Business News Releases

Australia-first digital product strategy from eftpos

EFTPOS has announced an updated digital product and technology strategy for rollout over the next two years, which aims to change the daily lives of Australians for the better.

The strategy also provides greater clarity to members, Australian fintechs and retailers about opportunities for innovation and collaboration.

Eftpos CEO Stephen Benton said the strategy aimed to create greater value, ease and security for consumers and businesses by enabling compelling innovations for members, fintechs and retailers that enhance the digital commerce experience.

Mr Benton said much of the work was already well underway and the business was deeply engaged with members and industry participants to finalise detailed rollout schedules over the next two years.

The digital strategy has five key elements: Mobile wallets, e-commerce, digital identity, APIs and fintech access, and a national QR code payments rollout.

“The eftpos digital product strategy has been devised with an Australian focus, creating world-class innovations to compete against global players,” Mr Benton said. "The strategy we embarked on two years ago aimed to transition eftpos from a card present retail business to a major player in the centre of Australian e-commerce that leverages our world-class technology investments.

“It has been a journey not without challenges, but it has come together better than we could ever have hoped, with a keystone being the recent acquisition of Beem It," he said.

“In many ways, eftpos was Australia’s first fintech and our digital strategy builds on that history to deliver on eftpos’ purpose - to do good for Australia. We aim to do this by engaging with members, Fintechs and retailers to make everyday payments easy, secure, smart and cost efficient.” 

Mr Benton said the growth of debit card transactions in Australia made eftpos’s digital strategy even more important for competition and innovation.

He said debit cards were where competition was thriving in Australia today. Debit cards are by far the most popular payment choice for Australians as they move from cash and credit during this challenging time. Of the almost one billion electronic transactions per month in Australia, around 70 percent are now on debit and that number is growing every month. 

Many of the digital initiatives leverage eftpos’s centralised payments infrastructure, the eftpos Hub, that was built in late 2014 and itsToken Service Provider that went live in 2016.

Together, Mr Benton said, these assets provide locally-based, world-class, secure and accessible real time payments infrastructure. The resilient Hub infrastructure has been running at zero downtime since launch and enables local fintechs and financial institutions to access, innovate and compete on top of the eftpos payment rails.  

"The rapid pace of our transformation agenda means new initiatives are being introduced swiftly to encourage competition and innovation during the nation’s economic recovery, and at a low cost due to its accessible design and our use of global standards that facilitate choice."

About eftpos 

Eftpos is Australia’s debit card system, accounting more than 2 billion CHQ and SAV transactions in 2019 worth around $130 billion. www.eftposaustralia.com.au 

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Ombudsman’s office ready to assist with Dairy Code disputes

THE Australian Small Business and Family Enterprise Ombudsman (ASBFEO) Kate Carnell is encouraging dairy farmers in dispute to contact her office, following the release of an ACCC report reflecting on compliance with the Dairy Code of Conduct.

The ACCC’s Dairy Code: initial observations on compliance report identifies areas of concern including processors’ failure to publish standard form milk supply agreements on time, as well as failing to report on the number and nature of disputes.

Ms Carnell said the issues raised by the regulator, highlight the need for dairy industry participants to understand their rights and obligations under the code. She reiterated that her office was ready to provide assistance with disputes that arise under the code.

“The mandatory Dairy Code of Conduct gives Australian dairy farmers a framework to negotiate a fair price for their product,” Ms Carnell said.

“The code applies to all milk supply agreements entered into, or amended, on or after January 1, 2020. My office can provide small and family business owners in the dairy industry with information on the code, as well as options to resolve disputes and access to mediation and arbitration services.

“The Dairy Code of Conduct provides dairy farmers and other industry participants with avenues for dispute resolution within a fairer framework.”

“In addition to the Dairy Code, my office can provide broader assistance to small and family businesses that also include disputes under the Franchising, Horticulture and Oil Codes of Conduct.”

More information is available about ASBFEO’s dispute resolution services at asbfeo.gov.au

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New research centre established to honour union leader Laurie Carmichael

A NEW research centre dedicated to the legacy of one of Australia’s greatest union leaders will be established in 2021 at the Australia Institute.

The newly formed Carmichael Centre will be established at the Australia Institute’s Centre for Future Work, in the name of legendary manufacturing unionist Laurie Carmichael, who passed away in 2018 at the age of 93.

Laurie Carmichael played a pivotal role in Australia’s union movement over several decades. He campaigned to protect the right to strike, negotiated shorter working hours, developed innovative workers’ education and training programs, helped to negotiate the Prices and Incomes Accords in the 1980s, served on several federal government boards and commissions under the Hawke and Keating governments, and opposed Australia’s involvement in the Vietnam War.

He served in numerous leadership capacities during his career, including with the Amalgamated Engineering Union, the Amalgamated Metal Workers Union, and the Australian Council of Trade Unions.

The Carmichael Centre is being established with the support of Mr Carmichael’s family, and with funding from two of the organisations which Mr Carmichael led: the Australian Manufacturing Workers’ Union (AMWU), formed in 1995 through a merger that included successors to Mr Carmichael’s former unions, and the Australian Council of Trade Unions for which Mr Carmichael served as assistant secretary from 1987 through 1993.

Among other activities, the new Carmichael Centre will host a Distinguished Research Fellow position, who will conduct and publish research on themes related to Mr Carmichael’s legacy, including: industrial relations, social policy, manufacturing and industry policy, vocational education, international labour solidarity and peace, and the impact of unions on social well-being.

The centre will organise an annual lecture by a prominent labour speaker on Carmichael’s legacy; and it will also develop and publish an annotated on-line bibliography of Carmichael’s writings and other contributions.

The formation of the Carmichael Centre follows two years of discussions among unions and colleagues to plan an appropriate recognition of Carmichael’s influence and legacy. The Centre for Future Work is launching a public search for the first Distinguished Research Fellow, who will be appointed early in 2021.

“The Carmichael Centre will carry on Laurie Carmichael’s mission, based on his conviction that strong, innovative unions can help build a better society for all,” AMWU national president, Andrew Dettmer said.

ACTU national secretary Sally McManus said, “Laurie Carmichael was a principled, innovative, progressive union leader who understood that workers need collective power to make economic, social and democratic progress. We are so glad his ideas will receive the continued attention and study they deserve, through the work of the Carmichael Centre."

Mr Carmichael is survived by his son, Laurie Carmichael Jr.

“The values dad fought for all his life are more important than ever: fairness, equality, democracy, and peace. I am deeply proud that his legacy lives on, including through the work of the Carmichael Centre,” Laurie Carmichael Jr said.

Australia Institute executive director, Ben Oquist said, “The Distinguished Research Fellow will make a very important contribution to progressive labour research in Australia. We are deeply honoured to host the Carmichael Centre, and to advance Laurie’s vision of a better, fairer world of work.” 

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IPA welcomes Insurance Inquiry report from ombudsman

THE INSURANCE INQUIRY report released by the Australian Small Business and Family Enterprise Ombudsman (ASBFEO) has been welcomed by the Institute of Public Accountants (IPA), noting "there is still much to be done".

“The ASBFEO insurance report highlights the many issues facing small business owners, some of which make it impossible for them to carry on business as they can’t get insurance or the cost of insurance is prohibitive,” IPA chief executive officer, Andrew Conway said.

“Whilst this is evidence of market failure, the industry in its entirety should not be brandished with the same brush. The key factor, however, is one of affordability for the most suitable insurance product that meets and aligns with the small business owner’s needs.

“IPA shares the view that the hidden costs of insurance should be made transparent, including stamp duty and GST, which in some states make up 21 percent of the premium," Mr Conway said.

“This is in effect, revenue raising by governments who continue to place undue duress on the insurance system, which adds to increasing costs for consumers.

“The IPA will continue to advocate to properly educate small businesses on insurance needs and importantly, to educate and activate the insurance sector to better understand and meet the insurance needs of small business in a competitive market,” Mr Conway said,

 

About the Institute of Public Accountants

The IPA, formed in 1923, is one of Australia’s three legally recognised professional accounting bodies. With the acquisition of the Institute of Financial Accountants in the UK, the IPA Group was formed, with more than 40,000 members and students in over 80 countries. The IPA Group is the largest SME focused accountancy organisation in the world.  www.publicaccountants.org.au

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National Action Plan to Reduce Sexual Harassment in the Australian Legal Profession launched

ELIMINATING sexual harassment in the legal profession is part of the Law Council’s long-running commitment to inclusion and diversity in the legal profession.

The recent release of the National Action Plan to Reduce Sexual Harassment in the Australian Legal Profession (NAP) heralds the start of a united and coordinated process to address the issue.

Law Council president, Pauline Wright said the NAP aimed to address the regulatory and cultural change factors necessary to facilitate better experiences for legal professionals.

“Sexual harassment is unacceptable in the legal profession and the Law Council and its Constituent Bodies are committed to its elimination,” Ms Wright said.

“One way of achieve this, is to outline specific law reform proposals as policy positions of the Law Council. 

“The NAP also includes measures that the legal profession can implement to drive cultural change,” Ms Wright said.

Recommendations include:

  • Advocating for federal law reform amendments to the Sex Discrimination Act 1984 (Cth) (SDA);
  • Supporting the work of the Australian Human Rights Commission, particularly in relation to the establishment of a Workplace Sexual Harassment Councilamending the SDA, the harmonisation of federal and state and territory discrimination laws; and the establishment of education and training programs for judicial officers and tribunal members;
  • Driving cultural change in the legal profession through a proposed reformulation of Rule 42 of the Australian Solicitors’ Conduct Rules; the development of national model sexual harassment policy and guidelines and a centralised source of information and suite of educational tools; the facilitation of a consistent complaints process; the consideration of bystander provisions; and supporting those who have experienced sexual harassment;
  • ·Advocating for the establishment of a Federal Judicial Commission.

“The NAP and the measures proposed will not solve every problem relevant to sexual harassment,” Ms Wright said.

“It is important to note that this a living document, setting out a framework for change, the specifics of which will continue to evolve as each measure is developed.

“The NAP is just the start of a united and coordinated process that will continue to be reviewed and refined as the measures are developed and implemented in consultation with the Law Council’s constituent bodies."

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