THE CLIMATE COUNCIL has welcomed new modelling showing the economic benefits of the Project EnergyConnect interconnector between South Australia and New South Wales. 

"Not only will South Australian homes and businesses see energy savings when the NSW-SA interconnector is delivered, the transmission line can also unlock thousands of new jobs and economic opportunities," Climate Council CEO Amanda McKenzie said.

"The Climate Council's Clean Jobs Plan shows that 2,500 jobs can be created across South Australia by investing in renewable energy, storage and transmission. 

"This project can cement South Australia as a leader in the energy transition and will accelerate progress towards the state's net 100% renewable energy target, delivering the urgent emissions reductions we need to tackle climate change.

"Households, businesses, workers, and the climate all win when the SA-NSW interconnector goes online. We call on all parties to support this important, job-creating project,” Ms McKenzie said.

THE Queensland Resources Council has welcomed an announcement by BHP for 3,500 new apprentices of which half will be based in Queensland and up to a $450 million investment in the Mining, Equipment, Technology and Services (METS) sector.

QRC chief executive Ian Macfarlane said the significant funding and training package would provide jobs and growth for Queensland’s economy as it recovers from the impacts of COVID.

“Queensland’s resources sector is the mainstay of the State’s economy because companies such as BHP invest in Queenslanders and Queensland businesses,” Mr Macfarlane said. 

“Hundreds of people in Queensland will have the opportunity to start a long and rewarding career in the resources sector thanks to BHP.

“QRC’s education arm the Queensland Minerals and Energy Academy has 75 schools across the State and teaches students trade skills. This Academy is supported by BHP who provide employees to assist teaching the students and pathways for the QMEA talent pipeline.

“Queensland METS sector is a key service provider to the resources industry and contributor to Australia’s economy supporting more than 1 million jobs.”

BHP said the almost $800 million package would be rolled out over five years:

• An increase of 2,500 apprenticeships and traineeships through the BHP FutureFit Academy, established earlier this year, with associated spend of $300 million.

• A further 1,000 skills development opportunities across a range of sectors in regional areas. BHP will invest $30 million and work with the Australian Government to create advanced apprenticeships and short courses in areas of potential future workforce demand.

• $450 million to support national METS sector growth.

www.qrc.org.au

https://www.bhp.com/media-and-insights/news-releases/2020/09/bhp-apprenticeship-pledge-and-mets-business-support-package/

SOARING unemployment and wage cuts has seen people increasingly overdrawing on their credit cards, according to Finder, Australia’s most visited comparison site.

A new Finder survey found that 15 percent of credit card holders have gone over their limit during the pandemic – equivalent to more than two million borrowers (2,113,350).

While 8 percent of card holders have paid their debt down under the credit limit,  7 percent are still currently over.

According to the Reserve Bank of Australia, the average credit limit per borrower is $9,892 and there are just over 14 million credit cards in circulation.

Official data shows credit card balances accruing interest dropped during the height of coronavirus (from $1,877 in February to $1,647 in June), yet repayments against those interest accruing balances dropped (from 103% in February to 89% in May).

Kate Browne, personal finance expert at Finder, said some Australians were entering a credit card danger zone.

“Even missing one or two payments can become a slippery slope which can spiral out of control quickly," Ms Browne said. 

“Missing payments not only adds to financial stress but can also impact your credit score. Your credit score is your financial identity and is how lenders view you. If you are missing payments your credit score and your financial credibility can be put at risk. 

“You can keep an eye on your finances and your credit score for free by downloading the Finder app,” Ms Browne said.

The research highlighted that more women (18%) went over the limit on their credit card during the pandemic than men (13%).

One in four millennials (26%) were overdrawn on their credit card at some point during coronavirus, with more than one in 10 (11%) still unable to resolve the issue.

Ms Browne said the true scale of the financial stress experienced by many Aussie adults due to coronavirus is yet to be fully felt.

“In light of proposed changes to responsible lending laws, it will soon be easier than ever for Australians to access credit – which could mean some people accumulating more debt than they can handle," she said.

“The onus will be on borrowers to provide accurate information that shows their true ability to service a loan.

“If you are struggling to make repayments, contact your bank immediately to discuss the options available to you. They may be able to organise a repayment plan to help you get your debt under control.”

Source: Finder, September 2020 survey                                                         

THREE WAYS to keep credit utilisation under control:
 Impose a hard limit on your credit card account. If your provider allows you to spend over your credit limit, let them know that you want to impose a 'hard limit' on your credit card account. This means that once you reach your credit limit, any transaction that would have taken you over the limit will be declined.
 Set up online, mobile or telephone banking. You can download your bank’s app onto your smartphone and monitor your balance at any time. Lenders are required by law to notify you when you're about to exceed your limit. If you have online, mobile or telephone banking set up, your provider can send you a text notification when you're about to exceed your credit limit.
 Make more regular repayments. Even though credit card statements are only issued monthly - you can make weekly or fortnightly payments that could help you pay off debt faster.

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THE House Standing Committee on Social Policy and Legal Affairs today released an interim report on its inquiry into homelessness in Australia, focusing on the impact of the COVID-19 pandemic on housing and homelessness issues.

Chair of the Committee, Andrew Wallace MP, said, "The COVID-19 pandemic arrived in Australia shortly after this inquiry commenced in February 2020. As the virus spread, the Committee quickly realised that it would have major implications for people at risk of or experiencing homelessness, and the governments and organisations who work with them."

In May 2020, the Committee called for evidence on the impact of COVID-19 on homelessness, encouraging community groups and others to share their experiences in responding to the pandemic.

By the beginning of October the Committee had received close to 200 submissions—most of which discuss the COVID-19 situation—and spoken to 40 governmental and non-government organisations at five public hearings.

Mr Wallace said, "This interim report summarises what the Committee has heard to date from a wide range of people and organisations about COVID-19 and homelessness in Australia.

"It explores the central themes of the evidence we have received including what the definition of homelessness should be, who is most at risk and the effectiveness of Government responses to homelessness during the COVID-19 pandemic.

"The Committee heard from many organisations and peak bodies who gave detailed accounts of how service providers across Australia have adapted to the crisis and have continued to deliver support to the many people who are homeless or at risk of homelessness throughout Australia at this difficult time.

"We believe that it is important to report now, so this evidence can be considered by policymakers in a timely way, even as the impacts of the pandemic continue to unfold.

"The Committee encourages the Australian Government to take this report into account as it continues to formulate its immediate and long-term responses to the pandemic," Mr Wallace said.

The Committee’s inquiry into homelessness in Australia continues. The Committee will issue a final report, addressing the inquiry’s full terms of reference and including recommendations, at the conclusion of the inquiry.

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

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