THE Accommodation Association has welcomed NSW Premier Gladys Berejiklian’s announcement on the re-opening of the border between NSW and Victoria on November 23.
 
With many of the Association's member hotels struggling this year in the wake of the devastating bushfires and COVID-19, the reopening date will kickstart demand as travellers can begin making plans and booking their holidays. This border announcement will also have a significant economic impact on regional and rural communities.

“The Association welcomes the opening of the border to Victoria by NSW," Accommodation Association CEO Dean Long said. "The return of business from Victoria is vital for the continuing recovery of the NSW accommodation sector, particularly in lieu of the continued closure of international borders.

“Even with these restrictions beginning to finally lift, the future remains challenging for Sydney and Melbourne-based hotels that are reliant on international and corporate travel.
 
“We have been reinforcing to all State and Territory governments that certainty around borders will be critical to the recovery of our sector, and this date is an important step in that recovery process. We need our governments to work together so that when borders open it is managed in a safe and sustainable way that provides long term confidence to travellers so they feel comfortable making bookings again.”

Members have COVID safe plans in place, and are asking holidaymakers to start booking short stays to safeguard hundreds of thousands of Australian accommodation sector jobs.

Victoria is NSW’s largest interstate market representing 15 percent of visitor nights and 16 percent of expenditure into the state. The Accommodation Association represents close to 3,500 hotels, over 150,000 rooms and nearly 100,000 employees across Australia and over 500 operators in Victoria. Accommodation contributes $17 billion to the Australian economy and $1.5 billion to the Victorian economy.

The Accommodation Association

The Accommodation Association represents over 80 percent of all known accommodation providers from small regional parks, caravan parks, serviced apartments and resorts through to the largest hotel groups in the world including Accor, Hilton, Wyndham Destinations and IHG.

www.aaoa.com.au/About-Us/The-Association

ends

OVER the next two Fridays, the House of Representatives Standing Committee on Tax and Revenue is holding public hearings for its Inquiry into the Development of the Australian Corporate Bond Market.

The chair of the committee, Jason Falinski MP, said the committee looked forward to hearing from key peak bodies and market participants about potential barriers in the regulatory regime for corporate bonds.

“The Australian corporate bond market, despite regulatory changes over the last decade, remains small compared to other countries”, Mr Falinski noted, “This inquiry will be looking at why that might be.

“Examining the tax treatment of corporate bonds for issuers and investors will provide a clearer view of any impediments to the issuance of bonds compared to other asset classes,” Mr Falinski said.

The committee will also look at how certain policy settings have helped to build more active retail corporate bond markets in other jurisdictions, especially those that attract substantial issuance from Australian corporations.

Further information about the inquiry is available on the Committee’s website.

Upcoming public hearings

Date: Friday, 6 November 2020
Time: 9am to 12.15pm
Location: Committee Room 2R1, Parliament House, Canberra (via video/teleconference)

Date: Friday, 13 November 2020
Time: 9am to 11.45am
Location: Committee Room 1R3, Parliament House, Canberra (via video/teleconference)

The hearings will be broadcast live at aph.gov.au/live.

ends

ORD MINNETT (Ords), a leading Australian wealth management group, and E.L. & C. Baillieu, a prominent Australian owned wealth management firm, specialising in stockbroking, private wealth management, corporate finance, institutional equities and in philanthropic services, announced today that they have entered into an agreement for Ord Minnett to acquire 100 percent of E.L. & C. Baillieu.

A spokesperson said the purchase of E.L. & C. Baillieu, with nine locations around Australia including Melbourne as its head office, was a highly welcomed strategic move, further strengthening Ord Minnett as one of Australia’s highly respected and largest independent private wealth firms.

“We felt this acquisition was a strong strategic and cultural fit with Ord Minnett," Ords CEO and managing director Karl Morris said. "The combination of E.L. & C. Baillieu’s brand heritage and history, private stockbroking business, its adviser network, its client-base and operational synergies will cement Ords as a respected Australian wealth brand.

"The scale benefits and self-clearing of the two businesses will allow us to be leaders in financial advice. This new amalgamation can only serve to benefit Australian investors and our clients for many more generations to come. We look forward to working with the E.L. & C. Baillieu team,” Mr Morris said.

Jo Dawson, chair of E.L. & C. Baillieu said, “After running an independent and very successful process which started in June this year, we are delighted to announce the shareholders of E.L. & C. Baillieu have overwhelmingly voted in favour of a transaction with Ord Minnett. The transaction will bring together two of Australia’s longest standing stockbroking firms, and provide many exciting opportunities for our clients and staff.

"Having received strong interest from the stockbroking community, Ord Minnett were determined to be the perfect fit for our business and I believe that the combination of the two firms will position E.L. & C. Baillieu well for the structural changes transforming our industry. Our advisers and staff are looking forward to what will be an exciting time ahead."

Baillieu's head of private wealth, George Deva said, ”The integration of both firms will take place over the next 12 months. Our clients will continue to receive the same high-quality advice and wealth management services which they have come to expect.

E.L. & C. Baillieu will continue to operate under its name, although will now be a wholly owned subsidiary of Ord Minnett.

E.L. & C. Baillieu were advised by Deloitte Corporate Finance and King & Wood Mallesons and Ord Minnett were advised by InterFinancial Corporate Finance and McCullough Robertson.

About E.L. & C. Baillieu

E.L. & C. Baillieu started  in 1889, some five years after the formation of the Stock Exchange of Melbourne. The partnership of E.L. & C. Baillieu traded for almost 100 years until 1986 when the partnership was succeeded by E.L. & C. Baillieu Limited.  E.L. & C. Baillieu today provides stockbroking and wealth management services across private wealth, corporate finance, institutional equities and philanthropy.

www.baillieu.com.au

ends

KEY PLAYERS in the superannuation sector will be scrutinised at the House of Representatives Standing Committee on Economics public hearing on Friday.

Committee Chair Tim Wilson said Friday’s hearing would provide an opportunity to ask questions about superannuation funds’ response to COVID-19.

“Before COVID-19 we have been scrutinising the super sector to ensure they’re putting members and their interests first, and the significant number of Australians who have accessed their super during the pandemic highlights the need for the sector to be there when Australians need them," Mr Wilson said.

“The scrutiny the Economics Committee has applied to the sector has led the government to propose welcome reforms to ensure that funds are acting consistent with member’s best interests.

“Similarly, it is important that the sector is not using its leverage to achieve interests not aligned with financial returns for members, such as needless advertising for a compulsory product or to intimidate listed companies to be participants in public debate.

"I’m looking forward to exploring this topic further, as particularly in times like these it is crucial that the superannuation sector is operating effectively, fairly and to the benefit of fund members."

The hearing forms part of a broader review of Australia’s four major banks and other financial institutions. Examination of these institutions will also include monitoring the sector’s progress on implementing relevant recommendations from the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry.

A full program for the hearing is available on the committee’s website.

Public hearing details

Date: Friday, 6 November 2020
Time: 10.30am to 4.45pm
Location: Videoconference

The hearings will be broadcast live at aph.gov.au/live.

ends