strategic defensive advantage and whether the agreement is ultimately in Australia’s national interests."

At the public hearing, the committee will hear evidence from Stop AUKUS WA, Nuclear Free WA and the Conservation Council of WA. Prior to the hearing, the committee will visit HMAS Stirling and HMAS Henderson to view the proposed sites where AUKUS facilities will potentially be built.

The hearing can be accessed online. The committee will hold its next public hearing in Canberra on October 24. Programs for all hearings and further information about the inquiry is available on the committee’s website.

Public hearing details

Date: Tuesday 22 October 2024
Time: 2pm to 3pm (AWST) (approximately)
Location: Anglesea 1, Mercure Perth, 10 Irwin Street, Perth

2pm - 3pm: Stop AUKUS WA, Nuclear Free WA, Conservation Council of WA

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THE House of Representatives Standing Committee on Economics will hold public hearings by videoconference on Friday, October 25 with representatives of the Australian Prudential Regulation Authority (APRA) and the Australian Securities and Investments Commission (ASIC).

The hearings are for the committee’s reviews of the APRA Annual Report 2023 and ASIC Annual Report 2023. The public hearings will be broadcast live at aph.gov.au/live.

The committee’s Chair, Daniel Mulino MP, said that both regulators had given valuable evidence to the committee’s recent inquiries into flood insurance and economic dynamism, and the committee looked forward to exploring other important areas of their work.

“ASIC and APRA have crucial responsibilities supporting the stability and vitality of Australia’s markets and financial system,” he said.

“Both regulators have broad remits – particularly ASIC – and their performance has a huge impact on commerce and personal finance in this country. It is appropriate that they face regular parliamentary scrutiny, and this committee’s reviews of their annual reports are a part of that.”

More information about the reviews and upcoming public hearings are available on the committee’s website.

Public hearing details

APRA

Date: 25 October 2024
Time: 9am to 11am
Location: Videoconference

ASIC

Date: 25 October 2024
Time: 1.30pm to 3.30pm
Location: Videoconference

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

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THE House Standing Committee on Economics has released its report on the inquiry into insurers’ responses to 2022 major floods claims.

Chair of the committee, Daniel Mulino MP, said the title Flood failure to future fairness reflected “the collective failure by insurers to meet their obligations to policyholders after the 2022 floods, and our hope for a fairer system in the future through the 86 recommendations in this report".

Dr Mulino said, "Too many cases were badly mishandled. Inconsistent decision-making meant neighbours received different outcomes after the same event. Long delays caused emotional, mental health and financial strain. More than two years on, many people still can’t go home. Initial offers were often too low, which was especially problematic for cash settlements.”

Recommendations in the report include:

• registration of the General Insurance Code of Practice with ASIC; and that the code be made enforceable through insurance contracts;
• standardising key terms across all insurance contracts through legislated definitions, including “rainfall runoff”, “storm surge”, “wear and tear” and “lack of maintenance”;
• new regulatory guidance by ASIC to clarify that insurers cannot deny claims based solely on expert reports that do not link the damage observed with the reported cause, including for hydrology and building reports;
• requiring insurers to provide guidance to policyholders on any maintenance obligations up front, and that there be a presumption of coverage in cases where maintenance would be infrequent, costly and highly irregular (for example, stumps);
• requiring insurers to make a decision on whether to accept or deny a claim within 12 months, and if that doesn’t occur, that they be required to accept the claims in full;
• requiring insurers to report key data on claims management performance to ASIC quarterly and, after a natural disaster, monthly; and that this data be published at the insurer and brand level, along with data on breaches of the Code of Practice.

Dr Mulino also highlighted recommendations to address inadequate temporary accommodation arrangements.

“At present,” he said, “the maximum guaranteed length often falls short of the actual time it takes to complete the rebuild. The committee heard heartbreaking stories of families moving from motel to motel at short notice for months, only to end up camping in sheds and backyards after their allowance expired after 12 months – regardless of whether repairs on their home are complete. 

"We believe insurers should, by default, assume the risk of how long it takes to complete works, and to bear the cost of temporary accommodation.”

The report also recommends that insurers be required to give at least three months’ notice of any changes to their temporary accommodation arrangements.

Dr Mulino also noted evidence heard on policy exclusions for pre-existing damage or lack of maintenance applied to parts of a building unobservable by policyholders, such as stumps.

“Policyholders often pay premiums for decades with neither the insurer nor the insured knowing the state of the stumps,” he said.

“It is understandably frustrating when, after a flood, the floorboards are taken up and an insured person or family is told that they won’t be paid out due to the condition of the stumps. This aspect of coverage almost becomes a lottery,” Dr Mulino said.

“The committee recognises that insurers should not assume the risk of all pre-existing damage, but stumps are an example where too much risk is being placed on households. The committee recommends that insurers should generally take on this responsibility.”

The report also responds to the growing number of uninsurable properties at very high risk. Dr Mulino said “some form of government intervention” would be needed for such properties, and that guiding principles for such intervention include the need for ongoing community and household level mitigation investment, and that no further development should occur in high-risk areas. Specific recommendations include:

• disclosure of flood risk levels through property conveyancing and rental agreements;
• exploring regulatory mechanisms to discourage banks from financing new housing developments at a 1-in-100 flood risk or higher;
• changes to building codes to boost flood resilience;
• extending the Bushfire Resilience Rating App to flood risk;
• requiring insurers to reduce premiums after household-level mitigation works;
• further development of buyback and resilience programs for the highest-risk properties.

Further information on the inquiry as well as a copy of the report can be obtained from the inquiry website.

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