THE Queensland Resources Council (QRC) is ready to get to work with the re-elected Labor Government and its new Mines Minister to deliver on a Resources Industry Development Plan to help Queensland recover from COVID.

QRC chief executive Ian Macfarlane said today the Plan, which Treasurer Cameron Dick endorsed prior to the election campaign, was a blueprint for the growth of the coal, metals and gas sectors to supercharge Queensland’s economic recovery from COVID-19.

He said Labor’s re-election as a majority government was great news for the resources sector and negated the impact of the Greens, whose anti-mining policies would have shut down the industry and put thousands of Queenslanders out of work.

Prior to the election the QRC had secured bipartisan support for the Resources Industry Development Plan on behalf of the state’s explorers, producers and suppliers.

Mr Macfarlane said the Plan and other commitments from the Government included agreement to: 

•  implement an industry development plan to support the sector’s future growth
•  encourage exploration to uncover new discoveries for coal, metals and gas
•  commit to a 12-week consultation period on regulatory changes that may impact on the sector
•  streamline assessment and approval processes for new and expansion projects
• promote the development of the North West Minerals Province, particularly for the critical minerals to support the growth of advanced manufacturing, battery storage and renewable energy
• progress the CopperString project in the State’s North West.

Mr Macfarlane said the latest economic contribution data showed the mining, gas and energy sector was supporting 420,000 jobs – one in six jobs – across Queensland and has been a bedrock of financial support and stability for the state economy during COVID-19.

“In the lead-up to the election, the QRC received the most comprehensive set of election commitments from major parties the resources industry has seen in more than two decades,” Mr Macfarlane said.

“The resources industry – which contributed $82.6 billion in the past financial year to the state economy plus $4.5 billion in royalties – looks forward to working closely with the next government to secure our state’s long-term economic and environmental wellbeing by producing, working and earning our way out of COVID.”

Mr Macfarlane said receiving a commitment from the new government that it will not increase royalty rates during its four-year term remained a priority for the resources sector.

“The Labor Government has previously committed to a three-year freeze on royalties for coal and metals and five-year freeze on gas, and costings for its new four-year term do not include any changes to royalties, but the QRC is looking forward to the government’s confirmation of its plans,” he said.

“Stability on royalties is critical for our sector because it gives companies the confidence to invest more, employ more and export more.

 “All Queenslanders benefit from a strong state economy and the jobs that flow from that, and as the resources sector has already demonstrated since the outset of the pandemic, our industry is crucial to helping Queensland recover from COVID.”

Mr Macfarlane said the QRC will also ask the new Palaszczuk Government to act against the use of continuous court appeals, which prevent mines that have received all relevant State and Federal Government approvals from proceeding.

“First cab off the rank must be to give the green light to New Hope’s New Acland Stage 3 mine project and to secure the 600 jobs that come with that,” he said.

www.qrc.org.au

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GLOBAL ETHICS Day is celebrated each year in late October, and it is a timely reminder of the importance of ethics in public, private and not-for-profit organisations. Ethics are the principles and values that guide and regulate an organisation’s behaviour and provide guidelines on the choices individuals within the organisation make.

In a year in which the COVID-19 pandemic has brought so many challenges to the economy, it is imperative that individuals and organisations behave ethically and not contribute any more damage to the already fragile economic environment. Unfortunately, impaired judgement and poor ethical decision-making result in sub-optimal outcomes for organisations and individuals.

The Accounting Professional and Ethical Standards Board (APESB) issued the restructured Code of Ethics for Professional Accountants (including Independence Standards) (the Code) in 2018 that sets out requirements on how to act in the public interest for accounting professionals who play a crucial role across public, private and not-for-profit organisations.

The five fundamental principles which underpin the Code: integrity, objectivity, professional competence and due care, confidentiality, and professional behaviour, are supported by an enhanced conceptual framework that provides accountants with a systematic approach to identify, evaluate and address threats to the five fundamental ethical principles. The conceptual framework requires the individual to exercise professional judgement to determine whether their actions comply with the fundamental principles.

APESB chair, Nancy Milne said, “The Code of Ethics provides a robust framework for professional accountants to incorporate ethical considerations to their decision making. Individuals and firms that adhere to the Code's fundamental principles and adopt strong ethical practices will create stronger and healthier businesses.”

A recent Deloitte Access Economics study commissioned by the Ethics Centre, The Ethical Advantage (2020), found that better ethical behaviour and infrastructure were associated with improved financial outcomes. The report noted that by improving its governance score by one standard deviation, an Australian organisation could expect a 7 percent increase in its return on assets.

Ms Milne said, "As we work towards rebuilding the economy in the COVID-19 normal environment, the importance of behaving according to the five principles that underpin the Code takes on greater relevance and is critical in establishing exemplary ethical behaviour in the accounting profession.

“Now more than ever, we have the opportunity to embark upon a financial recovery that is both ethical and profitable. Organisations that take a measured and ethical approach in their recovery will perform better in the long run,” Ms Milne said. “It is vital that professional accountants recognise the importance of the Code of Ethics to govern all aspects of their professional conduct and behaviour.”

About APESB

APESB is the National Standards Setter that sets the Code of Ethics and professional standards by which members of Australia’s three major professional accounting bodies: CPA Australia, Chartered Accountants Australia and New Zealand and the Institute of Public Accountant, are required to abide.

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THE Accommodation Association today stated it is vital that whichever party wins tomorrow’s election open the Queensland borders as quickly as possible. 
 
according to The Accommodation Association, Tourism Research Australia reported that travel from New South Wales (NSW) to Queensland is worth $4.4 billion each year and from Queensland to NSW $3.3 billion.

The Accommodation Association represents close to 3,500 hotels, with more than 150,000 rooms, and prior to COVID nearly 100,000 employees across Australia -- but this has fallen to about 58,000 at present. 

Prior to the closure of the international and state borders, the accommodation industry contributed $17 billion to the Australian economy each year.

Accommodation Association CEO Dean Long isaid, “The decision to close Queensland’s border to the whole of New South Wales and the Australian Capital Territory was disappointing given the limited number of cases.

"Tomorrow’s election provides an opportunity to set things right for QLD’s accommodation businesses. Both the Queensland and wider accommodation sector understand some of the health considerations that have governed political decision making to date, however, continued border restrictions will continue to lead to even more devastating job losses in the state’s tourism sector.

“It is absolutely critical that the new Premier of Queensland begins the process of opening the state’s borders. The Queensland Premier’s decisions also impact businesses in NSW and the ACT, therefore moving forward we ask to work closer together on a more collaborative and constructive approach," Mr Long said.

“Keeping Queensland’s borders closed is devastating hotels, motels and serviced apartment providers, and the symbiotic relationship they have with many tourism reliant communities and local economies.

“We urge the new Queensland Government to work closely with our member businesses so we can walk the line between protecting our people and protecting their jobs. We need to start making more democratic decisions to begin rebuilding consumer confidence in Queensland’s accommodation sector.”

www.aaoa.com.au

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FINANCIAL RIGHTS has serious concerns that sweeping changes to the Consumer Data Right will allow highly sensitive consumer data to be accessed by unauthorised third parties.

Financial Rights director of casework, Alexandra Kelly said the new rules could enable companies which are not required to meet the regime’s higher security and safety standards for privacy, to access private and sensitive consumer data.

These concerns have been outlined in a submission to the Australian Competition and Consumer Commission (ACCC) as part of consultation concerning proposed changes to the Consumer Data Right Rules.

“The entire point of the Consumer Data Right (CDR)  is to build a secure data environment in which consumers feel confident and safe using and sharing their data,” Ms Kelly said. “This proposal will fundamentally undermine consumer trust and confidence in the CDR. 

“It is also likely to open the floodgates to non-accredited companies to obtain sensitive data without having to meet higher privacy standards. In some cases they won’t have to meet any privacy standards at all.”

According to Office of the Information Commissioner’s 2020 Community Attitudes to Privacy survey, 83 percent of Australians want the government to do more to protect the privacy of their data.

“There is scant evidence of any consumer demand for open banking services but there is real evidence of high levels of consumer demand for increased privacy protections,” Ms Kelly said.

“It is disappointing that the ACCC’s proposal places the finance sector’s interest in obtaining consumer data ahead of the consumer interest in a stronger privacy regime."

The ACCC also proposes to introduce new rules that allow more direct marketing to take place, and the sale of consumer data.

Other proposals include a raft of complexities to the regime including multiple tiers of accreditation, self-regulation with minimal oversight and a new set of confusing and contradictory consents that undermine the voluntary and informed nature of consent in the digital age.

“These proposals could result in financially vulnerable people being targeted by new open banking players and sold expensive credit and inappropriate debt and credit solutions they can’t afford,” Ms Kelly said.

“We urge the ACCC to reconsider these erroneous recommendations and instead put consumer interests at the heart of the new data regime.”

Background

Open banking is the ability for consumers to access and control their financial data and share it with other banks or third party financial services who may provide a range of services using the data – from account and credit card switching to budgeting and tax advice. 

The Consumer Data Right (CDR) is the broader right the government is introducing to enable people to access their data and provide it to an accredited business (an accredited CDR provider). 

The banking sector – via open banking – is the first sector to provide this access. It is expected to roll out to other sectors include telecommunication, energy, superannuation, insurance and others.

About Financial Rights

The Financial Rights Legal Centre is a community legal centre that specialises in helping consumers understand and enforce their financial rights, especially low income and otherwise marginalised or vulnerable consumers. It provides free and independent financial counselling, legal advice and representation to individuals about a broad range of financial issues. The Financial Rights Legal Centre operates the Insurance Law Service which provides advice nationally to consumers about insurance claims and debts to insurance companies. Financial Rights also operates the National Debt Helpline in NSW, assisting consumers experiencing financial difficulties. Financial Rights took over 25,000 calls for advice or assistance during the 2017/2018 financial year. 

• National Debt Helpline 1800 007 007
• Insurance Law Service 1300 663 464
• Mob Strong Debt Help 1800 808 488

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