05 Feb 2019 | Archive
Australia’s largest and most representative business network, the Australian Chamber of Commerce and Industry has welcomed the Royal Commission’s final report into Australia’s financial services sector.
“The Commission has rightly taken the financial sector to task over its conduct,” Australian Chamber CEO, James Pearson, said.
“We welcome the Federal Government and Opposition’s bipartisan commitment to act on the recommendations of Commissioner Kenneth Hayne.
“We were pleased to hear Treasurer Josh Frydenberg’s assurances that the Commission’s recommendations will not result in consumers and businesses facing tighter lending conditions and that customers will now deal with a financial sector that operates with higher standards.
“It is essential that businesses, including small businesses, continue to have access to finance in order to support their operations, to invest, to grow and to create jobs.
“We agree with Commissioner Hayne that the Australian Banking Association should amend the definition of ‘small business’ in its Banking Code to improve access to banks for small firms by offering the same protections and procedures enjoyed by larger entities.
“As it stands, the Commissioner considers the current definition as “too complicated and too confined in its reach” and instead recommends the Code applies to small and medium sized businesses employing fewer than 100 full-time employees, where the loan applied for is less than $5 million.
“The Commissioner believes this will extend the provisions of the Code to another 10,000 to 20,000 businesses.
“The recommendations to increase the powers of APRA and ASIC, but also to establish a new independent authority to assess the effectiveness of the functions and statutory objectives of each regulator, should provide greater oversight.
“Many of Australia’s finance sector institutions have been scrutinised over the past 12 months. Now, with clear recommendations on how to deal with the issues raised, there is little benefit in continuing to bash the banks.
“They need to get on with the task of addressing the conduct and cultural issues raised in the report and demonstrating to the public that lessons have been learned.
“We need the focus to be on delivering a future where Australian consumers and businesses, both large and small, can have confidence in our financial sector.
“A secure banking system responding effectively to customers’ needs is a fundamental part of the strong economy that businesses need to thrive in – so Australians can have the jobs, living standards and opportunities to which they aspire.”
The Australian Chamber is Australia’s largest network of employers, speaking for over 300,000 businesses employing millions of Australians in every sector of the economy.
13/09/2019
The Australian Chamber is delighted to announce Bryan Clark, Director of ACCI Trade & International Affairs, has been appointed to the Government’s Deregulation Taskforce, announced...
8/08/2019
The Australian Chamber is calling on the country's political leaders to agree to reform our vital Vocation Education and Training (VET) system, to deliver the skills...
6/08/2019
The Australian Chamber backs the latest call for greater balance in the unfair dismissal system to better support small business owners trying to do the right...
5/08/2019
The Australian Chamber of Commerce and Industry welcomes today’s announcement that the Productivity Commission will focus on streamlining regulation in the resources sector. "The joint announcement...
30/07/2019
By James Pearson, Chief Executive Officer In August 1985 Bob Hawke proclaimed that the Australian government had had enough of “the Building Labourers Federation’s complete...
23/07/2019
The Government has called time on union officials with deep pockets, arrogant attitudes, and combative lawyers thumbing their nose at our laws, our courts and...
22/07/2019
By James Pearson It's the year 2030. China has overtaken the US as the world's largest economy. The fastest growing cities are located in...
18/07/2019
The Australian Chamber of Commerce and Industry (ACCI), Australia’s employer representative to the United Nations’ International Labour Organisation (ILO), says union opposition to proposed legislation...
18/07/2019
Today’s release of a report on Government-funded vocational training by the National Centre for Vocational Education Research (NCVER) showing a further decline in investment, reinforces the...
4/07/2019
The Australian Chamber of Commerce and Industry, Australia’s largest and most representative business network, warmly welcomes the passage of the personal income tax package through the Senate. “The...
4/07/2019
Australia's largest and most representative business network, the Australian Chamber of Commerce and Industry welcomes the Federal Government's reintroduction of the Fair Work (Registered Organisations)...
1/07/2019
Australia’s largest and most representative business network, the Australian Chamber of Commerce and Industry calls on the Parliament to pass the Government’s personal income tax...
1/07/2019
Australian Chamber – Tourism, the peak body of Australia’s tourism organisations welcomes the expansion of the Working Holiday Maker visa program. “The Australian Chamber-Tourism has...
24/06/2019
Australia’s largest and most representative business network, the Australian Chamber of Commerce and Industry, welcomes the Prime Minister’s commitment to review Australia’s Industrial Relations system...
19/06/2019
Australian Chamber – Tourism, the peak body of Australia’s tourism organisations, acknowledges the release of the International Visitors Survey today. The survey shows strong performance for...
18/06/2019
The Australian Chamber of Commerce and Industry – Westpac Survey of Industrial Trends for the June quarter 2019 released today, shows a slowing in manufacturing business...
11/06/2019
By James Pearson With the final seats being declared in the federal election, the government and opposition frontbench teams in place and parliament set to...
5/06/2019
The Australian Chamber of Commerce and Industry, Australia’s largest and most representative business network, today expressed disappointment at the latest National Accounts figures showing lower...
4/06/2019
The Reserve Bank Board’s decision to lower the cash rate to 1.25% today has been welcomed by Australia’s largest business network, the Australian Chamber of...
3/06/2019
Australia’s largest business network, the Australian Chamber of Commerce and Industry, congratulates the new Labor Shadow Ministry on their appointments and welcomes Federal Opposition Leader Anthony...