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Insurers, banks set for parliamentary committee scrutiny

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The Federal Parliament Trade and Investment Growth Committee has called for insurance and banking representatives to appear at a hearing tomorrow as it continues an inquiry into the prudential regulation of investment in Australia’s export industries.

The inquiry’s first hearing day last month heard from coal industry companies and associations about problems gaining insurance cover and financing.

Committee Chairman George Christensen says this time the inquiry will hear from financial and investment groups about risks and opportunities associated with export industries.

“Australia’s export industries rely on financial institutions for investment, insurance, and to launch new projects,” he said today. “The committee is looking forward to hearing how these institutions can support growth in Australia’s export industries, which contribute so much to Australia’s economy.”

The Australian Banking Association and the big four banks, are scheduled for the first session tomorrow, while the Insurance Council of Australia will appear after lunch. The superannuation sector, unions, and investor advisory groups will also attend.

The inquiry was launched following a referral from Minister for Resources and Water Keith Pitt, a member of the Nationals party room, who has been pushing for Parliament to look into the climate policies of banks and insurers.