THE House of Representatives Standing Committee on Economics will hear from key industry bodies, as well as from a range of financial advice firms at a public hearing via videoconference on Thursday July 29, 2021, as part of its ongoing Review of the Four Major Banks and other Financial Institutions.

The chair of the committee, Tim Wilson MP, said, "These hearings are an important mechanism for the Parliament to publicly scrutinise and hold Australia’s financial advice sector to account.

"Many Australians turn to financial advisers and mortgage brokers to help them navigate important financial decisions, such as finding the right mortgage or determining how to best invest in and secure their retirement. It is essential that Australians can trust that financial advisers and mortgage brokers are always acting in their client’s best interests, rather than the interests of the adviser or any third parties.

"The committee is looking froward to hearing what lessons have been learned by the industry over the course of the pandemic and what policy changes and technological innovations have been adopted in light of the Hayne Royal Commission.

"There is ongoing anger and frustration from financial advisers about regulation surrounding their sector, the Committee will also scrutinise the justification and consequences that lead to financial advisers leaving the sector and the increasing limit of financial advice to those who cannot afford upfront payments."

Following the Financial Advice hearing, IFM Investors will appear before the committee from 4.15pm for a superannuation sector hearing.

Public hearing details

Financial Advice

Date: Thursday, 29 July 2021
Time: 9am to 3.45pm
Location: Videoconference

Superannuation

Date: Thursday, 29 July 2021
Time: 4.15pm to 5.15pm
Location: Videoconference

The hearings will be webcast at aph.gov.au/live.

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THE Joint Standing Committee on Treaties will be on a virtual road trip this week as part of the committee’s inquiry into the Regional Comprehensive Economic Partnership Agreement (RCEP).

RCEP is a regional free trade agreement between Australia and the countries of ASEAN, China, Japan, the Republic of Korea and New Zealand.

Committee chair Dave Sharma MP said, "The committee will be holding three virtual public hearings this week, including witnesses from Sydney, Melbourne, Perth, Brisbane, and Canberra. Unfortunately, COVID-19 restrictions have meant the Committee is unable to hold these hearings in-person as planned."

The committee will discuss a broad range of issues associated with RCEP, including trade in goods, intellectual property, services, health, and human rights.

Public hearing details

​Tuesday 27 July 2021
Time: 9.30am – 11.30am AEST
The program for this hearing is available online.
​The hearing can be accessed online.

Wednesday 28 July 2021
Time: 10am – 12 noon AEST
The program for this hearing is available online.
​The hearing can be accessed online.

​Friday 30 July 2021
Time: 10.30am – 12.30pm AEST
The program for this hearing is available online.
​The hearing can be accessed online.

Further information on the inquiry can be found on the inquiry website.

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THE COVID-induced Australian construction boom has led to a timber shortage that has a growing number of buyers turning to Sweetman Renewable Timbers (SRT) in an effort to shore up supply.

Australian federal and state governments have recognised the potential of the industry to help lead the post-COVID economy revival, with the latest round of government budgets directing a quarter of a trillion dollars to infrastructure projects from 2020-21 to 2023-24, Deloitte Access Economics figures show. 

The value of total building work done in Australia during the March quarter rose 3 percent to $30.4 billion compared with the previous quarter, according to the Australian Bureau of Statistics, while new homes being built jumped 40.6 percent compared to the March quarter of 2020.

The Housing Industry Association said the record volume of building has led to material shortages.

At the same time, the 2019-2020 bushfires and lack of new plantation investment over more than a decade have further exacerbated the chronic timber product supply, which is having serious implications for building and construction activity. A division of Sweetman Renewables Ltd, SRT’s sawmill and timber processing facilities in the Hunter Valley, NSW is the only hardwood sawmill between Sydney and Newcastle, and is built on the sawmilling business established by the Sweetman family a hundred years ago.

SRT’s managing director for timber, Campbell McInnes commented on the company's direction, “We are working to strengthen long-term timber products supply arrangements with major timber wholesalers, and other companies in the building products supply chain.

"This will include expanding existing hardwood sawmilling capacity, increasing the production of quality hardwood products from certified forests and plantations. We are also seeking to develop additional avenues of log supply and timber products sources.

“With expanded opportunities for authorised log supplies, SRT will be able to make a valuable contribution to timber products supply to wholesalers, merchants and to construction and building customers.”

Sweetman Renewables chairman John Halkett said the company had a focus squarely on quality timber production and sustainable forest and plantation management via SRT, plus its biomass to renewable energy initiatives through its Sweetman Biomass division.

"Sweetman Renewables is proud of its ability to make a meaningful contribution towards sustainability, carbon storage and renewable energy that will collectively assist climate change abatement,” he said.

As well as planning capital expenditure to improve sawmilling and timber processing productivity, SRT will have the capacity to offer a wide range of timber products through an expanded timber products supply capability that includes a collaborative arrangement with a major timber products wholesaler, with a network of wholesale facilities across Australia.

“Our increased synergies across the supply chain will assist in strengthening the commercial performance of SRT’s sawmilling and timber processing operation in the Hunter Valley. This will also bring positive regional development and employment opportunities to the region,” Mr Halkett said.

www.sweetmanrenewables.com.au

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THE Parliamentary Trade and Investment Growth Committee is continuing its program of public hearings on July 27 and 28, in relation to its inquiry into the prudential regulation of investment in Australia’s export industries.

The Committee Chair, George Christensen MP, said that, after the committee heard from export industries in the inquiry’s first hearing, the committee is interested to hear from financial and investment groups about risks and opportunities associated with Australia’s export industries.

"Australia’s export industries rely on financial institutions for investment, insurance, and to launch new projects. The committee is looking forward to hearing how these institutions can support growth in Australia’s export industries, which contribute so much to Australia’s economy," Mr Christensen said.

Witnesses include the Australian Banking Association and Australia’s Big Four banks, representatives of the superannuation and insurance sectors, unions, and investor advisory groups.

Public hearing details

Date: Tuesday, 27 July 2021
Time: 9am – 4.55pm

Date: Wednesday, 28 July 2021
Time: 10.40am – 4.15pm

Due to the public hearings being held by videoconference and teleconference, public access will be available via the live broadcast at aph.gov.au/live. Further information about the Committee’s inquiry, including the public hearing programs, is available on the Committee’s webpage.

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