Business News Releases

Diabetes inquiry to hear from pharmaceutical companies and manufacturers

THE Health, Aged Care and Sport Committee will hold a public hearing at Parliament House in Canberra as part of its inquiry into diabetes this Friday, March 22.

The committee will hear from a variety of pharmaceutical companies and manufacturers, including Dexcom/AMSL Diabetes, Eli Lilly Australia, Medtronic and Insulet Australia, who provide life-saving diabetes medications and equipment. The committee will also hear from Novo Nordisk, manufacturer of Ozempic.

Chair of the Committee, Mike Freelander MP, said, "Throughout the inquiry, the committee has heard a lot of evidence about patients’ experiences and challenges accessing and using life-saving medication, devices and equipment to manage their diabetes.

"This public hearing will explore steps that the Australian Government can take to improve access to these management and treatment options," Dr Freelander said.

Deputy Chair of the Committee, Melissa McIntosh MP, said, "The growing impact of diabetes in Australia, including the growing prevalence of the autoimmune disease type 1 diabetes, has been a core focus for this inquiry. At this hearing, we will also hear from Jane McDonald, a person living with type 1 diabetes, about her journey through diagnosis, treatment and management."

Public hearing

Date: Friday, 22 March 2024
Time: 8.45am – 5.30pm AEDT (Canberra time)
Location: Committee Room 1R3, Parliament House, Canberra

A program for the public hearing is available on the inquiry website. A live audio stream of the hearings will also be available on the APH website.

 

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Treaties Committee recommends ratification of Acts of the Universal Postal Union

THE Joint Standing Committee on Treaties has tabled a report recommending the ratification of the two treaty actions related to the Universal Postal Union.

First, Acts of the Universal Postal Union adopted by the 2nd Extraordinary Congress: Tenth Additional Protocol to the Constitution of the Universal Postal Union and Second Additional Protocol to the General Regulations of Universal Postal Union.

Second, Acts of the Universal Postal Union adopted by the 27th Universal Postal Congress: Eleventh Additional Protocol to the Constitution of the Universal Postal Union, Third Additional Protocol to the General Regulations of the Universal Postal Union, the Universal Postal Convention, the Final Protocol to the Universal Postal Convention, the Postal Payment Services Agreement and the Final Protocol to the Postal Payment Services Agreement.

The Universal Postal Union (UPU) aims to promote accessible and efficient universal postal services of value that ensure communication around the world. Participation in the UPU enables Australia to promote and safeguard its interests in the UPU and continue to work to improve the international postal system for the benefit of Australian consumers, businesses, and designated postal operator, Australia Post.

These treaty actions aim to create a more efficient UPU by addressing internal governance arrangements and representation issues. Changes to internal arrangements include clarity around decision-making and the responsibility of adopting procedures, while establishing a system for the electronic submission of procedural documents.

Representation changes will be made by introducing gender equality principles and addressing membership inequalities for Small Island Developing States and Least Developed Countries, such as Australia’s Pacific Island neighbours.

Committee Chair Mr Josh Wilson MP said, "The exchange of international mail between member states is important for commerce and development. These changes create a more efficient and less ambiguous UPU, which aligns with Australia’s trade, national security, biosecurity, and border protection interests.”

“The establishment of permanent Pacific Island seats on the UPU Councils highlights the importance of supporting and promoting Pacific Island interests and aligns with Australia’s engagement with the region.”

The committee supports ratification and recommends that binding treaty action be taken.

The report can be found on the committee website, along with further information on the inquiry.

 

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Compensation Scheme of Last Resort announces 1st and 2nd levy period estimates

THE Compensation Scheme of Last Resort (CSLR) has determined the estimates for the 1st and 2nd levy periods that will fund claims from eligible consumers who have been the victims of financial misconduct.

As outlined in the legislation for the CSLR, the 1st levy period will be funded by the Australian Government and the 2nd levy period by the sub-sectors of the financial services industry that are covered by the CSLR.

This is in addition to the already announced pre-CSLR complaint estimate for the levy that will be paid by the 10 largest banking and insurance groups in the establishment phase of the CSLR.

It is the responsibility of the CSLR to determine estimates that it reasonably believes to be the cost of the compensation scheme in each year. The Australian Securities and Investments Commission (ASIC) will issue the levy for each financial firm and collect the levy payments.

1st Levy Period Estimate

CSLR has provided a 1st levy period estimate of $4.8 million, which falls within the scheme’s annual levy cap of $250 million. As outlined in the legislation, the 1st levy period estimate will be funded by the Australian Government. (See the notifiable instrument.)

This estimate is expected to meet eligible compensation claims and costs from the CSLR’s commencement on 2 April 2024 to 30 June 2024.

While financial firms will not contribute to the 1st levy period,  CSLR notes that the estimate falls within the legislated annual levy cap of $20 million for each subsector, with the estimate for each sub-sector being:

  • Financial advice $2.4 million
  • Credit provision $0.7 million
  • Credit intermediation $0.8 million
  • Securities dealing $0.9 million

2nd Levy Period Estimate

In addition, CSLR has provided a 2nd levy period estimate of $24.1 million, which also falls within the scheme’s annual levy cap of $250 million and within $20 million subsector cap. 

This estimate is expected to meet eligible compensation claims and costs from 1 July 2024 to 30 June 2025. The estimate for each sub-sector is:

  • Financial advice $18.5 million
  • Credit provision $1.5 million
  • Credit intermediation $1.8 million
  • Securities dealing $2.3 million.

A summary to assist entities in calculating the leviable amounts per entity can be viewed on the ASIC website.

The 2nd levy period estimate is subject to a 'disallowance' period, with the Federal Parliament having the opportunity to object to the estimate within 15 parliamentary sitting days of the legislative instrument being published on the Federal Register of Legislation.

Once 15 parliamentary sitting days has elapsed, ASIC will issue the levy for each of the financial firms and collect the levy on behalf of the Federal Government.

The estimates for the 1st and 2nd levy periods are based on actuarial principles, as required by legislation.  The CSLR engaged the services of a leading actuarial consultancy, Finity Consulting, to establish a policy for determining the estimates and to conduct detailed modelling and analysis for each estimate. This work was reviewed by a second, independent actuarial consultancy, Taylor Fry. A full copy of the report from Finity is available on the CSLR website.

“These latest estimates are another milestone towards the CSLR being able to meet compensation claims from the victims of financial misconduct,” the CSLR Board said.

“We are committed to a robust and rigorous process that allows us to make the best estimates based on the best information available.”

Background

These latest estimates follow the CSLR announcement in January providing $241 million as the initial funding estimate for the levy that will be paid by the by the 10 largest banking and insurance groups in the establishment phase of the CSLR. The initial levy estimate includes provision for the majority of claims involving Dixon Advisory and Superannuation Services (DASS)

The legislative framework for the CSLR passed the Australian Parliament in June 2023 and the scheme is scheduled to start receiving claims from 2 April 2024.

The main establishment legislation and associated Levy Act 2023, Levy Regulations 2023 and Levy (Collection) Act 2023 set out the levy process for the establishment of the CSLR and for subsequent years.

The funding will pay for compensation claims of up to $150,000 to eligible consumers who have been the victims of financial misconduct relating to personal financial advice, securities dealing for retail clients, the provision of credit or the arranging of credit.

Read more about the CSLR here.

About the CSLR

The Compensation Scheme of Last Resort (CSLR), which is scheduled to begin operations on 2 April 2024, is a scheme designed to make payments to eligible consumers where determinations by the Australian Financial Complaints Authority (AFCA) for compensation remain unpaid in the financial sub-sectors specified in legislation. The CSLR will facilitate the payment of up to $150,000 in compensation to consumers who meet the eligibility criteria.

For more information visit www.cslr.org.au.

 

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Committee examines South East Asia trade area agreement

THE Joint Standing Committee on Treaties will hold a public hearing today for its inquiry into the Second Protocol to Amend the Agreement Establishing the ASEAN-Australia-New Zealand Free Trade Area (AANZFTA) (Second Protocol).

The Second Protocol updates the original treaty and First Protocol with a range of new provisions including additional commercial opportunities for Australian businesses, particularly in the services sector, and the digital economy and green economy.

The 10 countries comprising the Association of Southeast Asian Nations (ASEAN) aim to work together to accelerate economic growth, social progress, and cultural development, promote peace and security, promote collaboration and mutual assistance, and encourage growth in the agriculture, industry, and trade sectors.

In 2022, ASEAN was Australia’s second largest trading partner with the relationship accounting for $178 billion in two-way trade. ASEAN Member States represent six out of Australia’s top 15 export markets.

The Second Protocol further includes a chapter on trade and sustainable development for the first time in an ASEAN-centred free trade agreement. This will enhance cooperation on labour standards, environmental protection and women’s economic empowerment, which are key objectives of the Australian Government.

Committee Chair, Josh Wilson MP said, “The Second Protocol to the AANZFTA is designed to deepen the beneficial trading relationships between Australia, New Zealand and ASEAN.

"By upgrading the AANZFTA, Australians and our New Zealand and ASEAN partners would see liberalised trade provisions on services and investments, new digital trade data rules, and steps towards enhanced cooperation on the environment, labour rights, and women’s economic empowerment.”

As part of the public hearing, the committee will hear from officials from the Department of Foreign Affairs and Trade, the Attorney-General’s Department and Australian Border Force.

Public hearing details 

Date:              Monday 18 March 2024Time:              11amLocation:       Committee Room 2R1

The hearing can be accessed online and the program for this hearing is available on the Committee website, along with further information about the inquiry.

 

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Audit Committee commences inquiry into the Defence Major Projects Report 2022-23

THE Joint Committee of Public Accounts and Audit has commenced an inquiry into the Auditor-General report on Defence Major Projects 2022-23 (Auditor-General Report No. 14 of 2023-24).

Chair of the Committee, Julian Hill MP, said, "This annual inquiry enables a critical review of major Defence acquisitions, which is the main objective of the Major Projects Report.

"The committee’s principal role is to ensure continued transparency and assurance to Parliament and the public on the management of Defence projects."

The committee has invited submissions to the inquiry addressing the terms of reference by Friday, April 19. Details on the inquiry – including the terms of reference, submissions received, and upcoming public hearings – will be available on the Committee website.

 

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Flood insurance inquiry to hear from affected communities and key agencies

The House Standing Committee on Economics has announced new public hearings as part of its inquiry into insurers’ responses to 2022 major floods claims.

In March, the committee will wrap up hearing from insurers and reinsurers. It will also hear from key departments and agencies, including Treasury, the National Emergency Management Agency and the Australian Competition and Consumer Commission.

The committee is also announcing today its high-level schedule for planned hearings in April and May at some of the regions worst affected by the 2022 major floods, including Brisbane, Lismore, Sydney, the Hawkesbury, Eugowra, Molong, Melbourne, Rochester and Heathcote.

Committee Chair Daniel Mulino MP said, "We are entering the critical second phase of this inquiry, where we want to hear firsthand about the floods’ impact on communities, and the experiences of local residents and businesses going through the claims process with their insurers.

"One of our priorities for these hearings will be organising roundtables and community statements, where we want to hear directly from people on the ground about their experiences with the insurance industry after the floods.

"A number of these affected towns have been hit again by floods since 2022, and the committee will be looking to see if insurers’ handling of claims has improved."

Further details about the regional hearings and attendance options will be released closer to the date.

Dr Mulino said there is also time for people and organisations to make a public or confidential submission, through this online link. Impacted individuals are encouraged to submit before 31 July 2024.

More than 400 people have already provided feedback about their experience with their insurer through an online survey, which will also remain open until 31 July 2024. The committee encourages affected individuals to complete the survey.

March 2024

Public Hearing – Swiss Re, Treasury, the National Emergency Management Agency, Lloyds

Date: 15 March 2024Time: 11am to 6.30pmLocation: Videoconference

Public Hearing – John Trowbridge, ACCC, Auto & General

Date: 22 March 2024Time: 9.30am to 2.45pmLocation: Videoconference

Programs for the hearings will be made available on the inquiry website. A live video stream will also be available on the APH website.

April–May 2024

Public Hearings and Site Visits – Local Councils, Community Groups, Residents & Businesses

Dates: (TBC) April 2024Locations: Brisbane, Lismore

Public Hearings and Site Visits – Local Councils, Community Groups, Residents & Businesses

Dates: (TBC) April 2024Locations: Metro Melbourne, Rochester, Heathcote

Public Hearings and Site Visits – Local Councils, Community Groups, Residents & Businesses

Dates: (TBC) May 2024Locations: Molong, Eugowra, the Hawkesbury, Parramatta

Further details to be confirmed. These indicated dates and locations may be subject to change.

 

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Diabetes inquiry to visit the Northern Territory

THE Standing Committee on Health, Aged Care and Sport will hold three public hearings this week across Alice Springs and Darwin as part of its inquiry into diabetes.

Chair of the Committee, Mike Freelander MP said, "As part of this broad inquiry, we are looking at all forms of diabetes including type 1, type 2, gestational diabetes, and other rarer forms such as cystic fibrosis-related diabetes."

This week the committee will hear from a range of stakeholders including:

  • Aboriginal health services and peak bodies.
  • Doctors and other health professionals from Alice Springs Hospital and Royal Darwin Hospital.
  • The Menzies School of Health Research.

"The committee looks forward to speaking with these stakeholders to better understand diabetes prevention, diagnosis and management in regional and remote locations," Dr Freelander said.

Deputy Chair of the Committee, Melissa McIntosh MP, said, "The committee will also hear from individuals with lived experience of diabetes. We anticipate that this will offer a better understanding of the daily realities of living with diabetes in the Northern Territory, including interactions with the healthcare system."

The committee intends to hold further public hearings throughout March 2024. Details and dates for further public hearings will be available on the Committee’s website as they are announced.

Public hearing

Date: Wednesday, 6 March 2024Time: 8.45am – 4.45pm ACST (Alice Springs time)Location: Ballroom C, DoubleTree by Hilton, 82 Barrett Drive, Alice Springs.

Date: Thursday, 7 March 2024Time: 8.45am – 5.30pm ACST (Darwin time)Location: Dining Room, Parliament House, 15 Mitchell Street, Darwin City.

Date: Friday, 8 March 2024Time: 8.30am – 10.30am ACST (Darwin time)Location: Dining Room, Parliament House, 15 Mitchell Street, Darwin City.

Programs for the public hearings are available on the inquiry website. A live audio stream of the hearings will also be available on the APH website.

 

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Intelligence Committee tables report on military secrets legislation

THE Parliamentary Joint Committee on Intelligence and Security (PJCIS) today tabled its Advisory Report on the Defence Amendment (Safeguarding Australia’s Military Secrets) Bill 2023.

The committee’s unanimous report recommended that the Bill pass and made four recommendations for the Government’s consideration including:

  • assessing the existing legislation and procedures and whether they sufficiently cover working or training for paramilitary organisations and militias by former defence personnel;
  • providing the Minister for Defence with the ability to determine by legislative instrument classes or categories of non-former Defence members that are not required to apply for an authorisation – for example, in cases where a company has been approved to provide goods under the Defence Export Control (DEC) arrangements;
  • assessing how existing legislation and procedures covering former National Intelligence Community officers and their work for foreign governments should be strengthened, and address the need for further legislation.

The Bill would amend the Defence Act 1903 to regulate the work that certain former defence staff members can perform for or on behalf of a military organisation or government body of a relevant foreign country, without a foreign work authorisation.

Chair of the PJCIS, Peter Khalil MP said, “Once passed, this Bill will deal with the potential of former defence staff members revealing sensitive defence information and placing Australia’s national security at risk. In addition it provides our allies with more confidence that securing sensitive military information is at the forefront of the Australian Government’s national security thinking."

Further information on the inquiry can be obtained from the Committee’s website.

 

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Public Hearing Defence Annual Report 2022-23: Ukraine, Defence health,AI and autonomous weapons armaments

TOMORROW, March 1, the Defence Subcommittee of the Joint Standing Committee on Foreign Affairs, Defence and Trade will conduct its second public hearing into the Department of Defence Annual Report 2022–23.

The subcommittee will hear evidence from the Department of Defence, government departments, non-government organisations and the Australian public across the inquiry’s focus items:

  • Assistance to Ukraine
  • Defence Health System
  • Capability assurance mechanism
  • Artificial intelligence and autonomous weapons related issues, and
  • Armaments manufacture, procurement and inventory.

Chair of the subcommittee, Julian Hill MP said, “Parliamentary committees are an important mechanism parliament uses to keep a check on government activities and government departments and to hear from experts and public interest groups.

“This year’s inquiry is focussing on immediate priorities such as assistance to Ukraine, the Defence Health System, capability assurance, and armaments manufacture and procurement in a rapidly changing strategic environment. In addition, the inquiry will examine the potential benefits, risks and concerns of transformative technologies such as artificial intelligence and autonomous weapons and their role in future conflict.”

Further information is available on the inquiry webpage with the hearing broadcast live at aph.gov.au/live.

Public hearing details

Friday, 1 March 2024, 8:30am – 3pm (AEDT)
Committee Room 1R1, Parliament House, Canberra

 

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Public hearing on trade negotiations

THE Joint Standing Committee on Trade and Investment Growth is holding a virtual public hearing tomorrow on the Australian Government’s approach to negotiating trade and investment agreements.

The committee is considering how the Australian Government develops a negotiating mandate and framework that reflects whole of government priorities, as well as priorities for State and Territory Governments, businesses and workers, including processes for consultation.

The committee will also consider how to ensure agreements advance Australia’s national and cultural interests, and that First Nations Australians can participate and benefit in trade.

Further information about the inquiry, including published submissions, public hearing transcripts and an interim report are available on the inquiry webpage.

​Public hearing details

Thursday 14 March 20242pm to around 5:20pm (Canberra time)

Live broadcast: https://www.aph.gov.au/News_and_Events/Watch_Read_Listen

 

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New Parliamentary inquiry – The role of Australian agriculture in Southeast Asia

THE Australian Parliament’s Agriculture Committee has today commenced an inquiry into the role of Australian agriculture in Southeast Asian markets and is calling for submissions from interested stakeholders.

Committee Chair, Meryl Swanson MP, said the Australian Government had prioritised a deepening engagement with Southeast Asia, and noted from the recently released Invested: Australia’s Southeast Economic Strategy to 2040 that Southeast Asia was at the centre of global growth and remained a development and economic success story.

"Agriculture plays a critical role in sustaining the region’s economic growth," Ms Swanson said. "With its continuing population growth, rapid urbanisation, rising incomes and increasing food security requirements, Southeast Asia is one of the fastest growing markets for Australian agricultural exports."

The committee will examine the role of Australian agriculture in Southeast Asian markets in the context of the recommendations in the economic strategy. It will focus on how Australian agriculture can support Southeast Asia’s food security, improving market access and trade systems, and building capability in the region to improve agricultural sustainability, technology and innovation.

The committee is also interested in identifying new mechanisms and emerging opportunities and challenges for Australian agriculture to address key priorities in the Southeast Asia region.

"The strategy identified agriculture and food as one of the ten key sectors offering the most potential for greater commercial activity between Australia and Southeast Asia," Ms Swanson said.

Submissions to the inquiry will be open until May 31, 2024. Further information, including the Terms of Reference can be found on the Committee’s website.

 

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