THE NUMBER of loans to owner occupiers soared by 11.5 percent during the month of October, smashing the record set just one month earlier in September according to Master Builders Australia CEO Denita Wawn. 

“The remarkable result is shown in the latest ABS lending data and is the latest evidence that the success of HomeBuilder is having a positive impact on the housing sector and the economy,” she said. 

“As yesterday’s GDP figures show, HomeBuilder is already moving the economy forward. Compared with October 2019, the number of loans for new home construction has expended by 82.8 percent.

“Work on all of these new home building projects is keeping the residential building industry very busy in the lead up to Christmas and means that 2021 will get off to a very positive start,” Ms Wawn said. 

“HomeBuilder is not only meeting its KPIs, but exceeding expectations. Last weekend’s announcement around the extension to HomeBuilder represents a very positive development. It means that new home building and major home renovations work can look forward to a steady pipeline into 2022. 

“Home renovations work jumped by 5.1 percent during the September 2020 quarter and contributed to the 3.3 percent expansion in Australia’s economy over the three months,” Ms Wawn said. 

“Residential building activity has a much stronger ability to support overall economic growth than almost any other sector.

“We will see more of the benefits from HomeBuilder coming over the next few months. This is good news for the businesses in the building supply chain and the people they employ. It is good news for the whole economy,” Ms Wawn said.

www.masterbuilders.com.au

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THE Parliamentary Joint Committee on Intelligence and Security today tabled its advisory report on the Australian Security Intelligence Organisation Amendment Bill 2020.

The Committee recommended that, following implementation of the recommendations in its report, the ASIO Amendment Bill 2020 be passed by Parliament.

The Chair of the Committee, Andrew Hastie MP said, “The Committee made a number of recommendations. In particular and to ensure that the Committee is able to carry out its oversight role appropriately is has recommended that the Bill be amended to allow the Committee to request a written or oral briefing on any matter in relation to any questioning warrant as reported in the Annual Report prepared by the Director-General of ASIO.

“The Committee takes its oversight role extremely seriously. The powers of ASIO, or indeed any security agency, are not set and forget.“ Mr Hastie said.

To provide a greater level of safety for children the Committee recommended that the Bill 2020 should be amended to require the Attorney-General to take into account the best interests of the child as a primary consideration in deciding whether to issue a minor questioning warrant.

In addition, the Committee recommended that:

• the sunsetting time is reduced from 10 to 5 years;
• the Committee may review the operation, effectiveness and implications of the questioning powers ahead of that sunset date; and,
• a legal practitioner able to be appointed as a prescribed authority must have engaged in legal practice for at least 10 years and be a Queen’s Counsel or a Senior Counsel.

Further information on the inquiry can be obtained from the Committee’s website.

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THE Tax Practitioners Board (TPB) has welcomed the announcement by the Minister for Housing and Assistant Treasurer, Michael Sukkar MP, which recognises the essential service of the TPB to the community, its good work in regulating the tax profession, and seeks to further enhance its independence, effectiveness, and legislative framework.

Following an independent review led by Keith James, the government will begin to implement a range of reforms to the Tax Agent Services Act 2009 (TASA) and the Tax Agent Services Regulations 2009 (TASR) and consult broadly on a range of other measures. 

These reforms will even further enhance the independence of the TPB, reduce red tape for tax practitioners, give even greater community confidence, and set higher standards in the tax profession.

The TPB chair, Ian Klug AM, said, "I am pleased that the announcement by the Assistant Treasurer today recognises the critical role of the TPB. These welcome reforms will strengthen the TPB’s position as an effective, independent regulator and will further protect consumers of tax practitioner services by improving the integrity of the tax practitioner profession.

"These changes also support whole of government approaches, reduce red tape, and increase collaboration with the Australian Taxation Office (ATO) and other regulators."

The reforms bring key changes to enhance the effectiveness of the TPB, including:

• Greater independence from the ATO, so the TPB has clear accountability and responsibility to the public and government. This will provide confidence that the TPB’s disciplinary actions are imposed by an independent regulator.
• Reduction in red tape, including streamlining the regulation of tax (financial) advisers and allowing the TPB to accept different types of experience as being relevant to a practitioner’s registration.
• Ensuring education and experience requirements are set at the right level for tax practitioners to provide community confidence in the tax profession.
• Bolstering eligibility requirements to ensure that only those individuals and entities that meet high standards of ethical and professional behaviour can obtain tax practitioner registration.
• Expanding information that currently appears on the TPB’s public register so that consumers of tax services can be even more informed and safeguarded.

Mr Klug said, "As certain reforms are implemented, the TPB will provide further information and guidance regarding these changes to assist tax practitioners and other stakeholders. We will also work with the Treasury and Government to support consultation on the other measures proposed."

Details of the legislative reforms and consultations announced by the Government are available on the Treasury website.

About the Tax Practitioners Board

The Tax Practitioners Board regulates tax practitioners in order to protect consumers. The TPB aims to assure the community that tax practitioners meet appropriate standards of professional and ethical conduct. Twitter @TPB_gov_au, Facebook and LinkedIn.

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AN INQUIRY into strengthening Australia’s relationships in the Pacific island region to meet current and emerging opportunities and risks will today discuss strengthening governance frameworks, explore planning for population displacement threats and hear about the 2020 roll-out of the PacificAus TV initiative in the region.

The Foreign Affairs and Aid Sub-Committee of the Parliamentary Joint Committee on Foreign Affairs, Defence and Trade will hear from Ms Helen Burrows, head of the Federal Court of Australia’s International Program about the spin-off benefits of the program through fostering long-term judicial networks and legal capacity building in Pacific island countries.

The Federal Court of Australia has been supporting programs of this kind for many years. The Committee is keen to hear more about the positive outcomes in community stability and potentially in regional security, beyond those seen in an improved legal system.

The Sub-Committee will also discuss with representatives of Free TV Australia what has been described in their submission as the successful roll-out in 2020 - despite Covid-19 impacts - of the Australian Government initiative, PacificAus TV, being delivered by Free TV.

PacificAus TV has enabled seven island countries access to free broadcasting rights for some 1000-plus hours of Australian content programs. The initiative enables local broadcasters to introduce programs, at no cost to them, into their broadcasting schedule from a menu of Australian content.

Bridget Fair, CEO of Free TV Australia and Shane Wood, Project Manager, PacificAus TV will share their experience about the initiative, and how it has been received in the Pacific.

The Sub-Committee will also hear from Professor Jane McAdam, Director of the Kaldor Centre for International Refugee Law at the University of NSW.

Further details about the inquiry can be obtained from the Committee’s website.

Public hearing details

Date: Thursday 3 December 2020
Time: 11am to 12.50pm
Location: Committee Room 2R1, Parliament House, Canberra (and by teleconference)

The hearings will be video streamed live at aph.gov.au/live.

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