Source: Rigby Cooke Lawyers
Andrew Hudson
Customs & Trade Partner
E: [email protected]
On 19 February 2021, the Federal Treasurer requested the Productivity Commission (Commission) undertake an independent review (Review) “into supply chain vulnerabilities and risks” to “ensure that the Australian economy is prepared for “possible supply chain disruptions”.
The Terms of Reference for the Review suggest it originates from the COVID-19 pandemic and while Australian supply chains proved to be “resilient”, the circumstances highlighted potential vulnerability to global supply chain disruptions. Accordingly, the scope of the Review has been set as follows;
The purpose of the study is to examine the nature and source of risks to the effective functioning of the Australian economy and Australians’ wellbeing associated with disruptions to global supply chains, identifying any significant vulnerabilities and possible approaches to managing them.
In undertaking the study, the Commission should consider Australia’s part in global supply chains as an importer and exporter, and:
- consider the factors that make supply chains vulnerable.
- develop a framework for identifying supply chains that are vulnerable to the risk of disruption and also critical to the effective functioning of the economy, national security and Australians’ wellbeing.
- use trade and other relevant data to identify supply chain vulnerabilities.
- explore risk management strategies, including the roles of, and options for, government and businesses to manage supply chain risks.
For full details, please click here.
Customs & Trade Partner
Customs & Trade Partner