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Committee to examine mobile payment and digital wallet financial services and supply chain financing

THE Parliamentary Joint Committee on Corporations and Financial Services will examine cutting edge developments in Australian financial services across three days of hearings next week.

On July 26 and 27, the committee will mainly consider the nature of commercial relationships and business models operating within the mobile payment and digital wallet financial services ecosystem.

On July 28, the committee will explore supply chain financing. Aspects of supply chain financing will also be examined in days one and two as two witnesses are scheduled to give evidence in relation to both inquiries.

Committee Chair, Andrew Wallace MP, said the mobile payment and digital wallet inquiry would provide the committee with an opportunity to understand the way mobile payments and digital wallets are developing as major players in Australia’s e-commerce ecosystem.

"Australians are usually early adopters of technology," Mr Wallace said. "Many of the submissions received so far have highlighted that Australia is emerging as one of the largest users of contactless payments in the world.

"COVID-19 has further escalated the adoption of digital payment options, so it is important for this committee to explore the commercial relationships and business models that currently support these popular payment methods,’ Mr Wallace said.

The committee is keen to hear from providers of these financial services about the relationship they have with merchants and vendors and how this influences the end user, the consumer. Consideration will also be given to international commercial arrangements and what impact these have on Australian consumers, competition, and pricing.

"In order for us to be on the front foot in delivering a safe and secure digital wallet system in Australia’s e-commerce landscape, we need to ensure the adequacy and performance of Australia’s legislation, regulations, self-regulation, industry codes, standards and dispute resolution arrangements," Mr Wallace said.

On the third day the committee will hear evidence related to the use of supply chain financing in Australia’s business environment.

"We know that the supply chain financing market in Australia has had a slower uptake than North America and Europe, for example, but we are nevertheless keen to get a greater sense of how this kind of financing is being used to support business operations in Australia and any associated risks," Mr Wallace said.

"The recent collapse of supply chain financing firm Greensill has thrown a spotlight on this finance mechanism and the committee considers that the time is right to take a preliminary examination of supply chain financing to determine whether the regulatory settings are fit for purpose prior to determining whether a full parliamentary inquiry should be undertaken."

Committee website: Parliamentary Joint Committee on Corporations and Financial Services – Parliament of Australia (aph.gov.au)

 

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AWU welcomes the NSW Government's recognition of the 'future of gas'

THE Australian Workers' Union (AWU) has welcomed the NSW Government's 'Future of Gas Statement,' which has reaffirmed the government's commitment to the Narrabri gas project as well as increasing pipeline infrastructure to provide access to markets.

The statement aims to provide industry, regional communities and farmers on the role gas will play in supporting economic prosperity and future land use for gas exploration.

AWU national secretary Daniel Walton said the Future of Gas Statement was an important clarification of the important role gas had to play in the future of the state.

"The Narrarbi gas project has the potential to help Australian workers in a range of ways and I'm glad to see the NSW Government commit to these today," Mr Walton said.

"Connecting NSW directly to the Australian Gas Supply Hub in Wallumbilla will be a crucial move, given the current pipeline has been at capacity during the current high market.

"Crucially, the AWU has long emphasised the important and special role gas has in supporting manufacturing. We are therefore very happy to see a Special Activation Precinct (SAP) at Narrabri underway to enable opportunities for energy-intensive manufacturing, like fertiliser and plastics manufacturing, to be located near a secure and reliable gas supply," Mr Walton said.

"Gas from Narrabri can complement renewable energy initiatives by firming the grid, and the strict regulations will ensure all production is harmonious with other nearby land uses.

"We also welcome the commitment to invest in opportunities for the use of hydrogen in hybrid with natural gas and eventually as a replacement fuel."

Mr Walton said while the bulk of the statement was positive, the continued commitment to LNG important terminals remained confusing.

"Australia has abundant gas reserves. The idea that we would be setting up facilities to 'import' gas via ships is bizarre and future Australians will scratch their heads that this concept was entertained," Mr Walton said.

"Australian buyers should not have to 'import' gas the same way gas-poor nations in our region have to. Local manufactures are lucky enough to operate in a country with abundant gas, they just need their governments to introduce measures to shore up affordable supply."

 

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Upgrades to Defence Training Areas and Ranges in the Northern Territory

THE Parliamentary Standing Committee on Public Works will scrutinise a $747 million proposal from the Department of Defence to provide essential upgrades to facilities and infrastructure at four existing Defence training areas in the Northern Territory at a public hearing on Thursday July 22, 2021.

The inquiry into the Department of Defence, United States Force Posture Initiatives Northern Territory Training Areas and Ranges Upgrades will examine the need and cost effectiveness of the proposed upgrades to: Robertson Barracks Close Training Area; Kangaroo Flats Training Area; Mount Bundey Training Area; and Bradshaw Field Training Area in the Northern Territory.

Public hearing details

Date: Thursday, 22 July 2021
Time: 3.30pm to 4.30pm (AEST)
Location: via teleconference

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

The Parliamentary Standing Committee on Public Works is not involved in the tendering process, awarding of contracts or details of the proposed works. Inquiries on these matters should be addressed to the relevant Commonwealth entities. 

For more information about this committee, visit its website.

 

 

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Aquaculture Committee travels to the Northern Territory

THE House Agriculture and Water Resources Committee will travel to the Northern Territory next week to hear from a range of stakeholders as part of its inquiry into the Australian aquaculture sector.

The hearings and several site visits in the Darwin region will form part of the committee’s inquiry into the Australian aquaculture sector.

Committee Chair, Rick Wilson MP, said aquaculture businesses and research organisations will be among the witnesses appearing before the Committee, including: Humpty Doo Barramundi, Paspaley Group, and the Northern Territory Government, with representatives from the Darwin Aquaculture Centre.

"These hearings will contribute significantly to the existing body of evidence for this inquiry," Mr Wilson said. "The committee looks forward to discussing opportunities for the expansion of the aquaculture sector in northern Australia.

"We look forward to hearing from aquaculture enterprises about their experiences running successful ventures. It will be particularly useful to learn about present challenges and how the government can help redress concerns around biosecurity, environmental management, and current regulatory frameworks," Mr Wilson said.

For further information, visit the inquiry website.

Public hearing details

Date: Monday, 26 July 2021
Time: 10.10am to 12.10pm ACST
A live audio stream of the hearing will be accessible at www.aph.gov.au/Watch_Read_Listen.

 

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Indigenous Affairs Committee to conduct final hearings for participation inquiry

THE Indigenous Affairs Committee will this week speak with representatives from the Department of Finance, Indigenous Business Australia, the National Indigenous Australians Agency, Supply Nation, Accor Hotel Group, and Voyages Indigenous Tourism in the final series of public hearings for its Inquiry into Pathways and Participation Opportunities for Indigenous Australians in Employment and Business.

Committee Chair, Julian Leeser MP, noted that this discussion would offer key stakeholders an opportunity to make final observations on matters which have arisen throughout the inquiry.

"The committee looks forward in particular to discussing the merits of current government procurement and employment policies, as well as suggested improvements which have been canvassed by various stakeholders," Mr Leeser said.

"The committee has been focused throughout this inquiry on ways to overcome some of the barriers to employment and business for Indigenous Australians. These final hearings will shed further light on opportunities to do this through various Government programs," Mr Leeser said.

Public hearing details

Date: Thursday, 22 July 2021
Time: 12pm to 5pm AEST

A live audio stream of the hearing will be accessible at www.aph.gov.au/Watch_Read_Listen.

A full program will be available at the inquiry website.

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