THE House Committee on Economics will scrutinise the Australian Prudential Regulation Authority (APRA), as part of its review of the performance and strengths of Australia’s financial and banking regulator.
The Chair of the committee, David Coleman MP, said ‘the hearing will enable the Committee to scrutinise APRA on its performance and operation, including the adoption of “unquestionably strong” capital benchmarks for the four major banks, and further measures to reinforce sound residential mortgage lending practices.
The committee is also likely to scrutinise APRA on other activities relating to the banking sector, including its inquiry into governance and culture at the Commonwealth Bank.
APRA is the prudential regulator of Australia’s financial services industry. It oversees banks, credit unions, building societies, general insurance and reinsurance companies, life insurance, private health insurance, friendly societies, and most of the superannuation industry.
Public hearing details: 11.15 am to 1.15 pm, Wednesday 13 September, Committee Room 2R1, Parliament House, Canberra
11.15am – 1.15pm: Australian Prudential Regulation Authority (APRA) 1:15pm: Close
THE House Committee on Economics will scrutinise the Australian Securities and Investments Commission (ASIC), as part of its review of the performance and operation of Australia’s corporate regulator.
The Chair of the committee, David Coleman MP, said ‘the hearing will provide the Committee with the opportunity to scrutinise ASIC on its role in promoting investor and consumer confidence, and in enforcing Australian corporate law.’
ASIC regulates Australian companies, financial markets, financial services organisations and professionals who deal and advise in investments, superannuation, insurance, deposit taking and credit. ASIC is empowered to protect consumers against misleading or deceptive and unconscionable conduct affecting all financial products and services, including credit.
Public hearing details: 12.15 pm to 1.55 pm, Thursday 14 September, Committee Room 2R1, Parliament House, Canberra
12.15pm – 1.55pm: Australian Securities and Investments Commission 1:55pm: Close
THE House Committee on Tax and Revenue will hear tomorrow from the Australian Small Business and Family Enterprise Ombudsman about the factors that can drive a small business into the cash economy.
Chair of the Committee, Kevin Hogan MP, said that the Committee’s inquiry into taxpayer engagement has heard that small business operators can struggle to meet tax obligations through no fault of their own.
“Small businesses can struggle with their tax obligations because larger businesses fail to pay them by agreed times. Phoenix activity, where a company goes bankrupt to avoid paying taxes as well its contractors and suppliers, is another major contributor to small business stress and insolvency,” Mr Hogan said.
The Ombudsman’s Office was established to assist small businesses and family enterprises should they find themselves involved in dispute with clients, other businesses or Commonwealth government agencies. The Ombudsman also plays a key role in reviewing government policies and regulations to ensure these are ‘small business friendly’.
“In April this year the Ombudsman released a report on payment times and practices which clearly showed the relationship between late payments, small business stress and tax avoidance. The Committee values the opportunity to explore these findings with the Deputy Ombudsman and to discuss the relatively high level of small business non-compliance recorded by the ATO,” Mr Hogan said.
Public hearing details: 4.15 pm to 5.15 pm, Wednesday 13 September, Committee Room 2R1, Parliament House, Canberra.
CROPLOGIC LIMITED (ASX: CLI) (CropLogic), the predictive decision support system for agricultural growers, has received its official admission letter from the ASX, and is set to list on the Australian Securities Exchange (ASX) today, September 12, 2017 at 11am (EST).
The Company is also pleased to announce that with the market’s impressive response to the Company’s Prospectus offering, announced on 14 July, and further to the announcement on 16 August 2017, that the offer was fully subscribed, offers in excess of $9 million were received through the IPO process. As such the Company closed the offer with the fully subscribed target of $8 million through the issuing of 40 million ordinary shares at an issue price of $0.20 per share, with $5 million of the capital raised underwritten by Hunter Capital Advisors.
This follows previous successful capital raisings including the oversubscribed $2 million Pre-IPO round as announced on 10 May 2017 with a total in excess of $11 million being raised in the preceding 12 months.
Jamie Cairns, Managing Director of CropLogic, said: “CropLogic’s ASX listing is the foundation for our international growth plans, and we are delighted to have witnessed such a tremendous response from the market. Hunter Capital Advisors have certainly delivered for us after initially closing out our pre-IPO raise in such a concise manner and then the recent IPO process subsequently being oversubscribed.
“The funds raised will be used to grow the business, fund market development, research and development and provide a healthy level of working capital.”
The Initial Public Offering (IPO) comes after previous funding rounds that have been well received with CropLogic announcing in May 2017 that it had oversubscribed its $2 million pre-IPO funding round in preparation for the Company’s anticipated listing on the ASX.
CropLogic’s listing on the ASX also follows the Company’s recent announcement of the acquisition of North-West USA-based agronomy services company, Professional Ag Services Inc. The acquisition provided CropLogic with strategic access to the lucrative North American agricultural industry, and an established immediate channel to further the Company’s presence and develop grower and processor relationships in the three key agricultural states in the USA.
ABOUT CROPLOGIC
Building on technology developed over 30 years out of The New Zealand Institute for Plant and Food Research, a New Zealand Crown Research Institute, and over 600 field trials in four nations, the CropLogic system gathers field data, via in-field sensors coupled with satellite communications, before processing that through its proprietary technology to provide decision support to growers to help them improve the productivity of their crops.
Successful trials of the CropLogic system have been completed on potatoes in China, USA, Australia and New Zealand with four of the major multinational potato processors. Further to this, CropLogic is poised to start trials of the CropLogic system in other commodities such as corn, wheat, soybean and cotton.
CropLogic currently serves approximately 60,000 acres of high-value crops in the USA.
STRENGTHENING Australia’s strategic commitment to its Indian Ocean Territories whilst supporting the economic and social wellbeing of local communities was the key focus of a report released today by the Joint Committee on the National Capital and External Territories.
The Committee’s inquiry examined the strategic importance of the Indian Ocean Territories, located off Australia’s northwest coast.
Committee Chair, Ben Morton MP, said, “The inquiry canvassed the changing regional security environment and security contingencies in the Indian Ocean region—home to growing economies and an important trade route for Australia. The region is witnessing growing competition among growing powers, and these rapidly expanding interests in the region require a deeper understanding of this dynamic strategic environment.”
The Committee recommended that the Australian Government support the development of both defence and multi-purpose infrastructure in the region and strengthen Australia’s multilateral engagement with its Indo-Pacific partners. The Committee also recommended an inquiry at least every five years that considers the Indian Ocean Territories and Australia’s engagement with the Indian Ocean region more broadly.
Mr Morton said that there was an underlying need for the Australian Government to engage more actively with local communities on Christmas Island and in the Cocos (Keeling) Islands.
As part of the inquiry, the Committee had the opportunity to meet with and hear from local residents who live and work in the communities on Christmas Island and in the Cocos Islands.
In highlighting the Committee’s recent visit to the Indian Ocean Territories, Mr Morton noted, “It was clear that the local communities are interested in contributing to the decision-making process regarding the Australian Government’s activities on the Islands”. This, he said, was one of the themes of the Committee’s report.
Mr Morton was particularly appreciative of the contribution to the inquiry by local communities, and noted that “the Committee is immensely grateful to the communities on Christmas Island and in the Cocos (Keeling) Islands for their warm welcome, openness and constructive dialogue during our visit.”
The Committee’s report and further details about the inquiry—including submissions, terms of reference, and the public hearing transcripts—can be obtained from the Committee’s website.
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