Skip to main content

Business News Releases

Four major banks to face further Parliamentary scrutiny

THE House of Representatives Committee on Economics will conduct further public hearings with Australia’s four major banks in October as part of its ongoing scrutiny.

The committee’s First Report was published in November 2016, following on from the initial public hearings in October. The committee affirmed the ten recommendations of its November Report in April 2017 following on from the further public hearings held in March of this year. In the May Budget, the Government broadly adopted nine of the Committee’s ten recommendations.

Recommendations adopted by the Government relating to the banking sector include a one-stop-shop for consumer complaints, a regulated executive accountability regime, and new powers and resources for the ACCC in investigating competition issues in the setting of interest rates.

The committee’s mandate from the Government to review the banking sector is ongoing. The Chair of the committee, Mr David Coleman MP, stated that "these hearings provide an important mechanism to hold the four major banks to account before the Parliament."

The hearings with the banks will be held across two days in October. In finalising the dates for the hearings, the committee took into account the views of AUSTRAC in relation to its current proceedings against the Commonwealth Bank. The allegations against the Commonwealth Bank are extremely serious and the committee notes that a Case Management meeting is scheduled for September 4.

Public hearing details: 
Wednesday, 11 October, 9.15 am to 4:15 pm, 
Committee Room 2R1, Parliament House, Canberra

9.15am  12.15pm Westpac
1.15pm  4.15pm ANZ

Friday, 20 October., 9.15 am to 4.15 pm, Committee Room 2R1, Parliament House, Canberra

9.15am  12.15pm NAB
1.15pm  4.15pm CBA

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

 Interested members of the public may wish to track the committee via the website

ends

  • Created on .

Interim report on modern slavery in global supply chains

THE Foreign Affairs and Aid Sub-Committee of the Parliament’s Joint Standing Committee on Foreign Affairs, Defence and Trade has tabled its interim report for its inquiry into establishing a Modern Slavery Act in Australia.

The Sub-Committee is investigating whether elements of the UK Modern Slavery Act 2015 could be introduced in Australia, particularly the UK requirement for businesses and organisations to report on how they ensure their global supply chains are free of slavery and human trafficking.

The Sub-Committee’s interim report, Modern slavery in global supply chains, summarises the evidence heard so far on the issue of global supply chain reporting. The report highlights the strong support from businesses, unions and NGOs for the introduction of supply chain reporting requirements for businesses and organisations operating in Australia. The report also highlights support for an Independent Anti-Slavery Commissioner to coordinate and oversee Australia’s response to combatting modern slavery.

The report recommends that the Australian Government consider introducing a Modern Slavery Act in Australia, including supply chain reporting requirements and an Independent Anti-Slavery Commissioner. The report also offers in-principle support for a number of proposed elements of a Modern Slavery Act and identifies areas for further consideration in the Sub-Committee’s final report.

Chair of the Foreign Affairs and Aid Sub‑Committee, Mr Chris Crewther MP, said the Sub-Committee welcomed the Australian Government’s recent announcement supporting a mandated modern slavery reporting requirement for businesses and organisations operating in Australia, as well as a central repository.

“We have a unique, once-in-a-lifetime opportunity to take the lead on stamping out modern slavery for good, particularly with over 30 million victims in our region.”

“Let us not miss the opportunity to continue taking strong action on this issue. I look forward to working with the Sub-Committee for the remainder of this inquiry to recommend, then see implemented, strong action to eradicate this appalling crime. Modern slavery must stop.”

The Sub-Committee’s inquiry into modern slavery continues and its final report will address the other important issues raised by submitters and witnesses including support for victims, Australia’s visa framework and orphanage trafficking.

The interim report is available from the committee’s website: www.aph.gov.au/modernslavery.

 Interested members of the public may wish to track the committee via the website

ends

  • Created on .

New research to protect Defence aircraft

MINISTER for Defence Industry, Christopher Pyne MP, today announced a new research agreement with industry to explore innovative technologies for protecting Australian Defence Force aircraft against missile threats.

Minister Pyne said this five-year agreement with Chemring Australia was signed in Adelaide today as part of the Defence Science and Technology (DST) Group Partnerships Week, and was a big step towards improving the countermeasures deployed to protect our aircraft.

“Chemring Australia and DST Group will explore capabilities and advanced techniques for the manufacture of high performance countermeasures that hide aircraft from radar detection and deflect heat-seeking missiles,” Minister Pyne said.

“The research will also examine the use of more efficient manufacturing technologies, such as resonant acoustic mixing, and novel concepts for pyrotechnic device. 

“This partnership will allow the development of an advanced flare capability to provide protection against increasingly sophisticated missile systems.

“I welcome these agreements which are designed to give Defence a capability edge. Chemring Australia specialises in the manufacture of countermeasures, sensors, and energetic systems.”

Partnerships Week is an annual external engagement event open to invited representatives from industry, academia, research agencies, Defence and stakeholders from the Science, Technology, Engineering and Mathematics community.

DST Group also leads the $730 million Next Generation Technologies Fund which complements the Defence Innovation Hub launched last year, as the core of the new Defence Innovation System outlined in the Defence Industry Policy Statement.

These two signature innovation research and development programs, together with the Centre for Defence Industry Capability, deliver on the Government’s $1.6 billion commitment to grow Australia's defence industry and innovation sector.

ENDS

  • Created on .

Modernising the grid from Canberra to Brisbane

THE House of Representatives Environment and Energy Committee will hold two public hearings this week for the inquiry into modernising Australia’s electricity grid.

On Thursday, the Committee will hear from researchers from the Australian National University, the University of Melbourne, the University of New South Wales, and the University of Sydney at a public hearing in Canberra.

On Friday, the Committee will travel to Brisbane to hear from representatives of the agricultural sector, along with ERM Power and the University of Queensland Energy Institute.

The Chair of the Committee, Mr Andrew Broad MP, said the Committee was seeking to gather a range of perspectives on the electricity system. “The hearing in Brisbane is a valuable opportunity for the Committee to hear about the importance of electricity supply in the agricultural sector,” Mr Broad said.

The Deputy Chair of the Committee, Mr Pat Conroy MP, said the Committee was looking forward to hearing from energy researchers about the changing nature of the grid. “The Committee is keen to hear about the latest research into the electricity transmission and distribution system, and about opportunities to modernise the grid,” Mr Conroy said.

As part of the inquiry, the Committee is encouraging members of the community to share their views on the electricity system via an online questionnaire.

Further information about the inquiry, including submissions from organisations appearing at the hearings, is available on the inquiry website.

 

Canberra public hearing details:
9:45 am to 11:15 am, Thursday, 17 August, Parliament House, Canberra

Brisbane public hearing details:
1:30 pm to 3:30 pm, Friday, 18 August, Parliament House, Brisbane


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

Interested members of the public may wish to track the committee via the website

ends

  • Created on .

ARA's #StateOfXmas 2016 Report highlights why retailers are snowed under at peak peeriods

WITH Christmas 2017 fast approaching, the Australian Retailers Association (ARA) are proud to release the findings from the #StateOfXmas 2016 report.

The ARA have partnered with Temando to discover how retailers are tapping into the benefits of shipping and fulfilment technology to excel over the Christmas trading period.

The #StateOfXmas report produced a number of findings. One key message from the report identified how a lack of innovation and unavailability of in-demand shipping options currently cause friction in the online shopper’s journey, which severely impacts the performance of Australian retailers over the festive season.

With sales in the 2016 Christmas period declining by 0.1 percent against a forecast rise of 0.3 percent, #StateOfXmas comes just in time for the 2017 holidays.

ARA Executive Director Russell Zimmerman said the report highlights an opportunity for retailers to embrace change, especially in the face of increasing online competition locally and abroad.

“Traditional systems and out-dated processes are crippling many retailers – preventing them from providing seamless end-to-end shopping experiences to the multitude of consumers in a cost-effective manner,” Mr Zimmerman said.

“As Christmas is the biggest trading period of the year, it is important that retailers re-think their shipping and fulfillment strategies to give them a competitive edge.”

The #StateOfXmas report found that despite consistently high demand from shoppers, a lack of variety in shipping options is leading to an increase in cart abandonment. However, retailers who succeeded in improving their shipping and fulfillment processes enjoyed a range of benefits including better customer satisfaction, operational efficiency and conversions.

Temando’s Vice President of Marketing, Hamish Grant said those retailers who improved their shipping and fulfilment practices will reap the rewards from the 2017 Christmas trading period.

“Last-minute shoppers need to know that their holiday orders will arrive in time, but only 2 percent of retailers provided extended after-hours or weekend delivery over this period,” Mr Grant said.

“Standard cut off times are already limiting Christmas transactions, so retailers focused on capitalising on this season must offer quick, easy and fast shipping options that work for every type of shopper.”

Mr Zimmerman echoed Mr Grant’s comments and said the #StateOfXmas results speak for themselves.

“Retailers will enhance their profit margins when they improve their shipping and fulfilment practices. These wins will not only extend customer lifetime value, they’re absolutely essential for survival,” Mr Zimmerman said.

To download a copy of the #StateOfXmas report please click here.

 About the Australian Retailers Association:

Founded in 1903, the Australian Retailers Association (ARA) is the retail industry’s peak representative body representing Australia’s $310 billion sector, which employs more than 1.2 million people. The ARA works to ensure retail success by informing, protecting, advocating, educating and saving money for its 7,000 independent and national retail members throughout Australia. For more information, visit www.retail.org.au or call 1300 368 041.

ends

  • Created on .