The House of Representatives Standing Committee on Economics will hold public hearings by videoconference on Friday, 25 October 2024 with representatives of the Australian Prudential Regulation Authority (APRA) and the Australian Securities and Investments Commission (ASIC).

Media release issue date: Wednesday, 23 October 2024

The House of Representatives Standing Committee on Economics will hold public hearings by videoconference on Friday, 25 October 2024 with representatives of the Australian Prudential Regulation Authority (APRA) and the Australian Securities and Investments Commission (ASIC). The hearings are for the committee’s reviews of the APRA Annual Report 2023 and ASIC Annual Report 2023. The public hearings will be broadcast live at aph.gov.au/live. The committee’s Chair, Dr Daniel Mulino MP, said that both regulators had given valuable evidence to the committee’s recent inquiries into flood insurance and economic dynamism, and the committee looked forward to exploring other important areas of their work. “ASIC and APRA have crucial responsibilities supporting the stability and vitality of Australia’s markets and financial system,” he said. “Both regulators have broad remits – particularly ASIC – and their performance has a huge impact on commerce and personal finance in this country. It is appropriate that they face regular parliamentary scrutiny, and this committee’s reviews of their annual reports are a part of that.” More information about the reviews and upcoming public hearings are available on the committee’s website. Public hearing details APRA Date: 25 October 2024 Time: 9.00am to 11.00am Location: Videoconference ASIC Date: 25 October 2024 Time: 1.30pm to 3.30pm Location: Videoconference The public hearings will be broadcast live at aph.gov.au/live. Media inquiries Committee Chair 03 9070 1974 Daniel.Mulino.MP@aph.gov.au For background information Committee Secretariat 02 6277 4587 economics.reps@aph.gov.au For more information about this committee, visit its website. On the site, you can make a submission to the 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 side of the page.

The House of Representatives Standing Committee on Economics will tomorrow hold its first public hearings into three of the four key financial regulators, the ACCC, ASIC and APRA. These follow the hearing into the Reserve Bank of Australia three weeks ago.

Media release issue date: Monday, 10 October 2022

The House of Representatives Standing Committee on Economics will tomorrow hold its first public hearings into three of the four key financial regulators, the ACCC, ASIC and APRA. These follow the hearing into the Reserve Bank of Australia three weeks ago.   Giving evidence will be Gina Cass-Gottlieb, chair of the Australian Competition and Consumer Commission, Wayne Byres, chair of the Australian Prudential Regulation Authority, and Joe Longo, chair of the Australian Securities and Investments Commission.   Labor’s Dr Daniel Mulino MP, the committee’s chair, said that scrutiny of Australia’s financial system regulators is crucial to ensuring Australia’s economic resilience.   “While the Optus data breach has caused immense concern to the millions of Australians affected, it should also be a wake-up call to the corporate sector generally that robust systems are critical, regardless of the industry.”   “And as a committee we need to make sure that the key regulators of the corporate sector are doing what is required, and expected of them, to protect all Australians. The data breach has shown how vulnerable Australians can be.”   Dr Mulino added that the regulators need to remain on the front foot in light of the challenges facing the economy including cost pressures facing businesses and households, skills shortages, concern about competition, uneven performance across superannuation funds, failing neo banks, the rising numbers of social media “finfluencers”, and corporate greenwashing activities.   International factors also pose challenges, including the deterioration in the global economy and heightened global uncertainty, the war in Ukraine and significant supply chain impacts.   “The Committee will be probing the supervision and enforcement activities of the ACCC, APRA and ASIC, as well as their policy development and governance processes.” Public hearing details Date: Tuesday 11 October 2022 Time: 9.15am – 4.45pm Location: Main Committee Room, Parliament House, Canberra Program 9.15 am           Australian Competition and Consumer Commission 11.45 am         Break 12.30 pm         Australian Prudential Regulation Authority 2.45 pm           Australian Securities and Investments Commission 4.45 pm           Finish The hearing will be broadcast live at aph.gov.au/live. Media inquiries Dr Daniel Mulino MP Electorate: (03) 9070 1974 Parliament: (02) 6277 4311 For background information Committee Secretariat 02 6277 4587 economics.reps@aph.gov.au https://aph.gov.au/economics