THE Queensland Resources Council has welcomed the State Government commitment of $500,000 for a business case for the redevelopment of the Moranbah Hospital.

QRC chief executive Ian Macfarlane said the State Government should now provide a timeframe on the progression from business case to hospital redevelopment.

“Moranbah is a major centre for the Queensland resources sector and I commend the Isaac Regional Council and CFMMEU for their joint advocacy for the hospital redevelopment with the QRC,” Mr Macfarlane said.

"I would also particularly like to acknowledge the strong advocacy of the late Tim Mulherin who was determined to see this redevelopment take place," he said.

“It is an issue the QRC has also raised directly with the Queensland Government. We welcome the initial commitment for a business case and look forward to the release of a comprehensive plan for the redevelopment of the hospital.”

www.qrc.org.au

ends

THE Joint Standing Committee on Migration has today tabled an interim report on its inquiry into the Working Holiday Maker program.

“During the course of the Committee’s public hearings, it quickly emerged that a major shortage in agricultural labour is emerging,” Committee chair Julian Leeser MP said.

“Time after time, the submissions and witnesses to this inquiry told the Committee about the effect that a lack of working holiday makers entering Australia would have on the upcoming harvest season,” Mr Leeser said.

“The Committee took the decision to publish an interim report, making recommendations that aim to assist the Parliament and the Government in responding to the urgency of the labour shortages.”

The Committee’s key recommendations focus on using Australians and temporary visa holders currently residing in Australia to fill the shortfall for the current season. In addition the Committee also considered that the Federal Government with the State and Territory governments and industry organisations should work together to recruit additional people under the Seasonal Workers Program and Pacific Labour Scheme to fill urgent shortfalls in agriculture.

The Committee will continue the Working Holiday Maker inquiry, and report on the wider terms of reference later in 2020.

The interim report can be found at this link.

ends

THE Queensland Resources Council has welcomed today’s announcement by the Morrison Government of a multi-pronged plan to develop more Queensland gas for market as part of a COVID-19 recovery.

QRC chief executive Ian Macfarlane said the QRC’s Resources Industry Recovery Agenda, published in June, identified more gas pipeline infrastructure as a key response to the COVID-19 recovery.

“As the peak representative for coal, mineral and gas producers, explorers and developers, QRC has put forward an ambitious plan for a resources-supported recovery, and specifically for pipeline investment," Mr Macfarlane said.

“Gas pipelines can help to redress the tyranny of distance by connecting gas fields to domestic customers.

“A new trunk line to aggregate gas collection will help increase the supply of gas across a whole province and lower the cost of delivering gas to customers.”

In response to the QRC economic recovery plan, the Queensland Government announced a $5 million commitment – to be matched by the Australian Government – for a feasibility study into a gas pipeline to open up the Bowen Basin.

“Queensland desperately needs the 372,000 jobs supported by the resources sector more than ever,” Mr Macfarlane said.

“Our plan is to not only keep those jobs but to create new ones, so it’s fitting this commitment on gas – including funding to unlock the North Bowen and Galilee basins – comes under the government’s JobMaker program. 

“The QRC also welcomes the funding boost for CSIRO’s Gas Industry Social and Environmental Research Alliance.”

www.qrc.org.au

ends

A COMBINATION of the super guarantee supplemented with a means tested age pension incurs a significantly lower Federal Budget cost than providing a similar retirement income via a more generous publicly funded age pension, new independent analysis by Rice Warner Actuaries shows.

The Rice Warner report found the Superannuation Guarantee (SG) would save the Budget $17 billion this year, rising to $100 billion, in current dollars, by 2058.

The new report, commissioned by Industry Super Australia, assessed various policy scenarios using a comprehensive group based fiscal model that considers all relevant variables including the impact of the super guarantee on the age pension, personal wealth, income and company taxes.

The analysis, which is the first of its kind, considers the full fiscal impact of effectively abandoning the SG and all associated tax benefits and reverting to a more generous, but means tested, publicly funded pension that would deliver broadly equivalent retirement benefits.

In the scenario the maximum rate of age pension is increased by 50 percent to deliver the same outcome as the current age pension and the SG for a median wage earner.

In effect it replicates the path other countries have taken when they do not have compulsory privately funded retirement schemes.

The report also found the scheduled rise in the super rate - which has increased only once in 18 years and is due for its first affordable incremental rise of 0.5 percent next year – will improve the Budget bottom line through lower age pension payments in the future and increased revenues on the extra assets accrued through compound returns.

Freezing the super rate at the current level of 9.5 percent – about 6 percent less than the 15.4 percent super the federal politicians calling for the rate to be scrapped take home - will not result in an improved fiscal position over time.

Repealing the legislated rise would mean that both current and future taxpayers would be forced to pay more personal income tax, and age pension costs will rise in the coming years and decades.  

With the increase factored in, Australia is one of very few OECD countries with declining age pension expenditure as a portion of GDP. 

Industry Super Australia deputy chief executive Matt Linden said, “The detailed findings lay bare claims that super costs the Budget more than it saves and strengthens the case for proceeding with the legislated rise promised by the Prime Minister and Treasurer.

“It also shows compulsory super combined with a supplementary means tested pension is the most efficient pathway for governments to meet community expectations about retirement incomes," he said.

“Superannuation saves Australia from the budgetary, economic and social unrest evident in parts of Europe who have long struggled to grapple with unsustainable publicly funded pensions.” 

The report can be found here: https://www.industrysuper.com/media/super-savings-to-the-budget-rice-warner-report-reveals

ends