Economics Committee to hold urgent hearing; ME Bank and Industry Super Australia: 14 May 2020


The House of Representatives Standing Committee on Economics will hear from ME Bank and Industry Super Australia at an urgent public hearing by videoconference on 14 May 2020, as part of its ongoing review of the four major banks and other financial institutions.

The Chair of the committee, Mr Tim Wilson MP, said 'Australians who put their savings into the bank or entrust it with a superannuation fund rightly expect it to be secure'.

'The conduct of ME Bank has raised urgent questions about the security and flexibility of the savings of Australians with their mortgage products and necessitates scrutiny', Mr Wilson said. 

'Australians trust superannuation funds with significant savings, they hold a fair expectation that funds will provide accurate information and will act promptly if they are eligible for early withdrawal. The conduct of Industry Super Australia in publishing dubious calculations about the impacts of early withdrawal will be examined, as will processes to stop fraud', Mr Wilson said.
'Members' equity should be paramount, and concerns about liquidity also need to be answered. It was only in November last year that the sector dismissed this committee's concerns about liquidity prompted by substantial investments by funds in illiquid assets', Mr Wilson said.

'As the superannuation system is a significant mechanism enabling Australians to support themselves in retirement, it is crucial that the superannuation sector is operating effectively, fairly and for the benefit of fund members,' said Mr Wilson.

'The COVID-19 pandemic has also raised a number of issues, including how banks and the superannuation sector are supporting affected customers and members', Mr Wilson said.
Public hearing details 

Date: Thursday, 14 May 2020
Time: 9.30am to 12.30pm
Location: Videoconference

9.30am – Industry Super Australia
10.50am – Break
11.00am – ME Bank
12.30pm – Finish

The hearings will be webcast at
Australian Government Money & Finance Political Surveys & Your Say

Australian Government :
Canberra ACT 2600, Australia Wide
02 6277 7111
Australian Government
Showing 10+ recent articles for this business
Restrictive Practices Issues Paper 26 May 2020 | The Royal Commission into Violence, Abuse, Neglect and Exploitation of People with Disability is seeking information about the use of restrictive practices on people with disability. More information...
Fish faeces reveals which species eat crown-of-thorns 27 May 2020 | Crown-of-thorns starfish are on the menu for many more fish species than previously suspected, an investigation using fish poo and gut goo reveals. More information...
Toolkit launched to help guide return of community sport 24 May 2020 | Sport Australia has launched a suite of practical resources that focus on giving community sporting clubs and associations a roadmap for the safest return to sport at all levels. More information...
AMSA urges crew to wear lifejackets after trawler tragedy 22 May 2020 | AMSA is currently investigating the loss of a 48-year-old seafarer overboard from a fishing trawler on Monday off the Sunshine Coast. Despite exhaustive search and rescue efforts, the man was not found and is... More information...
Statement regarding the death of Ann Marie Smith 20 May 2020 | The Chair of the Royal Commission into Violence, Abuse, Neglect and Exploitation of People with Disability, Ronald Sackville AO QC, said Commissioners had been appalled by the circumstances surrounding the death... More information...
Important reminder not to put your health on hold 15 May 2020 | The Australian Digital Health Agency (the Agency) has launched a digital health guide to help Australians find the latest health information and advice about navigating the healthcare system during a time when... More information...
Home learning and teaching during COVID 19 14 May 2020 | As part of its inquiry into the education of students in remote and complex environments, the House Education Committee wants to know more about the impacts of the COVID-19 pandemic on home learning and teachin... More information...
Amal Clooney and Geoffrey Robertson talk to parliament 14 May 2020 | Ms Amal Clooney and Mr Geoffrey Robertson OAM, Queens Counsel and will be among the experts to appear before an inquiry on whether to impose sanctions upon individuals who commit human rights abuses. More information...
Australia's Foreign Affairs, Defence and Trade policy in a post-pandemic world 13 May 2020 | The impact of COVID-19 on lives and livelihoods has been severe around the globe, including Australia. While Australian, State & Territory governments continue to lead the nation into a containment and recovery... More information...
Royal Commission looks at employment of people with disability 12 May 2020 | The latest issues paper published by the Royal Commission into Violence, Abuse, Neglect and Exploitation of People with Disability looks at the experiences of people with disability in employment. More information...

comments powered by Disqus

All articles submitted by third parties or written by My Sunshine Coast come under our Disclaimer / Terms of Service