A SENATE SELECT Committee on Lending to Primary Production Customers was established on February 16 to inquire and report on the regulation and practices of financial institutions in relation to primary production industries, including agriculture, fisheries and forestry.
Committee Membership consists of:
Chair: Senator Malcolm Roberts, Pauline Hanson’s One Nation
Deputy Chair: Senator John Williams, The Nationals, NSW
Member: Senator Chris Back, Liberal Party of Australia, WA
Member: Senator Anthony Chisholm, Australian Labor Party, Qld
Member: Senator Jane Hume, Liberal Party of Australia, Vic
Member: Senator Claire Moore, Australian Labor Party, Qld
Terms of Reference will have particular reference to:
- The lending, and foreclosure and default practices, including constructive and non-monetary default processes;
- The roles of other service providers to, and agents of, financial institutions, including valuers and insolvency practitioners, and the impact of these services;
- The appropriateness of internal complaints handling and dispute management procedures within financial institutions; and
- The appropriateness of loan contract terms particular to the primary production industries, including loan-to-value ratios and provision of reasonable written notice.
The committee has also resolved that:
- In conducting the inquiry, the committee will not investigate, or seek to resolve or adjudicate disputes between customers, banks or other parties; and
- Where the experience of customers may inform the committee about the practices of banks, the committee welcomes submissions that explicitly address the terms of reference.
The closing date for submissions is May 8, 2017. Senator Roberts has advised Agalert that the deadline can be extended.
The committee is to inquire and report by 18 October, 2017.
Committee Secretariat contact:
Select Committee on Lending to Primary Production Customers
Department of the Senate
PO Box 6100
Canberra ACT 2600
Phone: 6277 3521
Fax: 6277 5706