The Economics Committee will organize a full day of hearings with financial regulators

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The testimonies will be Gina Cass-Gottlieb, chairman of the Australian Competition and Consumer Commission, Wayne Byres, chairman of the Australian Prudential Regulation Authority, and Joe Longo, chairman of the Australian Securities and Investments Commission.

Labor MP Dr Daniel Mulino, chairman of the committee, said the scrutiny of regulators in Australia’s financial system is crucial to ensuring Australia’s economic resilience.

“While the Optus data breach has caused immense concern among the millions of Australians affected, it should also be a wake-up call to the broader business sector that robust systems are essential, regardless of the sector.”

“And as a committee, we need to ensure that key business sector regulators are doing what is necessary and expected of them to protect all Australians. The data breach showed just how vulnerable Australians can be.

Dr Mulino added that regulators must remain at the forefront in light of the challenges facing the economy, including cost pressures faced by businesses and households, skills shortages, concerns about competition, uneven pension fund performance, failing neo-banks, the growing number of social media “finfluencers” and corporate greenwashing activities.

International factors also pose challenges, including the deterioration of the global economy and heightened global uncertainty, the war in Ukraine and significant supply chain impacts.

“The committee will investigate the oversight and enforcement activities of the ACCC, APRA and ASIC, as well as their policy development and governance processes.”

Public Hearing Details

Date: Tuesday, October 11, 2022

Time: 9:15 a.m. – 4:45 p.m.

Venue: Main Committee Room, Houses of Parliament, Canberra

Program

9:15 a.m. Australian Competition and Consumer Commission

11:45 a.m. Break

12:30 Australian Prudential Regulator

2:45 p.m. Australian Securities and Investments Commission

4:45 p.m. Arrival

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

/Public release. This material from the original organization/authors may be ad hoc in nature, edited for clarity, style and length. The views and opinions expressed are those of the author or authors. See in full here.
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