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OCC bares fintech office plan in quest to understand digital assets

OCC bares fintech office plan in quest to understand digital assets

Home » Business » OCC bares fintech office plan in quest to understand digital assets

The Office of the Comptroller of the Currency (OCC) has announced that it will be setting up an Office of Financial Technology to keep up with the changing pace of finance.

According to the official announcement by the OCC, the new office will begin operations in early 2023 and will work in synergy with the agency’s Office of Innovation. The OCC’s planned move is targeted at virtual currencies, and the proliferation of stablecoins has made it imperative for the body to create a new arm.

“Financial technology is changing rapidly, and bank-fintech partnerships are likely to continue growing in number and complexity,” said Michael J. Hsu, Acting Comptroller of the Currency. “To ensure that the federal banking system is safe, sound, and fair today and well into the future, we need to have a deep understanding of financial technology and the financial technology landscape.”

The OCC says the new department will be headed by a chief financial technology officer from the agency’s ranks. The role is a deputy comptroller and will report directly to the senior deputy comptroller for Bank Supervision Policy.

“The establishment of this office will enable us to be more agile and to promote responsible innovation, consistent with our mission,” added Hsu. The OCC also noted that the incoming Office of Financial Technology would “provide strategic leadership” and offer an in-depth perspective for the regulation of digital assets in banking.

The decision to create the new arm comes on the heels of the agency increasing the level of scrutiny for bank-fintech partnerships as it looks to improve the risk profile for financial institutions in the country.

The OCC’s tango with virtual currencies

In 2020, the OCC penned a letter to an undisclosed bank offering ideas on how banking institutions can offer “cryptocurrency custody services” for its clients in what was seen as a bold move.

“This letter also reaffirms the OCC’s position that national banks may provide permissible banking services to any lawful business they choose, including cryptocurrency businesses, so long as they effectively manage the risks and comply with applicable law,” read the letter.

In January 2021, the OCC approved using stablecoins for settlements of financial transactions by banks, which several industry players described as a huge win. Since the historic declaration, the OCC appears to have adopted a cautious stance towards digital assets, but it could all change with the launch of the new arm.

Watch: The BSV Global Blockchain Convention panel, The Future of Financial Services on Blockchain: More Efficiency & Inclusion

New to Bitcoin? Check out CoinGeek’s Bitcoin for Beginners section, the ultimate resource guide to learn more about Bitcoin—as originally envisioned by Satoshi Nakamoto—and blockchain.


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How Does Chargeback Management Software Work?

In addition, this is not just a loss of earnings, but it likewise indicates that sellers, due to the enhanced number of chargebacks, begin having problems with card networks, as well as with settlement solution providers.

We’re talking about a chargeback management software application that assists discovery, stopping, as well as safeguard versus chargebacks fraud and also incorrect costs.

Each of the chargeback monitoring devices uses different functionality. If you discover late that a customer is starting a chargeback procedure, there is little you can do. Taking part in the disagreement resolution procedure can significantly reduce the number of chargebacks.

What do you need to know about such a solution?

The greatest problem for sellers is that they figure out far too late concerning any type of conflicts that purchasers start. By the time they discover them, they are currently shedding a few of their earnings. In such circumstances, there is little you can do but begin a legal examination if you make certain that you are managing scammers.

Nevertheless, what happens if you can track purchases and every little thing pertaining to them utilizing a chargeback software program? This is feasible because you can obtain a collection of innovative functions to aid you to take care of problem scenarios with buyers, as well as with fraudsters.

You recognize that your primary objective is not to allow the percentage of such payments to go beyond one percent. Such a software program provides each seller with a collection of devices to decrease their number to ensure that there is not a problem with card networks. Depending on your market and your needs, you might discover the best remedy for your organization.

How does it work?

How Does Chargeback Management Software Work?
Photo: y2payments

Each chargeback management software uses various functionality. If you start to get acquainted in detail with the most reliable devices on the marketplace today, you will find that they have their disadvantages and advantages. In basic, they can help with the following:

Defend against losses

If you find out late that a buyer is starting a chargeback procedure, there is little you can do. The software application offers you a feature to signal you when customers begin contacting their financial institutions to obtain their money back.

You can find out what occurred by handling ordinary customers with whom you may have some misunderstandings. They are resistant to speaking to the vendor when purchasers have problems with their acquisitions. Rather, it’s much easier for them to obtain their cash back right away.

Defend against losses
Photo: chargebackgurus

In addition, you can easily discover what created the conflict. The products might be delivered to a different address, or a big amount was debited from the customer’s financial institution card.

The variety of online shops is expanding throughout the globe every day. Buyers can locate the ideal options for them using their mobile phones, laptops, or tablet computers. With simply a couple of clicks, shoppers can get garments, shoes, furniture, as well as a lot more. This means that the variety of electronic deals is enhancing.

Nevertheless, at the same time, the number of chargebacks is additionally expanding, which is ending up being a no-win situation for merchants. Throughout the world, vendors shed millions as well as billions of dollars every year because of fraudulence, as well as a result of misconceptions or dispute situations with customers. As a result, many merchants find that their profits are considerably decreased, which comes to be a major issue for them.

The trouble is that vendors do not just make refunds equal to the acquisition cost. In the aggregate, chargebacks, together with extra commissions, are also costly for vendors. On top of that, this is not only a loss of profit, yet it also means that merchants, because of the boosted variety of chargebacks, start having troubles with card networks, as well as with repayment companies.

Salesmen can do something instead of sitting back and seeing their organization go down the drainpipe. There is a fantastic way out of this. We’re discussing a chargeback administration software program that helps identify, avoid, as well as secure versus chargebacks scams as well as false charges.

Buying chargeback remedies is among one of the most effective methods to fight decreasing profits. You will want to understand just how sophisticated devices work as well as exactly how they can assist you take control of the situation if this is what concerns you.

We will explain regarding what such software is as well as how it assists numerous businesses worldwide.

Tracking fraudulent activity

How Does Chargeback Management Software Work?
Photo: chargebacks911

You can take some steps to prevent misconceptions if you have difficulties with average purchasers. You can boost your site by offering full information concerning acquisitions, making sure distributions get on time, as well as much more.

When it comes to scammers, there is little you can do without a software application. The software assists to track info concerning any transactions as well as evaluate them. This includes keeping deal history, tracking customer habits, as well as more. Based on such information, you have a benefit because you boost your processes to safeguard versus trespassers.

Dispute resolution

Taking part in the conflict resolution process can dramatically reduce the number of chargebacks. Devices help you accumulate not only all the needed details about transactions yet additionally gather details that can serve as an engaging disagreement to protect your perspective. If the buyer makes a false claim, then you can conveniently end the dispute.

The software application allows you to identify all the needed details. Additionally, you will be able to send out papers to financial institutions that fulfill all standards. You will certainly invest a whole lot of time and initiative on it if you do all this by hand.

Rather, you can make use of the fact that this procedure will certainly occur automatically. Based upon all deal data, reports will be created that you can later make use of as evidence. By doing this, you will not only be able to successfully reply to cases versus you but likewise considerably lower the variety of chargebacks. This means that you will certainly be able to stay within limitations established by the payment systems.

Conclusion

Despite all the convenience, vendors are facing an increase in chargebacks. Today, however, various carriers offer reliable devices to prevent the expanding number of returned payments.

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Author: Business Finance

How Does Chargeback Management Software Work? In addition, this is not just a loss of earnings, but it likewise indicates that sellers, due to the enhanced number of chargebacks, begin having problems with card networks, as well as with settlement solution providers. We're talking about a chargeback management software application that assists discovery, stopping, as well as safeguard versus chargebacks fraud and also incorrect costs. Each of the chargeback monitoring devices uses different functiona


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Union Finance Minister Smt. Nirmala Sitharaman attends the 7th Annual Meeting of Board of Governors of Asian Infrastructure Investment Bank through video conference today

Ministry of Finance

azadi ka amrit mahotsav

Union Finance Minister Smt. Nirmala Sitharaman attends the 7th Annual Meeting of Board of Governors of Asian Infrastructure Investment Bank through video conference today

Posted On: 26 OCT 2022 5:28PM by PIB Delhi

Union Minister of Finance & Corporate Affairs Smt. Nirmala Sitharaman attended the 7th Annual Meeting of the Board of Governors of Asian Infrastructure Investment Bank (AIIB) via video conference from New Delhi today.

Every year at the Annual Meeting, the Board of Governors meets to take key decisions on important matters relating to AIIB, and its future vision. India is a Founding Member and the second largest shareholder in AIIB. India also has the largest project portfolio within AIIB. The theme of this year’s Annual Meeting was “Sustainable Infrastructure Toward a Connected World”. 

The Finance Minister shared her thoughts in the Governor’s Roundtable Discussion on the theme “Financing Infrastructure in a Crisis-Prone World”. In her intervention, the Finance Minister appreciated AIIB for its continued commitment and dedication to assist members and for providing high-quality development finance. Smt. Sitharaman stated that, despite exogenous threats, India’s well-targeted policy mix, accompanied by major structural reforms and sound external balance sheet, have aided its growth to remain resilient. The Finance Minister emphasized that India has embarked on the path of a self-reliant economy and therefore has been successful in mitigating the negative effects of the pandemic. Smt. Sitharaman underscored the remarkable progress India has made through its Digitalization Mission, utilizing technology to facilitate social protection and boost financial inclusion. The Finance Minister also highlighted that Prime Minister Shri Narendra Modi is actively leading India’s climate change response efforts through various programs such as ‘Lifestyle for Environment’ (or LiFE), among many others.

The Finance Minister suggested that in order to ensure meaningful impact is achieved and resources are not scattered in multiple areas, AIIB needs to scale-up investments in key priority areas including clean energy and energy efficiency, disaster resilient infrastructure, social infrastructure with a special focus on education and health, and digital infrastructure.

As public resources alone are insufficient to meet vast infrastructure needs of members, the Finance Minister advised that the Bank should not only play a catalytic role in mobilizing diverse private sector resources but also explore mechanisms to augment its own resources, including through early action on the recommendations of G20’s Expert Panel’s Report on the MDB’s Capital Adequacy Framework (CAF).

Moreover, the Finance Minister pointed out that beyond its financial support, AIIB should work towards expanding the scope of its mid-stream and upstream engagement activities such as increased technical assistance to help clients translate strategies into investment plans. Finally, Smt. Sitharaman suggested that the Bank should set-up full-fledged country offices in member locations.

In conclusion, the Finance Minister assured AIIB of India’s continued collaboration in achieving its mandated mission.

****

RM/PPG/KMN

(Release ID: 1870995) Visitor Counter : 825




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Union Finance Minister Smt. Nirmala Sitharaman attends the 7th Annual Meeting of Board of Governors of Asian Infrastructure Investment Bank through video conference today

Ministry of Finance

azadi ka amrit mahotsav

Union Finance Minister Smt. Nirmala Sitharaman attends the 7th Annual Meeting of Board of Governors of Asian Infrastructure Investment Bank through video conference today

Posted On: 26 OCT 2022 5:28PM by PIB Delhi

Union Minister of Finance & Corporate Affairs Smt. Nirmala Sitharaman attended the 7th Annual Meeting of the Board of Governors of Asian Infrastructure Investment Bank (AIIB) via video conference from New Delhi today.

Every year at the Annual Meeting, the Board of Governors meets to take key decisions on important matters relating to AIIB, and its future vision. India is a Founding Member and the second largest shareholder in AIIB. India also has the largest project portfolio within AIIB. The theme of this year’s Annual Meeting was “Sustainable Infrastructure Toward a Connected World”. 

The Finance Minister shared her thoughts in the Governor’s Roundtable Discussion on the theme “Financing Infrastructure in a Crisis-Prone World”. In her intervention, the Finance Minister appreciated AIIB for its continued commitment and dedication to assist members and for providing high-quality development finance. Smt. Sitharaman stated that, despite exogenous threats, India’s well-targeted policy mix, accompanied by major structural reforms and sound external balance sheet, have aided its growth to remain resilient. The Finance Minister emphasized that India has embarked on the path of a self-reliant economy and therefore has been successful in mitigating the negative effects of the pandemic. Smt. Sitharaman underscored the remarkable progress India has made through its Digitalization Mission, utilizing technology to facilitate social protection and boost financial inclusion. The Finance Minister also highlighted that Prime Minister Shri Narendra Modi is actively leading India’s climate change response efforts through various programs such as ‘Lifestyle for Environment’ (or LiFE), among many others.

The Finance Minister suggested that in order to ensure meaningful impact is achieved and resources are not scattered in multiple areas, AIIB needs to scale-up investments in key priority areas including clean energy and energy efficiency, disaster resilient infrastructure, social infrastructure with a special focus on education and health, and digital infrastructure.

As public resources alone are insufficient to meet vast infrastructure needs of members, the Finance Minister advised that the Bank should not only play a catalytic role in mobilizing diverse private sector resources but also explore mechanisms to augment its own resources, including through early action on the recommendations of G20’s Expert Panel’s Report on the MDB’s Capital Adequacy Framework (CAF).

Moreover, the Finance Minister pointed out that beyond its financial support, AIIB should work towards expanding the scope of its mid-stream and upstream engagement activities such as increased technical assistance to help clients translate strategies into investment plans. Finally, Smt. Sitharaman suggested that the Bank should set-up full-fledged country offices in member locations.

In conclusion, the Finance Minister assured AIIB of India’s continued collaboration in achieving its mandated mission.

****

RM/PPG/KMN

(Release ID: 1870995) Visitor Counter : 731




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Top headlines: Axis Bank Q2 net jumps 70%; Bajaj Finance Q2 net surges 88%

Axis Bank's Q2 net profit jumps 70% to Rs 5,330 cr as provisions slide

Private lender Axis Bank reported a better-than-expected 70% jump in second-quarter profit on Thursday, as bad loan provisions slid and asset quality improved.

Net profit rose to Rs 5,330 crore in the three months to Sept. 30 from Rs 3,133 crore a year ago, Mumbai-based Axis Bank said in an exchange filing. READ MORE.

Bajaj Finance beats estimates as Q2 net profit surges 88% to Rs 2,781 cr

Bajaj Finance Ltd reported a record quarterly profit on Thursday, beating estimates on improved demand for loans and better asset quality.

Demand for credit has remained strong in India despite a series of interest rate hikes by the central bank in its fight against inflation, with both banks and shadow lenders reporting strong lending growth as consumers look to make more purchases. READ MORE.

Asian Paints' Q2 net profit rises 33% to Rs 804 cr; revenue up 19%

Asian Paints on Thursday reported 32.83 per cent rise in consolidated net profit at Rs 803.83 crore for the second quarter ended September 30, 2022 driven by robust sales.

The company had posted a net profit of Rs 605.17 crore in the same quarter last fiscal year, Asian Paints said in a regulatory filing.

Revenue from operations stood at Rs 8,457.57 crore in the quarter under review as compared to Rs 7,096.01 crore in the year-ago period, it added. READ MORE.

Canara Bank Q2 profit jumps 89% to Rs 2,525 cr, asset quality improves

Canara Bank reported on Thursday an 89 per cent jump in net profit to Rs 2,525 crore in July-September (Q2 FY23), aided by higher net interest income that came on the back of a healthy growth in advances.

In the year-ago period, the state-owned lender had reported a net profit of Rs 1,333 crore. The Bengaluru-based bank said it has shifted to a new tax regime resulting in a deferred tax reduction of Rs 2,451 crore. READ MORE.

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First Published: Thu, October 20 2022. 17:50 IST


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Sitharaman urges World Bank to remain steadfast on principles of common responsibilities

Finance Minister Nirmala Sitharaman has urged the World Bank to avoid a unidimensional view of subsidies and not to lose focus on the internationally agreed basic principle of common but differentiated responsibilities.

She made the remarks on Friday during a meeting of the Development Committee of the World Bank-IMF, in Washington D.C.

Sitharaman also stated that despite this year's projected growth rate of 7 per cent for the Indian economy, "we remain concerned about the global economic outlook and geopolitical environment", according to the Union Finance Ministry.

The Finance Minister further mentioned that the "Food and Energy Crisis paper" rightly identifies energy efficiency as the "first fuel of choice".

Similarly, reducing crop loss and food waste should also be the "first intervention of choice" to ensure food security, she was quoted as saying.

The Finance Minister is currently on a five-day visit to the US.

 


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Government takes steps to eliminate sexual harassment in Australian workplaces

Minister for Finance

Minister for Women

Minister for the Public Service

Senator the Hon Katy Gallagher

Minister for Employment and Workplace Relations

Minister for the Arts

Leader of the House

The Hon Tony Burke MP

Attorney-General

Cabinet Secretary

The Hon Mark Dreyfus KC MP

Joint media release

Today the Government introduced the Anti-Discrimination and Human Rights Legislation Amendment (Respect at Work) Bill 2022, delivering on an important election commitment to end sexual harassment at work.

This bill will implement seven legislative changes recommended by Sex Discrimination Commissioner Kate Jenkins, left unfinished by the former government.

The bill will:

  • Place a positive duty on employers to take reasonable and proportionate measures to eliminate sex discrimination, sexual harassment and victimisation, as far as possible;
  • Strengthen the Australian Human Rights Commission with new functions to assess and enforce compliance with this new requirement, including the capacity to give compliance notices to employers who are not meeting their obligations;
  • Expressly prohibit conduct that results in a hostile workplace environment on the basis of sex; and
  • Ensure Commonwealth public sector organisations are also required to report to the Workplace Gender Equality Agency on its gender equality indicators.

Over the past five years, one in three people experienced sexual harassment at work, with women experiencing higher rates of harassment than men.

Aboriginal and Torres Strait Islander people, people with a disability and members of the LGBTQ+ community are also, on average, more likely to experience workplace sexual harassment.

Everyone has the right to a safe and respectful workplace and the fact that workplaces have not been safe or respectful for so many Australians is unacceptable.

Sexual harassment is by no means inevitable and the passage of this bill will move Australia forward in our efforts to prevent workplace sexual harassment from happening in the first place.

The Albanese Government is committed to finalising implementation of all recommendations of the [email protected] Report as a matter of priority.

This Bill is also part of our important work to progress gender equality, recognising that achieving women’s economic equality includes making sure women are safe at work.

The Minister for Employment and Workplace Relations, the Hon Tony Burke MP, is separately progressing the inclusion of a prohibition on sexual harassment in the Fair Work Act 2009 (Cth).

The Government would like to thank all victim-survivors who came forward to share their stories and to inform the [email protected] Report.

The Government expects that the bill will be referred to a Senate Committee for inquiry. The Government looks forward to engaging through the Attorney-General’s Department with that important Parliamentary process.

If you need immediate assistance or support you can contact 1800RESPECT: 1800 737 732.

/Public Release. This material from the originating organization/author(s) may be of a point-in-time nature, edited for clarity, style and length. The views and opinions expressed are those of the author(s).View in full here.


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Government takes steps to eliminate sexual harassment in Australian workplaces

Minister for Finance

Minister for Women

Minister for the Public Service

Senator the Hon Katy Gallagher

Minister for Employment and Workplace Relations

Minister for the Arts

Leader of the House

The Hon Tony Burke MP

Attorney-General

Cabinet Secretary

The Hon Mark Dreyfus KC MP

Joint media release

Today the Government introduced the Anti-Discrimination and Human Rights Legislation Amendment (Respect at Work) Bill 2022, delivering on an important election commitment to end sexual harassment at work.

This bill will implement seven legislative changes recommended by Sex Discrimination Commissioner Kate Jenkins, left unfinished by the former government.

The bill will:

  • Place a positive duty on employers to take reasonable and proportionate measures to eliminate sex discrimination, sexual harassment and victimisation, as far as possible;
  • Strengthen the Australian Human Rights Commission with new functions to assess and enforce compliance with this new requirement, including the capacity to give compliance notices to employers who are not meeting their obligations;
  • Expressly prohibit conduct that results in a hostile workplace environment on the basis of sex; and
  • Ensure Commonwealth public sector organisations are also required to report to the Workplace Gender Equality Agency on its gender equality indicators.

Over the past five years, one in three people experienced sexual harassment at work, with women experiencing higher rates of harassment than men.

Aboriginal and Torres Strait Islander people, people with a disability and members of the LGBTQ+ community are also, on average, more likely to experience workplace sexual harassment.

Everyone has the right to a safe and respectful workplace and the fact that workplaces have not been safe or respectful for so many Australians is unacceptable.

Sexual harassment is by no means inevitable and the passage of this bill will move Australia forward in our efforts to prevent workplace sexual harassment from happening in the first place.

The Albanese Government is committed to finalising implementation of all recommendations of the [email protected] Report as a matter of priority.

This Bill is also part of our important work to progress gender equality, recognising that achieving women’s economic equality includes making sure women are safe at work.

The Minister for Employment and Workplace Relations, the Hon Tony Burke MP, is separately progressing the inclusion of a prohibition on sexual harassment in the Fair Work Act 2009 (Cth).

The Government would like to thank all victim-survivors who came forward to share their stories and to inform the [email protected] Report.

The Government expects that the bill will be referred to a Senate Committee for inquiry. The Government looks forward to engaging through the Attorney-General’s Department with that important Parliamentary process.

If you need immediate assistance or support you can contact 1800RESPECT: 1800 737 732.

/Public Release. This material from the originating organization/author(s) may be of a point-in-time nature, edited for clarity, style and length. The views and opinions expressed are those of the author(s).View in full here.


Read More

Government takes steps to eliminate sexual harassment in Australian workplaces

Minister for Finance

Minister for Women

Minister for the Public Service

Senator the Hon Katy Gallagher

Minister for Employment and Workplace Relations

Minister for the Arts

Leader of the House

The Hon Tony Burke MP

Attorney-General

Cabinet Secretary

The Hon Mark Dreyfus KC MP

Joint media release

Today the Government introduced the Anti-Discrimination and Human Rights Legislation Amendment (Respect at Work) Bill 2022, delivering on an important election commitment to end sexual harassment at work.

This bill will implement seven legislative changes recommended by Sex Discrimination Commissioner Kate Jenkins, left unfinished by the former government.

The bill will:

  • Place a positive duty on employers to take reasonable and proportionate measures to eliminate sex discrimination, sexual harassment and victimisation, as far as possible;
  • Strengthen the Australian Human Rights Commission with new functions to assess and enforce compliance with this new requirement, including the capacity to give compliance notices to employers who are not meeting their obligations;
  • Expressly prohibit conduct that results in a hostile workplace environment on the basis of sex; and
  • Ensure Commonwealth public sector organisations are also required to report to the Workplace Gender Equality Agency on its gender equality indicators.

Over the past five years, one in three people experienced sexual harassment at work, with women experiencing higher rates of harassment than men.

Aboriginal and Torres Strait Islander people, people with a disability and members of the LGBTQ+ community are also, on average, more likely to experience workplace sexual harassment.

Everyone has the right to a safe and respectful workplace and the fact that workplaces have not been safe or respectful for so many Australians is unacceptable.

Sexual harassment is by no means inevitable and the passage of this bill will move Australia forward in our efforts to prevent workplace sexual harassment from happening in the first place.

The Albanese Government is committed to finalising implementation of all recommendations of the [email protected] Report as a matter of priority.

This Bill is also part of our important work to progress gender equality, recognising that achieving women’s economic equality includes making sure women are safe at work.

The Minister for Employment and Workplace Relations, the Hon Tony Burke MP, is separately progressing the inclusion of a prohibition on sexual harassment in the Fair Work Act 2009 (Cth).

The Government would like to thank all victim-survivors who came forward to share their stories and to inform the [email protected] Report.

The Government expects that the bill will be referred to a Senate Committee for inquiry. The Government looks forward to engaging through the Attorney-General’s Department with that important Parliamentary process.

If you need immediate assistance or support you can contact 1800RESPECT: 1800 737 732.

/Public Release. This material from the originating organization/author(s) may be of a point-in-time nature, edited for clarity, style and length. The views and opinions expressed are those of the author(s).View in full here.


Read More

Government takes steps to eliminate sexual harassment in Australian workplaces

Minister for Finance

Minister for Women

Minister for the Public Service

Senator the Hon Katy Gallagher

Minister for Employment and Workplace Relations

Minister for the Arts

Leader of the House

The Hon Tony Burke MP

Attorney-General

Cabinet Secretary

The Hon Mark Dreyfus KC MP

Joint media release

Today the Government introduced the Anti-Discrimination and Human Rights Legislation Amendment (Respect at Work) Bill 2022, delivering on an important election commitment to end sexual harassment at work.

This bill will implement seven legislative changes recommended by Sex Discrimination Commissioner Kate Jenkins, left unfinished by the former government.

The bill will:

  • Place a positive duty on employers to take reasonable and proportionate measures to eliminate sex discrimination, sexual harassment and victimisation, as far as possible;
  • Strengthen the Australian Human Rights Commission with new functions to assess and enforce compliance with this new requirement, including the capacity to give compliance notices to employers who are not meeting their obligations;
  • Expressly prohibit conduct that results in a hostile workplace environment on the basis of sex; and
  • Ensure Commonwealth public sector organisations are also required to report to the Workplace Gender Equality Agency on its gender equality indicators.

Over the past five years, one in three people experienced sexual harassment at work, with women experiencing higher rates of harassment than men.

Aboriginal and Torres Strait Islander people, people with a disability and members of the LGBTQ+ community are also, on average, more likely to experience workplace sexual harassment.

Everyone has the right to a safe and respectful workplace and the fact that workplaces have not been safe or respectful for so many Australians is unacceptable.

Sexual harassment is by no means inevitable and the passage of this bill will move Australia forward in our efforts to prevent workplace sexual harassment from happening in the first place.

The Albanese Government is committed to finalising implementation of all recommendations of the [email protected] Report as a matter of priority.

This Bill is also part of our important work to progress gender equality, recognising that achieving women’s economic equality includes making sure women are safe at work.

The Minister for Employment and Workplace Relations, the Hon Tony Burke MP, is separately progressing the inclusion of a prohibition on sexual harassment in the Fair Work Act 2009 (Cth).

The Government would like to thank all victim-survivors who came forward to share their stories and to inform the [email protected] Report.

The Government expects that the bill will be referred to a Senate Committee for inquiry. The Government looks forward to engaging through the Attorney-General’s Department with that important Parliamentary process.

If you need immediate assistance or support you can contact 1800RESPECT: 1800 737 732.

/Public Release. This material from the originating organization/author(s) may be of a point-in-time nature, edited for clarity, style and length. The views and opinions expressed are those of the author(s).View in full here.


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