The Joint Standing Committee on Trade and Investment Growth has released its report on the Prudential Regulation of Investment in Australia’s Export Industries, which examined how Australia’s prudential regulation framework interacts with operations of the country’s biggest export industries.

Media release issue date: Friday, 17 December 2021

The Joint Standing Committee on Trade and Investment Growth has released its report on the Prudential Regulation of Investment in Australia’s Export Industries, which examined how Australia’s prudential regulation framework interacts with operations of the country’s biggest export industries. The Committee Chair, George Christensen MP, said that while a healthy financial system is underpinned by strong regulatory settings, it is important for law-abiding export sectors to have adequate access to funding and insurance, as they make significant contributions to Australia’s economy. ‘The Report makes 13 recommendations, all addressing the challenges heard during the inquiry. In particular, we emphasise that Australia’s regulators should work with affected sectors in issuing clear advice about risks. Some of the recommendations also deal with the influence of small shareholder groups in financial institutions,’ Mr Christensen said. Other recommendations made by the Committee outline a role for the Australian Government in mitigating these challenges, including: Recognising that finance, banking and insurance services are essential services for businesses; Taking steps to ensure that banks must, at a minimum, provide transactional banking services to all law-abiding businesses; Directing banks to prepare a regulatory impact statement (or similar) that outlines the real impacts of a policy setting; and Working with the resources sector to create a self-funding insurance model that meets the needs of resource companies, contractors, suppliers and associated export infrastructure. The full report can be found on the Committee’s webpage. Media inquiries Lynnis Bonanno, from the office of Mr George Christensen MP, Chair 0408 773 207 Lynnis.Bonanno@aph.gov.au For background information Committee Secretariat 02 6277 2233 jsctig@aph.gov.au For more information about this Committee, you can visit its website. On the site, you can make a submission to an inquiry, read other submissions, and get details for upcoming public hearings. You can also track the Committee and receive email updates by clicking on the blue ‘Track Committee’ button in the bottom right hand corner of the page.

The Trade and Investment Growth Committee is holding a fourth public hearing this Friday for its inquiry into the prudential regulation of investment in Australia’s export industries.

Media release issue date: Wednesday, 11 August 2021

The Trade and Investment Growth Committee is holding a fourth public hearing this Friday for its inquiry into the prudential regulation of investment in Australia’s export industries. In previous hearings, the Committee has heard from representatives of export industries, financial institutions and shareholder groups. The Committee Chair, George Christensen MP, said that the Committee is looking forward to discussing that evidence with Australia’s financial regulators and government agencies. ‘Prudential advice plays an important part in ensuring a healthy and well-functioning financial system. In light of this, the Committee is looking forward to hearing about how the Government and regulatory agencies can further support and enable investment in Australia’s export industries, which are so vital to Australia’s economy, particularly in regional areas,’ Mr Christensen said. Witnesses include the Australian Prudential Regulation Authority, Reserve Bank of Australia, Australian Securities and Investments Commission and Export Finance Australia. Public hearing details Date: Friday, 13 August 2021 Time: 9.00 am – 1.20 pm Due to the public hearing being held by teleconference, public access will be available via the live broadcast at aph.gov.au/live. Further information about the Committee’s inquiry, including the hearing program, is available on the Committee’s webpage. Media inquiries Lynnis Bonanno, from the office of Mr George Christensen MP, Chair 0408 773 207 Lynnis.Bonanno@aph.gov.au Background information Committee Secretariat 02 6277 2233 jsctig@aph.gov.au For more information about this Committee, you can visit its website. On the site, you can make a submission to an inquiry, read other submissions, and get details for upcoming public hearings. You can also track the Committee and receive email updates by clicking on the blue ‘Track Committee’ button in the bottom right hand corner of the page.

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

Media release issue date: Monday, 26 July 2021

On 27 and 28 July the Trade and Investment Growth Committee is continuing its program of public hearings 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: 9.00 am – 4.55 pm Date: Wednesday, 28 July 2021 Time: 10.40 am – 4.15 pm 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. Media inquiries Lynnis Bonanno, from the office of Mr George Christensen MP, Chair 0408 773 207 Lynnis.Bonanno@aph.gov.au Background information Committee Secretariat 02 6277 2233 jsctig@aph.gov.au For more information about this Committee, you can visit its website. On the site, you can make a submission to an inquiry, read other submissions, and get details for upcoming public hearings. You can also track the Committee and receive email updates by clicking on the blue ‘Track Committee’ button in the bottom right hand corner of the page.

This Friday 25 June, the Trade and Investment Growth Committee commences its program of public hearings on the prudential regulation of investment in Australia’s export industries with representatives from export businesses.

Media release issue date: Wednesday, 23 June 2021

This Friday 25 June, the Trade and Investment Growth Committee will commence its program of public hearings on the prudential regulation of investment in Australia’s export industries, with representatives from export businesses. The Committee Chair, George Christensen MP, said that the Committee was interested in hearing from export businesses in the resources sector about any challenges they have faced in accessing insurance and financial services. ‘Australia’s export industries, including the resources sector, are critical in supporting our national economic recovery from the COVID-19 pandemic. As such, it is timely that this Committee examine the challenges and opportunities for these industries in accessing financial services and insurance,’ Mr Christensen said. Witnesses include the Minerals Council of Australia, the Australian Petroleum Production and Exploration Association, Adani Australia and other peak associations and businesses. Future hearings in coming weeks will feature witnesses from banks and financial institutions, government agencies and a wide range of stakeholder groups. Public hearing details Date: Friday, 25 June 2021 Time: 9.00 am–3.10 pm Location: Committee Room 2R2, Parliament House, Canberra The hearing will be broadcast live at aph.gov.au/live. Further information about the Committee’s inquiry, including the public hearing program is available on the Committee’s webpage. Media enquiries Lynnis Bonanno, from the office of Mr George Christensen MP, Chair 0408 773 207 Lynnis.Bonanno@aph.gov.au Background information Committee Secretariat 02 6277 2233 jsctig@aph.gov.au For more information about this Committee, you can visit its website. On the site, you can make a submission to an inquiry, read other submissions, and get details for upcoming public hearings. You can also track the Committee and receive email updates by clicking on the blue ‘Track Committee’ button in the bottom right hand corner of the page.

Joint Standing Committee on Trade and Investment Growth recently commenced an inquiry investigating the potential impact of changes in practices by banks, insurers and superannuation funds on the investment opportunities for Australian exporters.

Media release issue date: Thursday, 8 April 2021

The Joint Standing Committee on Trade and Investment Growth recently commenced an Inquiry into the prudential regulation of investment in Australia’s export industries. The inquiry is investigating the potential impact of changes in practices by banks, insurers and superannuation funds, as well as the advice and guidance provided by financial regulators, on the investment opportunities for Australian exporters. Committee Chair, George Christensen MP, said that the Committee was particularly interested in hearing from businesses that have experienced difficulty in sourcing funding or insurance for their export businesses. ‘It is vital that the Committee hear how changes in practices or guidance from financial institutions and regulators may impact on Australia’s exporting businesses, in sectors such as resources, agriculture and services. Businesses should be reassured that they can make a submission confidentially, and we can also arrange for hearings to be held in private.’ Submissions from interested individuals, businesses and organisations are invited by Friday, 30 April 2021. Requests can be made for a submission to be kept confidential, or to be published with a name withheld if required. More information about the inquiry, including the full terms of reference and further details on how to lodge a submission, is available on the Committee’s webpage. The preferred method of receiving submissions is by electronic format lodged online using a My Parliament account. Media enquiries Lynnis Bonanno, from the Office of Mr George Christensen MP, Chair 0408 773 207 Lynnis.Bonanno@aph.gov.au For background information Committee Secretariat 02 6277 2233 jsctig@aph.gov.au For more information about this Committee, you can visit its website. On the site, you can make a submission to an inquiry, read other submissions, and get details for upcoming public hearings. You can also track the Committee and receive email updates by clicking on the blue ‘Track Committee’ button in the bottom right hand corner of the page.

The Joint Standing Committee on Trade and Investment Growth has commenced an inquiry into the prudential regulation of investment in Australia’s export industries.

Media release issue date: Wednesday, 17 February 2021

The Joint Standing Committee on Trade and Investment Growth has commenced an inquiry into the prudential regulation of investment in Australia’s export industries. The inquiry will investigate the potential impact on investment opportunities for Australian exporters of changes in practices by banks, insurers and superannuation funds, as well as the advice and guidance provided by financial regulators which affects the investment opportunities for Australian exporters. Submissions from interested individuals, businesses and organisations are invited by Wednesday, 31 March 2021. The Committee Chair, George Christensen MP, said that, given the importance of exports to Australia’s economy, the inquiry will be an opportunity to examine an issue which could have significant ramifications for the country’s economic recovery from COVID-19 and beyond. ‘Exports from sectors such as agriculture, resources, and defence manufacturing generate billions of dollars for the Australian economy and attract a significant amount of investment. If there are changes in the financial services sector which impact on Australia’s exporting industries, particularly those in regional areas, the Parliament must take an interest’, Mr Christensen said. The Committee Deputy Chair, Ged Kearney MP, added that ‘the inquiry will consider the possible opportunities and challenges that could arise for Australian exporters from any changes in financial services sector practices.’ More information about the inquiry, including the full terms of reference and details on how to lodge a submission, is available on the Committee’s webpage. The preferred method of receiving submissions is by electronic format lodged online using a My Parliament account. Media inquiries Lynnis Bonanno, from the office of Mr George Christensen MP, Chair 0408 773 207 Lynnis.Bonanno@aph.gov.au Background information Committee Secretariat 02 6277 2233 jsctig@aph.gov.au   For more information about this Committee, you can visit its website. On the site, you can make a submission to an inquiry, read other submissions, and get details for upcoming public hearings. You can also track the Committee and receive email updates by clicking on the blue ‘Track Committee’ button in the bottom right hand corner of the page.