Chris Bowen argues ‘unwinding' net zero would take Australia backwards
'If you take up a battery, together with solar under the Albanese government's cheaper home batteries policy, you can save $2,300 each and every year,' Mr Bowen said.
'A permanent bill reduction.
'Economic modelling shows that net zero will make every single Australian household $2,000 better off.
'Any attempt to unwind net zero would take Western Australia backwards.'
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The Australian
31 minutes ago
- The Australian
AFCA complaints handling hurry leaves thousands exposed
Thousands of decisions by the Australian Financial Complaints Authority could be called into question because it has resorted to checking its own homework to process a backlog of claims. AFCA insiders are concerned that the organisation is drifting from its promise to apply a high standard of scrutiny to complaints. Instead, it has resorted to allegedly misrepresenting that a fresh set of eyes had ruled on matters when they had not, sources told The Australian. Where an AFCA ombudsman would rule on complaints at the final stage, these were routinely overseen by more junior case managers. The involvement of the ombudsman was allegedly limited to signing off on their recommendations. This is despite AFCA's assurance that decisions would be subject to review where either party to a complaint disagreed with the preliminary ruling. AFCA, assembled in the wake of the Royal Commission into Misconduct in the Banking, Superannuation, and Financial Services Industry, is designed to keep disputes from clogging up the court system and free-up regulators to pursue more egregious misconduct. In its first six months, AFCA received 34,263 complaints. Between July 1, 2023 and June 30, 2024, the latest period for which data is available, it was handed 98,622 matters. Of these, 41,583 were related to bank behaviour. AFCA insiders told The Australian it has resorted to 'quick and dirty' decision making in a bid to shift its backlog of claims, warning it put the outcomes of thousands of matters at risk. It's process boils down to a two-tiered arrangement. Matters are initially allocated to a case manager, who attempts to resolve the complaint by mutual agreement. If this fails, the complaint progresses to a second stage where a case manager assesses the merits of the case. The matter proceeds to an ombudsman if a party refuses to accept the case manager's finding. But poor resourcing meant ombudsman matters were often being sent back to the initial staffers, leaving the ombudsman to sign-off on their thinking. This may be as little as a 'quick glance'. 'There were often times where instructions were given to not send out decisions by ombudsman because it looked like it was too quick,' a former AFCA staffer, who spoke on the condition of anonymity, recalled. AFCA was pinged for weak processes in the 2022 NSW Supreme Court Notesco case, which saw a third party broker sue the body alleging it had acted without impartiality when awarding a decision to Jean Pasquier, a retired 83-year old living in France who lost €306,900 ($545,724) after making thousands of trades on Nextrade. AFCA staffer May Chng had sought the view of her manager, who in turn consulted ombudsman Nicolas Crowhurst, before issuing a decision in Mr Pasquier's favour. When Notesco contested the decision, it was sent to Mr Crowhurst to rule on, again in Mr Pasquier's favour. Following this, AFCA engaged former Federal Court judge Julie Dodds-Streeton and barrister Ahmed Terzic to review 30 decisions. AFCA deputy chief ombudsman Dr June Smith said the dispute's body had reviewed the Notesco decision. 'Steps were then taken to ensure that a final decision maker is not involved in the early investigation stage of a complaint they will determine,' she said. Dr Smith said AFCA had commissioned regular independent audits and its next review is slated for 2026 or 2027. 'These reviews have all found that AFCA is engaging in procedural and substantive fairness, and is meeting its obligations of independence and impartiality,' she said. 'These consistent results should give consumers and industry full confidence that AFCA interprets and applies its fairness jurisdiction appropriately and in accordance with its remit.' Resolving cases at AFCA has proven costly as it hires more staff in a bid to catch up to a spiralling case load. Parties before AFCA are slugged for each case, starting at $105.81 for a matter to be registered and up to $10,234 for a final decision. As revealed in The Australian, AFCA has been warning many complainants it would take up to six months to assign them case managers. AFCA chief executive and lead ombudsman David Locke told The Australian in February he was 'mortified' over the delays. AFCA has also been hampered by financial institutions poaching from its ranks, with ANZ recruiting its former banking lead Evelyn Hall as 'customer fairness advisor' in March 2022. David Ross is a Sydney-based journalist at The Australian. He previously worked at the European Parliament and as a freelance journalist, writing for many publications including Myanmar Business Today where he was an Australian correspondent. He has a Masters in Journalism from The University of Melbourne. Markets With the ASX trading near record highs despite subdued earnings forecasts, this reporting season will show whether investors are paying too much for a recovery that may not materialise. DataRoom Executives from Canada's largest mining company have been spotted at Bellevue Gold's flagship Western Australian project, fuelling takeover bid speculation.
Sky News AU
an hour ago
- Sky News AU
Dan Tehan flags gas is crucial moving forward as Coalition's net zero review could take up to a year to settle on final outcome
Shadow energy minister Dan Tehan has flagged gas as a crucial element in the Coalition's energy policy moving forward and confirmed the ongoing review into net zero could take up to a year. Net zero has become a critical issue for the Coalition, with former Nationals leaders Barnaby Joyce and Michael McCormack tabling a Private Member's Bill last week aimed at overhauling all climate related policies. Numerous Nationals and Liberal backbenchers have publicly spoken out against the controversial policy despite Liberal leader Sussan Ley touting reducing emissions as a top priority for the Coalition. Ms Ley told Sky News Political Editor Andrew Clennell on Thursday she wanted to develop an energy policy focussed on manufacturing while making power more affordable and also reducing emissions. As the Coalition's working group continues its review on the polarising issue, Mr Tehan, who is leading the policy review, told Sky News' Sunday Agenda that the process could take 'nine to 12 months". 'We've got to work out: okay, what will our nuclear policy be? What will our gas policy be? What will we do with state governments that continue to provide subsidies to keep coal-fired power stations going?' Mr Tehan said. The Nationals are also conducting a review to determine its position on net zero, with the process being led by vocal climate critic Senator Matt Canavan. When asked by Sky News Political Editor Andrew Clennell what the Coalition's approach on coal would be, Mr Tehan said the working group had a lot to consider and that gas would be an important factor moving forwards. 'We've said the first focus is going to be on gas,' Mr Tehan said. Mr Tehan reiterated he wanted the review to result in a sustainable and coherent policy position and said the Liberal and National parties needed to find common ground on the issue. He said it was vital that the two political camps 'agree on a policy moving forward" and added that another Coalition split would 'not do the cause on the centre-right of Australian politics any good whatsoever'. 'I think all of us, as individuals – all members of both the Liberal Party and the National Party – have to think very seriously about that over the next 12 to 24 months," he said.
AU Financial Review
an hour ago
- AU Financial Review
Roundtable must reform the super performance test
Last week, French pharmaceutical company Sanofi announced a deal worth over $1 billion to buy a biotech firm with exclusive rights to a unique vaccine technology developed by Australian scientists. This is great news. The global player will buy into Vicebio, a London-based group, which is developing vaccines for two respiratory viruses using the molecular clamp technology invented by University of Queensland professors Paul Young, Daniel Watterson and Keith Chappell.
