THE Queensland Resources Council (QRC) has welcomed the LNP’s commitment to unlock the North West Minerals Province to fast-track projects, investment and jobs with the appointment of a dedicated Deputy Coordinator-General.

QRC chief executive Ian Macfarlane said the LNP had responded to the QRC’s request for the role to be created to address the constraints identified in reviews into the future development of the North West Minerals Province.

The request was contained in a joint QRC and Association of Mining and Exploration Companies’ Resources Industry Recovery Agenda.

“Queensland has globally-significant reserves of copper, nickel, zinc, graphite, and molybdenum and major deposits of cobalt, rhenium, scandium, tantalum, niobium, lithium, rare earths and vanadium,” Mr Macfarlane said.

“The development of the North West Minerals Province will put Queensland ahead in terms of providing the critical minerals for battery and renewable technologies and advanced manufacturing.

“The North West Minerals Province will not only deliver for Townsville and the North, but for Australia with the insatiable global demand for these minerals.”  

Last year, QRC worked with the Queensland Government on the development of its $13.8 million five-year package to encourage new discoveries of critical minerals to attract more overseas investment, drive more international trade and create more local jobs and economic prosperity.

Mr Macfarlane said the LNP’s commitment today follows its earlier commitments to the QRC on behalf of the resources industry, including:

• a 10-year freeze on resource royalty rates and thresholds;
• a faster approvals process, with key performance indicators tracked and published to restore industry confidence in the Queensland Government;
• $8 million for minerals exploration and a promise to cut crippling electricity costs faced by the mineral sector;
• support for the development of the CopperString 2.0 high voltage transmission line connecting the NWMP with the National Electricity Market in partnership with the Federal Government.

Click here to view the joint QRC-AMEC Resources Industry Recovery Agenda. A copy of the agenda was provided to all parties.

www.qrc.org.au

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THE Australian Small Business and Family Enterprise Ombudsman Kate Carnell has welcomed the Australian Competition and Consumer Commission's (ACCC's)  legal proceedings against printing company Fuji Xerox Australia over allegations of Unfair Contract Terms impacting small business customers.

The ACCC has initiated Federal Court proceedings, alleging that nine types of Fuji’s standard form small business contracts contain 173 unfair contract terms.

The ACCC alleges the unfair terms include automatic renewal terms, excessive exit fees and unilateral prices increases in relation to contracts between Fuji and its small business customers for the supply of printing goods and services and technical assistance since at least October 2018.

“My office has received a number of complaints from small businesses customers of Fuji Xerox and other companies in the printing industry more broadly,” Ms Carnell said.

“The ACCC is currently not able to determine if a clause amounts to an unfair contract term. Instead, the regulator needs to seek a determination from the court.

“My office continues to recommend enhanced capabilities of regulators to determine if terms are unfair and for significant penalties and infringement notices to apply to breaches," she said.

“We maintain that unfair contract terms need to be illegal and the penalties should be large enough to act as an effective deterrent.

“By making unfair contract terms illegal, the Australian Competition and Consumer Commission (ACCC) would be able to penalise big businesses.

“Small businesses has been waiting for changes to level the playing field for too long.”

To date, ASBFEO has recommended:

-          Unfair Contract Terms be made illegal

-          Significant penalties and infringement notices to apply to breaches

-          Enforcement capabilities of regulators enhanced to determine if terms are unfair

-          Legislation extended to cover all contracts valued up to $5 million

-          Definition of a small business be changed to those with less than $10 million turnover.

www.asbfeo.gov.au

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WITH Australia’s economy still experiencing the impacts of COVID-19, this Friday the House Economics Committee will gather key financial regulation bodies to discuss consumer protection, responsible lending, and other issues.

Chair Tim Wilson said witnesses from the Australian Competition and Consumer Commission, Australian Prudential Regulation Authority and Australian Securities & Investments Commission would appear at Friday’s hearing.

"The COVID-19 pandemic has created unprecedented disruption and uncertainty in the financial sector," Mr Wilson said.

"Now, more than ever, it is essential to maintain strong prudential regulation; promote competition; and ensure fair and transparent dealings to safeguard financial stability and consumer trust in the financial sector."

The hearing brings together separate inquiries from the committee into each body’s annual reports.

"It has been a year since we saw the ACCC before the committee, and I am looking forward to hearing how the ACCC is protecting the interests of consumers in sectors like tourism and insurance, as well as progress on their media code," Mr Wilson said.

"Of particular interest to the committee is hearing from ASIC regarding its guidance on the responsible lending obligations in light of the RBA Governor’s recent evidence to the committee, as well as whether they are taking action against super funds acting inappropriately," Mr Wilson said.

"The committee is also interested in hearing how APRA is promoting strong prudential regulation and operational resilience amongst financial institutions, including super funds."

Mr Wilson said the committee was keen to scrutinise the ACCC on its response to the pandemic, including enforcement activities, review of hardship policies, its COVID-19 Taskforce, and maintaining and promoting competition.

In addition, the committee would also examine the Australian Energy Regulator. In particular, the committee was interested in the AER’s efforts in protecting energy customers and the energy market during the COVID-19 pandemic.

Public hearing details

Date: Friday, 23 October 2020
Time: 9.30am to 5pm
Venue: Committee Room 1R3, Parliament House, Canberra, and via videoconference

The hearing will be broadcast live (audio only) at aph.gov.au/live.

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THE Australian Small Business and Family Enterprise Ombudsman Kate Carnell has thrown her support behind ACCC chairman Rod Sims’ tough stance on Unfair Contract Terms.

The Ombudsman welcomed Mr Sim’s National Press Club Address, calling on the Federal Government to make Unfair Contract Terms between big and small businesses illegal and subject to harsh penalties.

“It’s hard to believe that in 2020 it is still not illegal for a big business to impose unfair contract terms on a small business,” Ms Carnell said. “Small business has been waiting for changes to level the playing field for too long.

“In November 2016, Treasury legislation amendment (Small Business and Unfair Contract Terms) Act 2015 took effect, that legislation was reviewed in 2018 and here we are, another two years on and small businesses continue to be adversely impacted by big businesses with legal impunity. It’s clear that change is long overdue.  

“I wholeheartedly agree with Mr Sims’ statement that if we want unfair contract terms to stop hurting Australian small businesses, they need to be illegal and the penalties should be large enough to act as an effective deterrent," Ms Carnell said.

“My office has been advocating for unfair contract terms legislation to be strengthened for a considerable time now - most recently in our COVID-19 Recovery Plan and our comprehensive submission to Treasury’s Review of Unfair Contract Term Protections for Small Business, in March this year.”

To date, ASBFEO has recommended:

• Unfair Contract Terms be made illegal
• Significant penalties and infringement notices to apply to breaches
• Enforcement capabilities of regulators enhanced to determine if terms are unfair
• Legislation extended to cover all contracts valued up to $5 million
• Definition of a small business be changed to those with less than $10 million turnover

“Currently where a standard form contract contains an unfair contract term, the only way for a small business to take action is through the court system. And even if the term is proven to be unfair, there is no penalty to the big business,” Ms Carnell said.

“Phase one of our Access to Justice Inquiry found small businesses are unlikely to take action when faced with an unfair contract term in their standard form contract. Understandably, they are reluctant to damage commercial relationships, and lack the resources and time to pursue litigation.

“By making unfair contract terms illegal, the Australian Competition and Consumer Commission (ACCC) would be able to penalise big businesses," Ms Carnell said.

“The sooner Unfair Contract Terms between big businesses and small businesses is made both illegal and subject to big stick penalties, the better.”

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