Milton Dick (Speaker) Share this | Hansard source

I present report No. 31 of the Selection Committee relating to the consideration of committee and delegation business and private members' business on Monday 4 November 2024. The report will be printed in the Hansard for today and the committee's determinations will appear on tomorrow's Notice Paper. Copies of the report have been placed on the table.

The report read as follows—

Report relating to the consideration of committee and delegation business and of private Members' business

1. The Committee met in private session on Tuesday, 8 October 2024.

2. The Committee deliberated on items of committee and delegation business that had been notified, private Members' business items listed on the Notice Paper and notices lodged on Tuesday, 8 October 2024, and determined the order of precedence and times on Monday, 4 November 2024, as follows:

Items for House of Representatives Chamber (10.10 am to 12 noon)

COMMITTEE AND DELEGATION BUSINESS

Presentation and statements

1 Joint Committee of Public Accounts and Audit

Report 505: Inquiry into Policy and Program Design and Implementation

Report 506: Inquiry into Commonwealth Financial Statements 2022-23

The Committee determined that statements on the reports may be made all statements to conclude by 10.20 am.

Speech time limits

Ms Burney 10 minutes.

[Minimum number of proposed Members speaking = 1 x 10 mins]

PRIVATE MEMBERS' BUSINESS

Notices

1 DR HAINES: To present a Bill for an Act to reform the governance, performance and accountability of grants, Investment Mandates and use of public resources, and for related purposes. (Accountability of Grants, Investment Mandates and Use of Public Resources Amendment (End Pork Barrelling) Bill 2024 [No. 2])

(Notice given 8 October 2024.)

Presenter may speak to the second reading for a period not exceeding 10 minutes pursuant to standing order 41. Debate must be adjourned pursuant to standing order 142.

2 MR TAYLOR: To present a Bill for an Act to amend the Competition and Consumer Act 2010, and for related purposes. (Competition and Consumer Amendment (Tougher Penalties for Supermarket and Hardware Businesses) Bill 2024)

(Notice given 8 October 2024.)

Presenter may speak to the second reading for a period not exceeding 10 minutes pursuant to standing order 41. Debate must be adjourned pursuant to standing order 142.

3 MR LITTLEPROUD: To present a Bill for an Act to apply the Food and Grocery Code of Conduct as a mandatory industry code for large retailers and wholesalers, and for related purposes. (Food and Grocery (Mandatory) Code of Conduct Bill 2024)

(Notice given 8 October 2024.)

Presenter may speak to the second reading for a period not exceeding 10 minutes pursuant to standing order 41. Debate must be adjourned pursuant to standing order 142.

4 MR VAN MANEN: To present a Bill for an Act to amend the Corporations Act 2001, and for related purposes. (Corporations Amendment (Streamlining Advice Process) Bill 2024)

(Notice given 8 October 2024.)

Presenter may speak to the second reading for a period not exceeding 10 minutes pursuant to standing order 41. Debate must be adjourned pursuant to standing order 142.

5 MS LE: To present a Bill for an Act to amend the Higher Education Support Act 2003 and for related purposes. (Higher Education Support Amendment (Fair Study and Opportunity) Bill 2024)

(Notice given 8 October 2024.)

Presenter may speak to the second reading for a period not exceeding 10 minutes pursuant to standing order 41. Debate must be adjourned pursuant to standing order 142.

6 MS SPENDER: To move:

That this House:

(1) notes that:

(a) Australia is currently committed to a ten-year, $120 billion infrastructure investment pipeline;

(b) infrastructure investment is important but does compete directly with housing for materials and skills within the construction sector;

(c) two independent inquiries, namely the Independent Review of the National Partnership Agreement on Land Transport Infrastructure Projects and the Independent Strategic Review of the Infrastructure Investment Program, have been critical of the processes for determining Commonwealth Government infrastructure allocations; and

(d) Infrastructure Australia noted that in 2019 the construction sector was at capacity and since then infrastructure spending as a share of gross domestic product has increased 50 per cent while construction costs have increased by more than 30 per cent; and

(2) calls on the Government to:

(a) publish a response to the independent reviews;

(b) commit to implementing long-term investment strategies and publishing businesses cases for large-scale infrastructure projects; and

(c) identify and pause non-essential infrastructure projects until capacity has returned to the construction sector.

(Notice given 8 October 2024.)

Time allotted 10 minutes.

Speech time limits

Ms Spender 5 minutes.

Other Members 5 minutes each.

[Minimum number of proposed Members speaking = 2 x 5 mins]

The Committee determined that consideration of this matter should continue at a later hour.

7 MR RAE: To move:

That this House:

(1) acknowledges the Government is taking decisive action to help consumers get fairer prices at supermarkets, in stores and online, including:

(a) the release of an interim report from the Australian Competition and Consumer Commission (ACCC), which looks at a wide range of concerns, from land-banking to shrinkflation;

(b) making suppliers follow the Food and Grocery Code of Conduct, a mandatory code, following the recommendations of former competition minister Craig Emerson; and

(c) revitalising the National Competition Policy to boost productivity and living standards;

(2) notes the Government believes that alleged misconduct in the supermarket sector is unfair, unacceptable, and it makes cost of living pressures worse for Australians, so it is:

(a) providing $30 million package of additional funding for the ACCC to crack down on misleading pricing practices and poor conduct; and

(b) funding CHOICE, the consumer organisation, over three years to report on supermarket prices across Australia; and

(3) recognises the Government's number one priority is tackling the cost of living pressures facing hard working Australians and making sure they are paying a fair price at the checkout, and Australian farmers are getting a fair price for their goods.

(Notice given 8 October 2024.)

Time allotted 30 minutes.

Speech time limits

Mr Rae 5 minutes.

Other Members 5 minutes each.

[Minimum number of proposed Members speaking = 6 x 5 mins]

The Committee determined that consideration of this matter should continue on a future day.

8 MR HAMILTON: To move:

That this House:

(1) notes that:

(a) on 15 November 2023, the Australian Prudential Regulation Authority (APRA) announced it was investigating tighter liquidity and capital requirements for smaller Authorised Deposit-Taking Institutions (ADIs);

(b) in making this announcement, APRA did not provide any evidence to justify this change, had failed to consult with industry, provided no evidence to support the change in policy, and did not consider the impacts on competition in the Australian banking sector;

(c) the Australian banking sector is subject to considerable prudential regulation and is intelligent in its approach to ensuring the banking sector's resilience to financial market stress;

(d) the changes would have required smaller ADIs on the Minimum Liquid Holding (MLH) regime to change their liquidity and capital composition, and re-value liquidity risk over both short and longer periods;

(e) on 24 July 2024, APRA announced it would implement two of the three proposed changes;

(f) APRA will not proceed with changes to a phase-out of the bank debt securities, pending a holistic review of the MLH regime in 2025, ensuring smaller ADIs can continue to compete;

(g) these changes presented a real risk to the smaller banking sector, particularly those ADIs on the MLH regime which would have been subject to tighter liquidity requirements and reduced capital;

(h) the changes would have resulted in less competition, less access to capital and higher costs for consumers; and

(i) mutual banks and credit unions play an important role in our economy and communities; and

(2) acknowledges that:

(a) APRA's proposed requirements will have a significant negative impact on smaller banks;

(b) competition in the banking sector is important for the economy, consumers and for strong markets; and

(c) unnecessary Government regulation will further erode competition in the banking sector and hinder efforts to bolster Australia's economic dynamism, particularly at a time when banks are managing 130 new regulatory changes.

(Notice given 12 September 2024.)

Time allotted remaining private Members' business time prior to 12 noon.

Speech time limits

Mr Hamilton 5 minutes.

Other Members 5 minutes each.

[Minimum number of proposed Members speaking = 2 x 5 mins]

The Committee determined that consideration of this matter should continue at a later hour.

Items for Federation Chamber (11 am to 1.30 pm)

PRIVATE MEMBERS' BUSINESS

Notices

1 MR WILKIE: To move:

That this House:

(1) notes:

(a) that Australia has an animal welfare crisis, and that cruelty is commonplace in greyhound and horse racing, live exports, the industrial production of food and fibre, rodeos, and puppy and kitten farms;

(b) this cruelty has been on full display recently in:

(i) intensive commercial dog breeding facilities in Tasmania which operated under grossly inhumane and inadequate conditions, where female dogs were forced to breed at appalling rates;

(ii) the treatment of dogs in the greyhound racing industry, which results in unbearable cruelty, injury and even death, for example, in 2024 alone there has been almost 100 on-track deaths and 8,449 injuries Australia-wide; and

(iii) overbreeding of retired racehorses, where the aim is to produce as many foals as possible that might one day generate a return on investment—sadly, as in the case of Black Caviar, this is poorly regulated and often involves almost constant pregnancy and birthing for so-called 'retired' horses, dramatically increasing the risks of injury, infection and death; and

(c) that state and territory governments have not done enough to address this crisis; and

(2) therefore calls on the Government to:

(a) establish a statutory Independent Office of Animal Welfare which will take a leadership role on animal welfare matters at a federal level, including developing a national animal welfare strategy; conducting inquiries and reviews into the effectiveness and implementation of our animal welfare laws; and providing independent, science-based advice to governments on animal welfare issues; and

(b) work with states and territories to improve, harmonise and implement strict animal welfare standards, guidelines and laws.

(Notice given 8 October 2024.)

Time allotted 20 minutes.

Speech time limits

Mr Wilkie 5 minutes.

Other Members 5 minutes each.

[Minimum number of proposed Members speaking = 4 x 5 mins]

The Committee determined that consideration of this matter should continue on a future day.

2 MS COKER: To move:

That that this House acknowledges the Government's commitment and actions to build a better and fairer school education system, by:

(1) putting an additional $16 billion of Commonwealth investment in public schools on the table as part of the Better and Fairer Schools Agreement, to deliver reforms focused on:

(a) lifting student outcomes;

(b) wellbeing for learning and engagement; and

(c) a strong and sustainable workforce;

(2) working to address the teacher shortage through the National Teacher Workforce Action Plan;

(3) delivering $284.3 million to schools to improve school infrastructure through the Schools Upgrade Fund; and

(4) providing $203.7 million in funding to support student wellbeing across every school in the country through the Student Wellbeing Boost.

(Notice given 10 September 2024.)

Time allotted 30 minutes.

Speech time limits

Ms Coker 5 minutes.

Other Members 5 minutes each.

[Minimum number of proposed Members speaking = 6 x 5 mins]

The Committee determined that consideration of this matter should continue on a future day.

3 DR WEBSTER: To move:

That this House:

(1) notes that:

(a) the Australian Pesticides and Veterinary Medicines Authority (APVMA) is reviewing the approved usage levels of paraquat and diquat in Australia;

(b) the Australian Broadcasting Corporation ran a story titled 'After the Harvest' on 31 August 2024 and 1 September 2024 seeking to link paraquat use to the incidence of Parkinson's Disease, claiming that children were being 'coated head to toe in chemicals' and spraying was occurring without gloves or a mask;

(c) the APVMA responded saying such practices were 'historical' and 'do not meet current requirements for the use of agvet chemical products'; and

(d) three OECD-nation regulators in the past four years have found no causal link between paraquat and Parkinson's Disease; and

(2) calls upon the Minister for Agriculture, Fisheries and Forestry to:

(a) listen to the voices of farmers who responsibly rely upon paraquat and diquat to control weeds, avoid heavy-tillage farming and retain soil and moisture in their cropping lands;

(b) listen to the science; and

(c) refrain from rewarding sensationalist journalism from the national broadcaster.

(Notice given 8 October 2024.)

Time allotted 30 minutes.

Speech time limits

Dr Webster 5 minutes.

Other Members 5 minutes each.

[Minimum number of proposed Members speaking = 6 x 5 mins]

The Committee determined that consideration of this matter should continue on a future day.

Orders of the day

1 WORKPLACE RELATIONS: Resumption of debate (from 9 September 2024) on the motion of Ms Stanley—That this House:

(1) notes that:

(a) the Government's workplace relations policies are getting wages moving again, with annual real wages growing for the past three consecutive quarters;

(b) nominal real wages grew 4.1 per cent in the year to the June quarter 2024;

(c) annual real wages grew 0.3 per cent through the year to the June quarter 2024; and

(d) this result comes off the back of inheriting a real wage decline of 3.4 per cent at the time of the election; and

(2) recognises the Government is laying strong foundations for a better future for Australian workers, their families and communities, by:

(a) advocating for the wages of Australia's low paid in three consecutive submissions to the Annual Wage Review that the real wages of low paid workers not go backwards;

(b) supporting pay rises for aged care workers of up to 28 per cent through submissions to the Fair Work Commission's Aged Care Work Value Case;

(c) having a 15 per cent pay rise for early childhood education and care workers;

(d) getting almost half a million more workers covered by current enterprise agreements, boosting wages and conditions; and

(e) making gender equality an object of the Fair Work Act and narrowing the gender pay gap to 12 per cent, the lowest level on record.

Time allotted 30 minutes.

Speech time limits

All Members 5 minutes each.

[Minimum number of proposed Members speaking = 6 x 5 mins]

The Committee determined that consideration of this matter should continue on a future day.

Notices — continued

4 MS LANDRY: To move:

That this House:

(1) acknowledges that:

(a) agriculture is a cornerstone of Australia's social, economic and environmental sustainability, and plays an essential role in our nation's prosperity;

(b) in the 2023-24 financial year, the agriculture sector generated over $82 billion, driving Australia's economy forward;

(c) the agriculture sector employs 257,000 Australians; and

(d) over 90 per cent of the fresh fruit, vegetables, meat, milk, and eggs available in Australia are produced locally, safeguarding our nation's food security; and

(2) notes that:

(a) the Australian agriculture sector is facing increased pressure due to this Government's destructive actions;

(b) this Government's decision to scrap the dedicated agriculture visa has left the industry with severe and widespread workforce shortages;

(c) Australia's water security is being jeopardised by this Government's reckless slashing of over $7 billion from critical water infrastructure projects; and

(d) this Government's misguided agriculture policies have driven food prices up by 12 per cent, piling even more financial strain on everyday Australians.

(Notice given 12 September 2024.)

Time allotted remaining private Members' business time prior to 1.30 pm.

Speech time limits

Ms Landry 5 minutes.

Other Members 5 minutes each.

[Minimum number of proposed Members speaking = 8 x 5 mins]

The Committee determined that consideration of this matter should continue on a future day.

Items for Federation Chamber (4.45 pm to 7.30 pm)

PRIVATE MEMBERS' BUSINESS

Orders of the day — continued

INFRASTRUCTURE INVESTMENT: Resumption of debate on the motion of Ms Spender—That this House:

(1) notes that:

(a) Australia is currently committed to a ten-year, $120 billion infrastructure investment pipeline;

(b) infrastructure investment is important but does compete directly with housing for materials and skills within the construction sector;

(c) two independent inquiries, namely the Independent Review of the National Partnership Agreement on Land Transport Infrastructure Projects and the Independent Strategic Review of the Infrastructure Investment Program, have been critical of the processes for determining Commonwealth Government infrastructure allocations; and

(d) Infrastructure Australia noted that in 2019 the construction sector was at capacity and since then infrastructure spending as a share of gross domestic product has increased 50 per cent while construction costs have increased by more than 30 per cent; and

(2) calls on the Government to:

(a) publish a response to the independent reviews;

(b) commit to implementing long-term investment strategies and publishing businesses cases for large-scale infrastructure projects; and

(c) identify and pause non-essential infrastructure projects until capacity has returned to the construction sector.

Time allotted 10 minutes.

Speech time limits

All Members 5 minutes each.

[Minimum number of proposed Members speaking = 2 x 5 mins]

The Committee determined that consideration of this matter should continue on a future day.

2 EARLY CHILDHOOD EDUCATION AND CARE EDUCATORS: Resumption of debate (from 19 August 2024) on the motion of Mrs Phillips—That this House:

(1) recognises:

(a) the vital role early childhood education and care (ECEC) educators and teachers play in supporting young children's early learning and development;

(b) properly valuing and recognising the ECEC profession—including through fair wages—is critical to reversing attrition and growing the workforce;

(c) paying ECEC workers fairly is a crucial step in charting the course to a truly universal ECEC system; and

(d) the Government's historic announcement for a two-year, 15 per cent ECEC worker retention payment for ECEC workers, phased in from December 2024;

(2) notes that:

(a) one year on, the Government's cheaper child care reforms are delivering real cost of living relief to household budgets;

(b) the Australian Competition and Consumer Commission's child care inquiry found that out-of-pocket costs dropped 11 per cent following the introduction of the Government's cheaper child care measures; and

(c) the Government's ECEC worker retention payment will be tied to a commitment from early learning services to limit fee increases to 4.4 per cent, an important condition that will keep downward pressure on fees for Australian families; and

(3) acknowledges that:

(a) since the election, there are 860 more ECEC services, around 68,000 more children in ECEC, and around 30,000 more ECEC workers; and

(b) between 2018 and 2022, fees under the previous Government increased by 22.8 per cent compared to the OECD adjusted average of 6.2 per cent.

Time allotted 30 minutes.

Speech time limits

All Members 5 minutes each.

[Minimum number of proposed Members speaking = 6 x 5 mins]

The Committee determined that consideration of this matter should continue on a future day.

Notices — continued

5 MR PEARCE: To move:

That this House:

(1) notes that:

(a) investment in equitable access to disease prevention is critical to tackle the major diseases of our time such as cancer and heart disease;

(b) genetic screening provides a novel opportunity for disease prevention, especially screening for genetic risk factors for certain types of hereditary cancer and heart disease that manifest in early adulthood;

(c) identifying people with medically actionable genetic risk for certain diseases can allow at risk individuals to take steps to reduce risk or in some cases, avoid developing disease altogether;

(d) in Australia, funded testing for these genetic risk factors is only available to individuals who meet narrow criteria, usually only after a person develops symptoms of disease, and this criteria-based testing fails to identify most high-risk individuals in the population, who remain unaware of their risk and are unable to access preventive measures until it is too late;

(e) investment in prevention will save significant downstream healthcare costs, as well as saving lives and improving the health of at-risk Australians; and

(f) the costs of genetic testing have decreased considerably, and health economic modelling now suggests it would be cost-effective in the Australian health system to offer DNA screening to all adults for such genetic risk factors, as part of a population screening program;

(2) acknowledges that:

(a) in August 2022, Monash University launched DNA Screen, a study funded by the Medical Research Future Fund and led by Professor Paul Lacaze and Dr Jane Tiller, which aimed to test 10,000 young adults (18 to 40 years of age) for genetic high risk of developing certain types of cancer (breast, ovarian, colorectal and others) and heart disease, that can be prevented or identified and treated early;

(b) the study was extremely popular, with almost 10,000 people registering their interest in the first 24 hours of the study launch, and over 30,000 people registering interest to date;

(c) the study has now completed testing of 10,263 young adults, finding 202 individuals at high, medically actionable risk of developing cancer or heart disease, and three in four of those high-risk people would not have qualified for reimbursed genetic testing; and

(d) in May 2024, the Senate Standing Committee on Community Affairs' inquiry into equitable access to diagnosis and treatment for individuals with rare and less common cancers specifically noted the potential of genetic testing for prevention and the high level of public interest and engagement in the DNA Screen study, and recommended that 'the outcomes of the study should be monitored closely, and that further investment to gauge the effectiveness and appropriateness of such screening programs should be explored further';

(3) recognises the:

(a) strain that population DNA screening could place on the current downstream risk management pathways; and

(b) need for genetics services and the health system to be prepared for population-scale DNA screening; and

(4) calls on the Government to:

(a) consider the urgent need to leverage the preventive potential of genomic testing for adults at high, medically actionable risk of developing conditions such as cancer and heart disease; and

(b) fund the next stage of DNA Screen to scale up testing for these medically actionable conditions, test the feasibility of a population-wide screening program, and develop and test methods for the delivery of downstream care and risk management at scale.

(Notice given 12 September 2024.)

Time allotted 40 minutes.

Speech time limits

Mr Pearce 5 minutes.

Other Members 5 minutes each.

[Minimum number of proposed Members speaking = 8 x 5 mins]

The Committee determined that consideration of this matter should continue on a future day.

6 MS MASCARENHAS: To move:

That this House:

(1) recognises the commitment of the Government to Western Australia and its understanding of the specific needs of the Western Australian community;

(2) commends the Government for its investment in:

(a) the future of the critical minerals industry in Western Australia, noting its support for projects such as Pilbara Minerals' Pilgangoora lithium project and International Graphite's graphite battery anode material project, as well as the announcement of the $17 billion production tax incentive for critical minerals processing; and

(b) critical infrastructure, noting the support for the following major projects:

(i) Causeway Cyclist and Pedestrian Bridges;

(ii) Westport Project Development;

(iii) Metronet;

(iv) Tonkin Highway Corridor; and

(v) Outback Way;

(3) acknowledges the ongoing commitment of the Government to the goods and services tax deal for Western Australia;

(4) supports the Government as it continues to pay attention to the needs of Western Australia and respond to those needs strategically and responsibly; and

(5) calls on the Opposition to support the Government's initiatives that will secure a future for all Western Australians.

(Notice given 20 August 2024.)

Time allotted 20 minutes.

Speech time limits

Ms Mascarenhas 5 minutes.

Other Members 5 minutes each.

[Minimum number of proposed Members speaking = 4 x 5 mins]

The Committee determined that consideration of this matter should continue on a future day.

7 MR HAMILTON: To move:

That this House:

(1) notes:

(a) that 3 August 2024 marked ten years since Islamic State (ISIS) militants attacked the Yazidi people of Sirijar;

(b) that the Yazidi people are one of the most ancient nations in the world, and their cultural identity, memories and practices are central to their ancient culture, yet many Yazidis have lived through unimaginable trauma and persecution;

(c) the important role played by former Prime Minister, the Hon Tony Abbott, in enabling the resettlement in Australia of 12,000 refugees escaping the Yazidi genocide in the northern parts of Syria and Iraq;

(d) that the electoral division of Groom is home to one of the largest groups of Yazidi people in Australia, and that their traditional language, Kurdish Kurmanji, is the second most spoken language in Groom, behind English;

(e) that by properly managing the immigration system, Australia was able to offer this important humanitarian assistance; and

(f) that by ensuring proper process, vetting and verification, the Government was able to reassure people on national security concerns and maintain social cohesion; and

(2) calls on the Government to:

(a) recognise the Yazidis as a significant minority religious group in Australia;

(b) denounce the continuing persecution of Yazidis by ISIS militants;

(c) continue to provide funding for programs such as the Toowoomba Refugee and Migrant Service program that provide support to refugees and migrants; and

(d) apologise to the Yazidis and other refugees and migrants for changing the rules to fast-track one group of people over another.

(Notice given 12 September 2024.)

Time allotted 25 minutes.

Speech time limits

Mr Hamilton 5 minutes.

Other Members 5 minutes each.

[Minimum number of proposed Members speaking = 5 x 5 mins]

The Committee determined that consideration of this matter should continue on a future day.

8 MS STANLEY: To move:

That this House:

(1) notes that:

(a) October is Pregnancy and Infant Loss Awareness Month, and that Sunday 15 October 2024 marks Pregnancy and Infant Loss Remembrance Day; and

(b) this day acknowledges the shared loss experienced by parents, friends, and healthcare workers of those little ones lost too soon whether through miscarriage, stillbirth, neonatal death or any other loss;

(2) acknowledges:

(a) that there is a significant impact on families who have lost a baby;

(b) that every year 110,000 Australians experience a miscarriage, more than 2,000 experience stillbirth, and almost 700 lose a baby within the first 28 days;

(c) that stillbirth occurrence is higher in Aboriginal and culturally diverse communities; and

(d) all families who have experienced loss, either recently or over time; and

(3) commends the Government for providing $5.1 million to organisations to support women and families following stillbirth or miscarriage.

(Notice given 19 August 2024.)

Time allotted 20 minutes.

Speech time limits

Ms Stanley 5 minutes.

Other Members 5 minutes each.

[Minimum number of proposed Members speaking = 4 x 5 mins]

The Committee determined that consideration of this matter should continue on a future day.

Orders of the day — continued

BANKING SECTOR: Resumption of debate on the motion of Mr Hamilton—That this House:

(1) notes that:

(a) on 15 November 2023, the Australian Prudential Regulation Authority (APRA) announced it was investigating tighter liquidity and capital requirements for smaller Authorised Deposit-Taking Institutions (ADIs);

(b) in making this announcement, APRA did not provide any evidence to justify this change, had failed to consult with industry, provided no evidence to support the change in policy, and did not consider the impacts on competition in the Australian banking sector;

(c) the Australian banking sector is subject to considerable prudential regulation and is intelligent in its approach to ensuring the banking sector's resilience to financial market stress;

(d) the changes would have required smaller ADIs on the Minimum Liquid Holding (MLH) regime to change their liquidity and capital composition, and re-value liquidity risk over both short and longer periods;

(e) on 24 July 2024, APRA announced it would implement two of the three proposed changes;

(f) APRA will not proceed with changes to a phase-out of the bank debt securities, pending a holistic review of the MLH regime in 2025, ensuring smaller ADIs can continue to compete;

(g) these changes presented a real risk to the smaller banking sector, particularly those ADIs on the MLH regime which would have been subject to tighter liquidity requirements and reduced capital;

(h) the changes would have resulted in less competition, less access to capital and higher costs for consumers; and

(i) mutual banks and credit unions play an important role in our economy and communities; and

(2) acknowledges that:

(a) APRA's proposed requirements will have a significant negative impact on smaller banks;

(b) competition in the banking sector is important for the economy, consumers and for strong markets; and

(c) unnecessary Government regulation will further erode competition in the banking sector and hinder efforts to bolster Australia's economic dynamism, particularly at a time when banks are managing 130 new regulatory changes.

Time allotted remaining private Members' business time prior to 7.30 pm.

Speech time limits

All Members 5 minutes each.

[Minimum number of proposed Members speaking = 4 x 5 mins]

The Committee determined that consideration of this matter should continue on a future day.

THE HON D. M. DICK MP

Speaker of the House of Representatives

9 October 2024

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