Business News Releases

Clinical trial to reduce PFAS in blood a world first

A PARLIAMENTARY inquiry into PFAS remediation in and around Defence bases will hear on Monday about a world first study being conducted to reduce PFAS levels in blood.

Chair of the PFAS Sub-committee of the Joint Standing Committee on Foreign Affairs, Defence and TradeJohn McVeigh MP said Macquarie University was being funded by the Metropolitan Firefighters Brigade (MFB) to conduct this $1.2 million study.

"Last week the Sub-committee heard from the United Firefighters Union of Australia (UFUA) about high levels of PFAS exposure among firefighters and work with MFB to promote their participation in the Macquarie University’s PFAS blood screening program," Dr McVeigh said.

The Macquarie University’s PFAS Clinical Study aims to discover whether a simple intervention program involving whole blood donation every 12 weeks or plasma donation every six weeks over a 52-week period can reduce PFAS levels in firefighters’ blood.

"The Macquarie University is supporting firefighters to find a feasible and practical solution to the occupational hazards of their work," Dr McVeigh said. 

"However, this unique study may help all those affected by PFAS, as research into its potential health impacts continues."

The Macquarie University’s submission (no. 11) to the inquiry sets out information on the study, its timeframe and methodology. Submissions from the UFUA and Fire Rescue Victoria (now representing MFB) are also available on the inquiry site.

Public hearing details

Date: Monday August 31, 2020
Time: ~3:40pm to 4:30pm
Location: Committee Room IR4, Parliament House, Canberra
via teleconference

The hearing will be audio streamed live at aph.gov.au/live.

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State of the arts in 2020 and beyond: new inquiry

AUSTRALIA's cultural and creative industries and institutions will be the focus of a new Parliamentary inquiry.

The House of Representatives Standing Committee on Communications and the Arts will hear evidence on the benefits the arts bring to Australia, and the significant impacts that COVID-19 has had on this important industry.

Committee Chair, David Gillespie MP, said, "Australia’s cultural and creative industries are at a point of significant change as Australia adapts to life in a pandemic.

"Australia’s creative innovation economy has made us a major player in the international arts arena, delivering benefits to our economy and helping shape our national identity. It’s time to reflect on and re-think the way we create and interact with art, as we react to the pandemic and the challenges we need to overcome.

"We will take evidence on the terms of reference, and encourage anyone within the arts community to make a submission or participate in the online survey."

The terms of reference are available from the inquiry webpage. Submissions can also be made through the webpage, or by email to This email address is being protected from spambots. You need JavaScript enabled to view it. until October 22, 2020.

Information about the Committee may be found on the Committee’s webpage.

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Unions take AFL to industrial umpire over major restructure and job cuts

UNIONS have lodged a formal dispute against the Australian Fotball League (AFL) before the industrial umpire, accusing the league of imposing a major restructure and hundreds of job cuts without engaging in genuine consultation.

The legal escalation follow’s AFL CEO Gillon McLachlan’s announcement on Monday that hundreds of jobs would go by November, with up to half of all positions impacted in some way.

In documents lodged with the Fair Work Commission this afternoon, the United Services Union outlined allegations that the AFL had not engaged in genuine consultation with employees, including by failing to provide adequate information on the proposed structures or allowing sufficient time for staff to respond.

The union document also alleges that the AFL changed their redundancy policy in March without notifying employees, disadvantaging long-serving staff.

“Unions have written to AFL management on a number of occasions, clearly outlining their legal obligations and imploring them to actively engage with staff and their representatives,” USU organiser Troy Dunne said.

“Those efforts have been rebuffed at every turn, leaving us with no choice but to escalate this dispute to the independent industrial umpire, the Fair Work Commission.

“The AFL has an obligation to play by the rules, which include a legal obligation to engage with the organisations that represent the interests of staff.

“We are not telling the AFL that they can’t undertake a restructure — our members have been in no doubt for some time that there would be job cuts — but this action is about ensuring employees are treated with dignity and respect at all times.”

Mr Dunne said the union action specifically challenged the AFL’s claims that they had been consulting with employees for months.

“Our members overwhelmingly feel they have been left in the dark and excluded from the restructure process,” he said.

“Instead of genuine consultation, their futures are decided behind closed doors while they are stood down due to the pandemic.

“For all of the good the AFL does in the community, it appears they have abandoned the principles of equality and fairness when it comes to dealing with loyal staff.”

The union also criticised the AFL for seeking to cut jobs at the same time as it was receiving support from the Federal Government’s JobKeeper program.

“Despite receiving money from JobKeeper, which provides financial assistance to maintain the connection between workers and their employers, the AFL has instead decided to desert employees in their time of need,” Mr Dunne said.

“There is no justification for axing jobs in a matter of weeks when the AFL remains eligible for JobKeeper assistance well into next year.”

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Parliamentary spotlight on Juukan Gorge

THE Northern Australia Committee is tomorrow holding a second public hearing by teleconference as part of its inquiry into Juukan Gorge with a variety of stakeholders including representatives of superannuation investors, senior academics and former Rio Tinto employees.

Committee Chair, Warren Entsch, said seeking insights into corporate culture and investor reaction was vital to understanding the wider significance of the loss of the Aboriginal heritage sites at Juukan Gorge.

"We are trying to build up a comprehensive picture of the events leading up to the destruction of the caves — what Rio Tinto were doing right and getting wrong in the years leading up to the incident. This will have lessons for corporations and governments alike," Mr Entsch said.

In his submission to the inquiry, Professor Glynn Cochrane, a leading academic and former senior advisor at Rio Tinto, noted that the company had been following a ‘stripped-down’ version of Cultural Heritage Management (CHM) in the Pilbara.

"The focus has been on the development of the skills and procedures needed to secure quick clearance — the removal of impediments to mining — something that too frequently results in the destruction of sacred sites," he said.

Programs are available on the Committee’s website.

Public hearing details

Date: Friday, 28 August 2020
Time: 8am to 1:30pm AEDT
Location: By teleconference

Witnesses include:

Professor Glynn Cochrane (Submission 11)
Mr Bruce Harvey (Submission 19)
Dr Mary Edmunds (Submission 55)
Professor Marcia Langton AO (Submission 103)
AIATSIS (Submission 57)
Australian Council of Superannuation Investors (Submission 76)
National Native Title Council (Submission 34)

The hearings will be broadcast live at aph.gov.au/live.

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FSC: Income protection losses highlight industry challegnes in COVID-19 environment

THE FINANCIAL Services Council today noted the release of APRA's quarterly life insurance financial performance statistics, revealing another gloomy quarter of losses for income protection results.

FSC senior policy manager for life insurance Nick Kirwan said the current COVID-19 global pandemic has only just started to take its toll on the industry with an overall total net loss after tax of $1.6 billion for the year to June 30, 2020.  

“The industry has bounced back slightly from the poor result from the previous quarter’s loss of $972 million, with a $423 million profit in the March to June 2020 quarter,” Mr Kirwan said.  

“However, the results continue to be dominated by higher than expected claims for individual income protection insurance (IP), which saw a net loss after tax of $179 million in this product alone, wiping out almost all the profit from other individual product lines. 

“These income protection losses were driven by a surge in the number and duration of claims, especially for mental health conditions. We expect mental health claims to increase in the months and years ahead from the effects of the COVID-19 pandemic, exacerbating people’s isolation and financial hardship," Mr Kirwan said.

“The life insurance industry is playing its crucial role in protecting the Australian community. Overall, during 2019 life insurance companies paid out $12 billion to 101,821 Australians and their families. Every single day last year, the industry paid out the equivalent of almost $33 million to 279 Australians and their families, providing crucial financial support when people need it most.   

“The flip-side of that coin is that these increasing claims are the reason why many Australian households will have noticed increases in their life insurance premiums. We know premium increases are never welcome, but like any business, life insurers must balance the books. Premiums coming in must cover the cost of the claims going out.   

“It isn’t all bad news on premiums though, life insurance companies all have in place measures to help customers in financial hardship. If you need financial help you can contact your life insurance company or financial adviser.  

“Looking further ahead, most life insurance companies are busily developing a new generation of simpler, more sustainable income protection policies that focus on covering core needs. These new policies will give customers more choice, and will be all about the three A’s: 

  • Availability of financial protection for Australians today, and for future generations;  
  • Affordability so that Australians can afford the cover they need, both now and into the future; and 
  • Assurance that your life insurance company will be there for you when you need to claim.  

“Expect to see this new generation of more sustainable income protection policies becoming available in the next year or so,” Mr Kirwan said.  

Quarterly Life Insurance Performance Statistics:  https://www.apra.gov.au/quarterly-life-insurance-performance-statistics  

About the Financial Services Council 

The Financial Services Council (FSC) has over 100 members representing Australia's retail and wholesale funds management businesses, superannuation funds, life insurers, financial advisory networks and licensed trustee companies. The industry is responsible for investing almost $3 trillion on behalf of more than 15.6 million Australians. The pool of funds under management is larger than Australia’s GDP and the capitalisation of the Australian Securities Exchange and is the fourth largest pool of managed funds in the world. 

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