ASIC granted new powers over big banks

‘CORPORATE COPS’

The Australian Securities and Investments Commission will for the first time be able to embed staff into the big four banks and wealth manager AMP, as part of a new supervisory “refocus” and budget boost to monitor governance and compliance.

The ABC reports that ASIC chairman James Shipton will today announce more than $70 million in additional funding and extended powers at a press conference with Treasurer Scott Morrison and Financial Services Minister Kelly O’Dwyer. The announcement follows Shipton’s review into the organisation, which came under severe criticism at the financial services royal commission, as well as accusations that AMP charges fees for no service and has lied to ASIC.

Elsewhere, The Australian ($) reports that the latest round of the royal commission has heard that super fund trustees are “surrounded by temptation” to do the wrong thing, and gouge customers with fees. 

PARTING SHOTS

Australia’s outgoing public service and race discrimination commissioners have delivered fiery, but very different, valedictory speeches ahead of their official retirements.

The Age reports that outgoing public service commissioner John Lloyd has hit out at “political correctness” and having to leave under an unfinished, “most unsatisfactory investigation” into his connection with right-wing think tank the Institute of Public Affairs. Lloyd also made light of his controversial connection to the group, and further criticised the state of Australia’s workplace laws and alleged dwindling capacity to question authority.

Race discrimination commissioner Dr Tim Soutphommasane declared that “race politics is back” in a speech criticising politicians and journalists for escalating dialogue over “African gangs”, ethnic separatism and immigration. Citizenship and Multicultural Affairs Minister Alan Tudge has slammed the speech ($), which singled the MP out for warning that Australia is headed towards “a European separatist multicultural model”.

INFOWARS IN THE BIN

Infowars‘ Alex Jones has had four pages shut down by Facebook and most of the group’s podcasts removed by Apple and Spotify. The Guardian reports that Jones, a conspiracy theorist who is being sued by parents of children murdered in the 2012 Sandy Hook massacre for alleging the shooting was a hoax, has had his pages shut down just hours after Apple ditched five of the six Infowars podcasts.

Facebook had previously issued Jones a personal, 30-day suspension and has since said that, “More content from the same pages has been reported to us — upon review, we have taken it down for glorifying violence, which violates our graphic violence policy, and using dehumanising language to describe people who are transgender, Muslims and immigrants, which violates our hate speech policies”.

[free_worm]

THEY REALLY SAID THAT?

You have to make a decision about do you want an agriculture sector or do you want kumbaya?

David Littleproud

The Agriculture Minister has a go at state and territory governments for finding “some frog or butterfly” to delay dams and water infrastructure, and is rewarded with both heckles and applause from Lismore residents on Q&A.

CRIKEY QUICKIE: THE BEST OF YESTERDAY

How Australian media’s growing extremism threatens our securityBernard Keane

“Sky News’ decision to provide an uncritical platform for violent racist and convicted criminal Blair Cottrell yesterday, and its legitimisation of him as an ‘activist’, not merely continues the pay TV outlet’s love affair with far-right extremists but will deeply concern Australia’s security and intelligence agencies.”

Poll Bludger: mixed signals as Coalition tries to turn the ship aroundWilliam Bowe

“As luck would have it, Malcolm Turnbull’s reverse at the Super Saturday byelections landed just as opinion polls started pointing out a potential path to his re-election.

Not that the government is there yet. Its famous losing run in Newspoll extended to 37 last week, and no other established pollster has run a poll that failed to credit Labor with a two-party lead throughout this period, which began shortly after the 2016 election.”

Sky News no stranger to extremists and white nationalistsCharlie Lewis

“Sky News has been dragged over the coals on social media for its Sunday interview with bulging fascist Blair Cottrell, with news director Greg Byrne saying the interview was ‘wrong’. But is programming aggressive nationalist views really a departure compared to some recent Sky offerings?”

READ ALL ABOUT IT

‘I wanted to go’: Barnaby Joyce, the ‘half-crazed cattle dog’

SEQ begins big push for a billion-dollar City Deal

First WA women’s ‘drug rehab prison’ opens in Perth’s south

If other countries knew how Australia stops the boats it could damage foreign relations, Peter Dutton told

Ex-Chief Marshall Perron to back assisted deaths ($)

SA Health brings in advisers KordaMentha to tackle $250 million debt from new RAH ($)

Stock market the biggest obstacle to finding dark matter down a mine

Government urged to dump ‘flawed’ health insurance discount plan for young people

Labor MP backs NEG with new coal plants ($)

Indonesia earthquake: at least 98 dead after quake strikes Lombok

Italy highway explosion causes fatalities and dozens of injuries

WHAT’S ON TODAY

Melbourne

• Witnesses from NAB and its superannuation trustee will give evidence at a financial services royal commission hearing on superannuation. Ian Silk, the CEO of AustralianSuper, may also begin his evidence late this afternoon.

• A Senate Committee will hold an inquiry into Australia’s “obesity epidemic”.

• CFA Chief Officer Steve Warrington, Forest Fire Management Victoria Acting Deputy Chief David Sayce and Parks Victoria Director Fire and Emergency Services David Nugent will speak about emergency services personnel heading to Canada to assist firefighting efforts.

• National, Liberal and Shooters, Fishers and Farmers MPs and MLCs will deliver a petition calling on more support for Victorian timber industry jobs.

• Farmers, fruit and vegetable growers, wine and cheese makers, brewers, tourism operators, and apprentice chefs will meet at the steps of parliament to launch the campaign “A taste of Mornington Peninsula”, which aims to raise awareness over the green wedge, to be followed by a tasting session in the Federation Room.

Sydney

• A House Standing Committee will conduct an inquiry into funding Australian research.

• The Reserve Bank of Australia will make an announcement on interest rates.

• Lord Mayor Clover Moore and NSW Governor David Hurley will announce a major new public artwork to honour the First Peoples of Sydney and pay tribute to the traditional custodians of Gadigal Country. A performance by the Buuja Buuja Butterfly Dance group, a smoking ceremony and a Welcome to Country will be held at the beginning of the event.

• David Gonski, UOW Chancellor Jillian Broadbent, UTS Vice-Chancellor Attila Brungs, and Macquarie University Vice-Chancellor Bruce Dowton will speak at an event on future-proofing Australia’s workforce.

• Former PM John Howard will speak at Campion College for the official opening of two new residential halls. 

• Alinta CEO Jeff Dimery and Ausgrid CEO Richard Gross will speak at a CEDA event on consumers and affordability in Australia’s energy market.

Canberra

• A House Standing Committee will hold an inquiry into impediments to business investment. Three Senate Committees will also conduct inquiries into Private Health Insurance Legislation Amendment Bill 2018 and related bills; Social Services Legislation Amendment (Cashless Debit Card Trial Expansion) Bill 2018; and the prevention, investigation and prosecution of industrial deaths in Australia.

• The Australian National University will hold an event celebrating the 50th anniversary of the Pacific Manuscripts Bureau.

• Professor of Socio-Technical Innovation at UK’s Newcastle University Mark Reed will speak at a Climate Change Institute presentation on “When Science Changes Society: When and How Research has Impact”, to be followed by a panel discussion.

Brisbane

• Former High Court Chief Justice and human rights advocate Michael Kirby will speak on LGBTIQ rights and the Catholic Church for the annual Archbishop Sir James Duhig Memorial Lecture, to be held at the University of Queensland.

• The Queensland Sentencing Advisory Council will hold a panel discussion on “Expanding the toolbox: sentencing reform across Australia”.

• The Department of Transport and Main Roads will hold a statewide industry briefing.

• Goorie novelist, essayist and poet Melissa Lucashenko will speak as part of Tony Albert’s “Pay Attention” talk series at QAGOMA.

Darwin

• The Civil Aviation Authority will conduct flightpath safety checks at 12 Northern Territory airports over the next week.

• The Museum and Art Gallery of the Northern Territory will hold a preview of the 35th Telstra National Aboriginal and Torres Strait Islander Art Awards.

Adelaide

• Raising the Bar will hold 20 expert talks across ten pubs in one night.

Perth

• The Wheatbelt Development Commission will host the WA Industry Link Regional Roadshow, to include a discussion on the development and implementation of the Western Australian Industry Participation Strategy, amongst other initiatives.

• Social innovator Karen Wellington will speak on “Sensing our emerging future in education” at an EDfutures community event. 

Hobart

• Author Greg Lehman will speak on research into colonial representations of Indigenous Tasmanians through artwork, work which has resulted in the recently-opened National Gallery of Australia exhibition, The National Picture: the art of Tasmania’s Black War.

• Author and historical researcher Maree Ring will discuss “Military Pensioners to Van Diemen’s Land 1850 – 1852” as part of a National Family History Month event at Hobart Library.

Australia

• Australia’s population is estimated to pass the 25 million mark around 11pm AEST tonight.

New Delhi, India

• An extradition hearing will be held for Puneet Puneet, who fled Australia after pleading guilty to a hit-run fatality.

THE COMMENTARIAT

Why I quit Sky News over the Blair Cottrell neo-Nazi interview ($) — Dr Craig Emerson (Australian Financial Review): “On Monday I quit Sky News after five years as a commentator. Giving airtime to neo-Nazi Blair Cottrell might be passed off as defending the right to free speech, but former chief minister of the Northern Territory, Adam Giles, was effusive in his praise, wrapping up the interview with: ‘Good luck. I hope it all goes well for you.’ A Sky anchor wishing a neo-Nazi all the best in his endeavours is yet another step in the mainstreaming of racism and bigotry in our country.”

How to catch a regulator — Stephen Bartos (The Age): “The banking royal commission has important lessons for all regulators, not only those concerned with banking and finance. As we now know from the commission’s work, examples of bad practice are rife among financial institutions. They include overcharging or outright defrauding of customers, misleading advice, exploiting vulnerable Australians and other misdeeds. Even if financial institutions (mostly) do look after their customers, the commission is inquiring into misconduct – and finding plenty. The question for regulators is how this blatant and harmful misconduct can happen, and why it appears so widespread.”

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