THE Queensland Resources Council (QRC) and its members look forward to continuing its close partnership with the Queensland Government’s Department of Resources following the appointment of new Director-General Mike Kaiser, QRC chief executive Ian Macfarlane said today.

Mr Macfarlane said the Department of Resources - and its predecessor the Department of Natural Resources, Mines and Energy - had worked closely with the QRC over many years to promote the sustainable and successful exploration and development of the state’s coal, metal and gas reserves.

“The QRC secured a commitment to work with the re-elected Palaszczuk Government to prepare and implement a Queensland Resources Industry Development Plan to ensure the contribution of mining and gas industries to Queensland’s COVID-19 recovery and its economic growth beyond the pandemic that is maximised,” Mr Macfarlane said.

“The QRC looks forward to working with the new Director-General and his department to ensure this plan becomes a blueprint for the sector’s growth and Queensland’s recovery.

“The plan should be a blueprint for how Queensland strengthens its role in the global energy mix and contributes to the development of advanced manufacturing.” 

Mr Macfarlane also paid tribute to the department’s outgoing Director-General, James Purtill.

“The QRC has worked closely with James and his team on a range of issues impacting the resources sector,” he said. 

“At no time has the strength of this partnership been closer and stronger than in the response to COVID-19, when the resources sector and the department worked tirelessly together to keep the men and women in our industry safe, and their families and communities safe. 

“We did that while ensuring operations could continue to keep Queenslanders working and earning for Queensland.”

www.qrc.org.au

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THE Retirement Income Review released today provides a valuable baseline of data against which to measure the performance of Australian retirement income and superannuation systems.

The Financial Services Council (FSC) has welcomed the considered contribution to the policy debate from the panel of independent experts and notes their conclusion that Australia’s retirement income system is ‘effective sound and its costs are broadly sustainable.

The review made the important conclusion that government expenditure on the Age Pension as a proportion of GDP is projected to fall over the next 40 years to around 2.3 percent and that higher superannuation balances reduce Age Pension costs. In effect, the superannuation system is delivering on its objectives.

FSC CEO Sally Loane said, “The FSC acknowledges the review’s emphasis on using retirement savings more efficiently, and we support implementing the Retirement Income Covenant for trustees. In the context of our successful system, however, we urge the government to also consider carefully whether any changes to the schedule increase in the superannuation guarantee to 12 percent would be in Australians’ best interests.

“The independent review, and the Productivity Commission inquiry that proceeded it, both emphasised that consumers have a right to expect our retirement and superannuation systems are efficient,” Ms Loane said.

She said the FSC recognised there was more work to be done to make the retirement system more efficient, including finalising the government’s recently announced ‘Your Future, Your Super’ reforms, which if implemented carefully will help ensure our mandatory superannuation system is efficient and competitive.

A copy of the Retirement Income Review can be found at: https://treasury.gov.au/publication/p2020-100554

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WEALTH manager Atlas Advisors Australia and venture fund Stoic Venture Capital have given an in-principle commitment to invest further with Uniseed.

Stoic Venture Capital is the co-investment Fund of Uniseed, a commercialisation fund which focuses on financing start-up companies that spin out from Australian member universities.

Stoic Partner and member of Uniseed’s investment committee, Geoff Waring said the venture fund’s relationship with Uniseed, which manages a $50 million commercialisation fund and a $20 million follow on fund, was highly valued.

Dr Waring said Uniseed’s partner research organisations comprised five of Australia’s top six research organisations which collectively developed more than 50 percent of all patents from Australian research organisations.

“The most valuable asset of any startup is intellectual property,” Dr Waring said. “Uniseed’s deals flow from the sources of more than half of Australia’s patents. 

"This, along with its expertise at commercialising research makes it unique in Australia."

Stoic Venture Capital has co-invested in 17 investments since making its first investments with Uniseed in 2018.

Atlas Advisors Australia is the largest limited partner in Stoic Venture Capital. Atlas Advisors Australia executive chairman Guy Hedley said Uniseed was ranked the fifth best university venture in the world, according to Global University Venturing.

“With more than $5 billion invested in annual research expenditure, Uniseed’s member organisations make up more than 40 percent of Australia’s organisational expenditure on research,” Mr Hedley said.

“This investment is leading to the development of innovative technology in medicine, applied science and engineering.

“The startups that evolve from Uniseed’s member organisations in turn generate employment and support growth in today’s tough economic environment,” Mr Hedley said. “We are pleased to support Uniseed’s objectives and the growth of their portfolio.”

Stoic Venture Capital’s investments in Uniseed’s portfolio include:

• Probiotic drink (PERKii);
• Drone radio-tracking technology (Wildlife Drones);
• Smart helmet for motorcycling (Forcite);
• Agricultural robots (Agerris);
• Enhancing immunity to fight respiratory diseases (Ena Therapeutics);
• Drug for treating kidney disease (Certa Therapeutics);
• Addiction rehabilitation drug (Kinoxis);
• Eye damage from diabetes (Occurx);
• Breast cancer side effects treatment (Que Oncology);
• Magnetic nanoparticles for cancer diagnosis (Ferronova).

www.stoicvc.com.au

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THE Health Services Union has launched a landmark work value case in the Fair Work Commission to lift wages for the aged care workforce by 25 percent.

If the case succeeds, over 200,000 personal carers, activities officers, catering, cleaning, and administration workers would see their pay rise by at least $5 an hour.

The starting rate for a personal carer is currently $21.96 per hour, and the average carer retires with $18,000 in superannuation.

If the HSU claim succeeds a qualified personal carer would see their wages increase from $23.09 to $28.86 an hour.

The HSU claim also seeks to build in career paths and to recognise specialist carers in areas like dementia or palliative care.

“Aged care in this country has relied for too long on the goodwill of an underpaid and insecure workforce of women. It’s time for change,” HSU president Gerard Hayes said.

“Aged care workers are skilled. They provide care and support to our most vulnerable, to residents enduring episodes of sadness and at times anger. They should be recognised and paid for their skills.

“This pay rise is an issue of justice, but it also goes to the sustainability of the system. Four in 10 aged care workers intend to leave the sector within the next five years, because they are at breaking point. A workforce crisis is coming unless we see a significant boost to pay," Mr Hayes said.

“The Federal Government cannot keep hiding behind the Aged Care Royal Commission. We need  action immediately. The best thing the Commonwealth government can do is support this pay rise for the long-suffering aged care workforce.”

The HSU recently released economic modelling which showed a 0.65 percent rise in the Medicare levy would raise $20.4 billion over four years, funding a pay rise, an additional 59,000 aged care jobs and close to 90 minutes of additional resident care per day.

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