The committee will hear evidence from knowmore, who provide free legal advice and support to redress applicants, as well as the Department of Social Services, which is responsible for administering the scheme.
The public hearing will commence at 10am (Canberra time).
Committee Chair Senator Catryna Bilyk said, "The committee has heard evidence from applicants and their advocates about how some redress outcomes have been assessed. We intend to provide an opportunity for the Department of Social Services to respond to this evidence.
"This will assist the committee with making recommendations to government on how the scheme could be improved."
The committee is continuing to accept submissions. There is no fixed closing date.
Full details of what the inquiry is examining can be found in the terms of reference on the committee’s website. An easy English guide on how to make a submission is also available.
THE House Standing Committee on Economics released its report Better Competition, Better Prices: Report on the inquiry into promoting economic dynamism, competition and business formation on March 26, 2024.
After presentation and publication, a transposition error was identified in Recommendation 33 (at paragraph 6.106) resulting in repeated text in the first dot point of the recommendation. The recommendation, as adopted by the Committee, is meant to read:
Recommendation 33
6.106 That the Treasury Competition Policy Taskforce examine mechanisms to increase consumer engagement with mortgages and deposit products. Initially, this could take the form of pilots of one or more of the following:
A requirement that banks reach out to variable rate consumers with older home loans (3 or more years) once per year to review their product, prompting them to consider both price and non-price factors.
A requirement that banks should notify the base interest rate at the end of the introductory period where a retail deposit product is offered.
A requirement that banks should clearly notify retail deposit holders of changes to their interest rates, changes to the eligibility requirements for a bonus interest rate and, where practicable, alert customers when they are approaching a threshold for eligibility for a bonus interest rate (e.g. a minimum balance level).
That APRA provide an independent benchmark (or series of benchmarks) for variable rates for new/switching customers over the preceding 12 months. That this benchmark be published for use by mortgage brokers and financial advisers to improve their capacity to contact new clients to improve churn rates.
The online version of the report will be updated once a corrigendum can be presented in the House in a future sitting week.
Further information on the inquiry as well as a copy of the report can be obtained from the inquiry website.
The committee examined the challenges faced by unpaid carers and options for reforming the Carer Recognition Act 2010 (the Act).
Chair of the Committee, Susan Templeman MP, said, "Despite the best of intentions, the Act has not encouraged a cultural change in how public service agencies and their associated providers interact with and support carers.
"This is because the Act is unenforceable, contains weak and vague statements without clear calls to action, and relies on a voluntary and inconsistent reporting system with little oversight or accountability.
“It is critical that carers have the right to be acknowledged as partners in care, to be involved in planning and policy development, to be provided with information regarding the person they care for in order to provide care, and to be able to access flexible work arrangements.
“I acknowledge the important work of the former Committee Chair, the late Peta Murphy MP, who led this inquiry until her death in December 2023. Peta was committed to making a difference in public life and brought compassion, intellect, integrity, and good humour to her work with the Committee and in everything she did,” Ms Templeman said.
The report makes 22 recommendations, including:
modernising and extending the definition of carer in the Act to be more inclusive of the diversity of caring roles, and ensuring this definition is harmonised across all relevant legislation;
seeking legal advice to determine how best to establish rights for carers;
creating stronger obligations on public service agencies to reflect the principles of the Act;
improving carers’ access to the supports they need, such as respite options and counselling, through Carer Gateway;
prioritising carers’ health and wellbeing, and providing targeted support for First Nations and culturally and linguistically diverse carers, through the new National Carer Strategy;
addressing the financial disadvantages carers experience over their lifetime, including supporting flexible work arrangements, introducing an income tax credit for carers returning to the paid workforce and consideration of other options to incentivise and recognise the impact of caring through the income tax and superannuation systems;
implementing a community education campaign to promote recognition and awareness of carers’ rights and the diversity of carers, to address gender stereotypes and reduce stigma, and to drive positive workplace cultures;
ensuring there is more comprehensive data to inform policy and to track outcomes;
requiring a review of the operation and effectiveness of the Act and the National Carer Strategy every five years.
The report and further information about the inquiry is available on the inquiry webpage.
THE House Standing Committee on Economics has released its report from the inquiry into promoting economic dynamism, competition and business formation. The report’s name, Better Competition, Better Prices, emphasises the outcomes the committee is seeking through its 44 recommendations.
Chair of the Committee, Dr Daniel Mulino MP said, “The committee’s wide-ranging and comprehensive report is the culmination of 14 months of evidence gathering and analysis from numerous sectors of the economy. The committee received more than 60 submissions from stakeholders across industry and government and followed up with many stakeholders and other experts at a series of 18 public hearings.
“Thanks to this evidence and interaction with industry and regulators, the committee has pinned down some of the key factors that have led to the stalling of productivity growth in Australia over the past decade.
“Australia has had one of the highest standards of living in the world thanks to decades of high productivity. However, the data is showing declining competition and dynamism as measured by the high market share of leading firms, the profit margins in key sectors, and a declining rate of firm entry and exit in some sectors.
“Australia needs to lift its game when it comes to competition and economic dynamism because together they drive innovation, which in turns drives productivity. In the short term, this will put downward pressure on prices, thereby improving the cost of living -- and it will place a check on poor corporate behaviour towards consumers.
“If we don’t tackle this challenge, future generations will also be far poorer than they might have been,” Dr Mulino said.
Dr Mulino said it was pleasing that there had been action in relation to a number of issues raised throughout the inquiry.
“This includes progress on mergers law; the regulation and measurement of non-compete clauses; the regulation of landing slots at Sydney Airport; and the announcement of a regulatory grid for the financial services sector.”
Dr Mulino said the report put forward practical steps that would help turn things around, including changes to the regulatory settings regarding mergers law and non-compete clauses.
“Furthermore, government spends tens of billions of dollars procuring services. The efficiency and effectiveness of this procurement could be improved by including more social enterprises and SMEs and through better designed auctions and panels."
The report also sets out options for introducing behavioural prods in the banking sector, as outlined by the ACCC’s Retail Deposit Inquiry report, to ensure fairer outcomes for consumers.
“Additional mortgage products for consumers could also be considered, such as tracker mortgages and residential backed mortgage securities,” Dr Mulino said.
Some of the key outcomes included in the Committee’s 44 recommendations are:
Recommendations aimed at bolstering the economic and market data collected by government agencies, the ability for those agencies to use that data, as well as access to that data by appropriate third parties, with appropriate controls;
Recommendations to improve competition law and policy, including reforms to the mergers framework and non-compete clauses;
Recommendations to reduce red tape for growing businesses and endeavours and to reduce regulatory impact or enable better analysis of potential impact, as well as enable the government to stimulate market growth in areas of need and improve access to government procurement, services and data for wider market players;
Recommendations for pilot programs and improvement in mortgage and deposit products from banks, as well as improved regulation of the financial services market; and
Recommendations for improvement in digital platforms, the aviation sector, retail markets, and interoperability of markets within the economy.
“Australia is at a crossroads,” Dr Mulino said. "This report identifies the many opportunities -- at an economy-wide level and at a sectoral level -- for meaningful reform that not only produces immediate benefits for consumers but that also delivers higher standards of living for future generations.
"I commend the recommendations and the information that informed them to both governments and the market for a way forward for the betterment of the Australian economy,” Dr Mulino said.
Further information on the inquiry as well as a copy of the report can be obtained from the inquiry website.
The Foreign Influence Transparency Scheme (FITS) was established to provide the public with visibility of the nature, level and extent of foreign influence on Australia’s government and politics. The scheme creates an obligation for people and organisations who undertake certain activities on behalf of a ‘foreign principal’ (a foreign government or political party, or a related entity or individual) to be listed on a public register.
During the inquiry, the scheme was criticised for its limited effectiveness in achieving its intended transparency outcomes. The committee noted with concern the low number of registrations and minimal compliance and enforcement activity during the six years since the scheme was established.
Chair of the PJCIS, Peter Khalil MP said, “The committee was satisfied that the scheme’s objective of shining a light on both legitimate and malign foreign influence activities in our society remains worthwhile and necessary.
“Nevertheless, given the significant flaws in the scheme, the committee considers that substantial reform is required if the FITS is to meet its original intent and justify the compliance burden and resources required to administer it.”
The committee’s bipartisan report makes 14 recommendations to improve the scheme and its administration, including by amending the current FITS Act to:
Update key components of the definition of ‘foreign principal’, including to capture a wider range of company, governance and management structures that can enable a foreign principal to exert control over an entity.
Review all current and potential exemptions to the scheme to ensure they are operating as intended and are not being exploited for the purpose of covert malign influence.
Insert new enforcement options into the scheme, including the ability for the Secretary of the Department to register a person who is liable to register but has failed to do so.
The committee has also recommended that the government review the resourcing of the administering department of the FITS to ensure both the level and capacity of its staffing is sufficient.
The Foreign Influence Transparency Scheme is distinct from, but sits alongside, the framework for combatting espionage and foreign interference in Australia. The committee has recommended that Australia’s espionage and foreign interference laws should also be referred to it for review.
Further information on the inquiry can be obtained from the Committee’s website.
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