OPTIONS for improving how major rail projects are funded will be discussed at a videoconference public hearing on August 17, 2020 for the inquiry into options for financing faster rail.

John Alexander MP, Chair of the House of Representatives Standing Committee on Infrastructure, Transport and Cities, said, "Governments have a responsibility to ensure that tax payer dollars are being used effectively on vital rail and wider infrastructure projects.

"Mr Steve Skinner will provide the committee with interesting evidence on opportunities lost for value capture, where infrastructure projects have created significant uplifts in land values," Mr Alexander said..

The Property Council of Australia will provide a stakeholder perspective on planning and tax reform challenges and opportunities, including voluntary planning agreements and government investment in infrastructure projects through ‘asset recycling’, involving the sale or lease of existing public assets to the private sector.

The committee will also hear from independent think tank Infrastructure Partnerships Australia about alternatives for funding major infrastructure.

Public hearing details

Date: Monday 17 August 2020
Time: 9.15am to 11.45am
Location: Videoconference

A program for the hearing is available on the Committee’s website.

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

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THE House of Representatives Standing Committee on Economics will hold a public hearing with the Governor of the Reserve Bank of Australia (RBA), Philip Lowe, on Friday, August 14, via videoconference.

The RBA last appeared before the committee in February 2020.

At its meeting on August 4, the RBA Board decided to maintain the current policy settings, including the targets for the cash rate and the yield on three-year Government bonds of 25 basis points.

Commenting on the decision, the RBA Governor said, "This accommodative approach will be maintained as long as it is required. The Board will not increase the cash rate target until progress is being made towards full employment and it is confident that inflation will be sustainably within the 2–3 percent target band."

The RBA Governor said, "The Australian economy is going through a very difficult period and is experiencing the biggest contraction since the 1930s. As difficult as this is, the downturn is not as severe as earlier expected and a recovery is now underway in most of Australia.

"This recovery is, however, likely to be both uneven and bumpy, with the coronavirus outbreak in Victoria having a major effect on the Victorian economy."

Committee Chair, Tim Wilson MP said,  "The committee will be scrutinising the RBA’s measures in response to the COVID-19 pandemic. We are interested in learning more about the RBA’s plans to support a strong recovery for the Australian economy.

"There’s never been a more lively time to discuss monetary policy, with reckless proposals for Modern Monetary Theory floated in the media. This hearing will provide a good opportunity for the RBA to outline the shortcomings of such proposals." Mr Wilson said.

Public hearing details

Date: Friday, 14 August 2020
Time: 9.30am to 12.30pm
Venue: Videoconference

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

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THE Joint Standing Committee on Migration will hold a public hearing today for its inquiry into the Working Holiday Maker program, with a particular focus on the agricultural sector.

Committee Chair Julian Leeser says the hearing will be an opportunity to hear from groups about the upcoming harvest season, and the impact of the COVID-19 pandemic on the available workforce.

"In our inquiry so far, we have heard from a diverse range of groups and government departments with a wide range of connections to the Working Holiday Maker program," Mr Leeser said.

"This hearing is an opportunity to focus on the workforce issues facing the horticulture industry from groups on the front line of this issue, including Fruit Growers Victoria and the Greater Shepparton City Council.

"The Committee will hear from AgriLabour, a labour hire company working with both Working Holiday Makers and agriculture businesses around Australia."

Public hearing details

Date: Thursday 13 August 2020
Time: 12.30pm – 4pm
Location: by teleconference

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

Further details on the inquiry, including the terms of reference, are available on the inquiry website.

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THE Tax Practitioners Board (TPB) has signed its first memorandum of understanding (MoU) with a recognised Business Activity Statement (BAS) agent association, the Australian Bookkeepers Association (ABA). 

TPB chair Ian Klug said that a number of other recognised professional associations had expressed interest in similar agreements.

"We are delighted that the ABA is the first recognised professional association for BAS agents to join us in signing this MOU," Mr Klug said. 

"In developing these agreements, we are highlighting our intention to work collaboratively with tax and BAS practitioner associations to promote the integrity of the tax profession."

Mr Klug said that the agreement with the ABA, signed yesterday, will facilitate better information exchange between the two organisations.

"This TPB and ABA MoU will increase our mutual capacity to enhance the integrity of the BAS agent profession, including sharing information and intelligence about BAS agents’ compliance with the tax practitioners Code of Professional Conduct," Mr Klug said.

ABA director, Peter Thorp, said the spirit in which the MOU has been agreed is beneficial for both ABA and the TPB.

"The MoU will lead to greater co-operation, better communication and more streamlined procedural dealings between the ABA and the TPB," Mr Thorp said.

"A closer working relationship like the one envisaged in the MOU can only benefit the bookkeeping profession as a whole."

Mr Klug said the TPB is developing MoUs with other recognised professional associations and will announce more in coming months.

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

About Australian Bookkeepers Association:

Australian Bookkeepers Association advances the cause of the bookkeeping profession in Australia. It does this in accordance with its Objects that foster education, training representation and professionalism. Twitter @ AustBookkeepers, Facebook and LinkedIn.

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