The chair, Andrew Hastie MP said, "The Committee has received considerable evidence from submitters and witnesses regarding the effectiveness of the mandatory data retention regime. This marks the completion of the Committee’s review and the Committee’s attention now turns to preparing a bipartisan report which delivers tangible ideas for reform and consideration. The Committee expects to table the report by the end of July."
The deputy chair, Anthony Byrne MP said, "The Committee is grateful for the evidence received and will complete the task of drafting a report that will set out some of the major concerns with the regime and access to data under the Telecommunications Act 1997 as well as recommendations to government addressing these concerns."
Section 187N of the Telecommunications (Interception and Access) Act 1979 provides for the completion of the review by April 13, 2020.
Further information on the inquiry can be obtained from the Committee’s website.
FIVE MAJOR Australian professional bodies – CPA Australia, Chartered Accountants Australia and New Zealand (CA ANZ), SMSF Association (SMSFA), Financial Planning Association (FPA) and Institute of Public Accountants (IPA) – have joined forces to ensure Australians can get the advice they need to understand the Federal Government’s COVID-19 economic packages, including early access to their superannuation.
In a decision handed down by ASIC today, it will be easier for Australians to get assistance from professional accountants and financial planners in making decisions about their financial position in the face of the COVID-19 pandemic.
Registered Tax Agents (RTAs) can now temporarily give advice about early access to superannuation, without having to hold an Australian Financial Services (AFS) licence, and financial planners will have access to simplified advice documents in the place of a long and complex statement of advice.
“There has been an increasing demand for advice around early access to super since the Government announced Australians could access up to two parcels of $10,000 in superannuation tax-free as part of their second stimulus package,” said the joint bodies.
“We have come together and collectively worked with ASIC to help the Australian community and to ensure there are more skilled advisers in the marketplace to address this demand.”
“This move has removed significant red tape and ensured a simple, streamlined process is in place so those facing financial hardship during this time get the right advice.”
CPA Australia CEO Andrew Hunter said that these unprecedented times called for a pragmatic approach to regulation and a commitment from the associations to work together in the public interest.
“Over 600,000 people have registered their interest accessing their super early, so there is great need for support. It’s important that these people and others also considering their options can access professional advice.”
CA ANZ group executive for advocacy and professional standing, Simon Grant said, “As trusted advisers, accountants are well-placed to provide individuals with advice and many already have an existing relationship with their accountant. This is therefore an excellent extension for clients.”
FPA CEO Dante De Gori said, “Australians sleep better at night knowing they have a professional financial planner assisting them in managing their financial position, which is second only to their health in personal importance. This is welcome and timely relief from ASIC to assist our members in supporting as many Australians as possible through the financial crisis caused by this pandemic, and demonstrates ASIC acting on sensible calls from professional associations."
SMSF Association CEO John Maroney said, “The professional bodies have worked together with ASIC to provide regulatory relief for financial advisers and Registered Tax Agents that allow them to provide advice in the most efficient, timely and cost-effective way to individuals in the current environment.
“The decision to access superannuation early is a significant one with a long-term impact on individuals’ retirement savings, so for them to be able to speak to an accountant or adviser for a small fee to get the advice they need without sacrificing safeguards is welcomed.”
IPA CEO Andrew Conway said, “At this time in particular, Australians need access to high quality financial advice. Decisions around superannuation are critical to quality of life. For this reason, a decision to access superannuation early should be based on advice that is easily accessible.”
AMID TIGHTER restrictions with the COVID-19 response, half of the 800 job vacancies in Queensland’s resources and energy sector were listed in the last fortnight on employment website Seek.
Queensland Resources Council chief executive Ian Macfarlane said while the resources sector was working tirelessly with government, its suppliers and communities to slow the spread of COVID-19, companies were still hiring.
“Before COVID-19, one in seven Queensland jobs – or 372,000 full-time equivalent jobs – were supported by the resources sector,” Mr Macfarlane said.
“COVID-19 and the restrictions have caused widespread job losses and underemployment. The resource sector is hiring and those job vacancies are across the State.”
There are 799 job vacancies in the Queensland resources, mining and energy sector advertised on Seek, with 420 of those positions advertised in the last fortnight.
The vacant positions are advertised in the following regions:
25 in Cairns and Far North
41 in Townsville
48 in Mount Isa
52 in Western Queensland
305 in Mackay and Coalfields
75 in Rockhampton and Capricorn Coast
177 in Gladstone and Central Queensland
11 in Toowoomba and Darling Downs
141 in Brisbane
Some job vacancies are advertised in multiple regions.
INVESTORS showed their optimism for local equities by flocking to Australian equities in March, according to research from Rainmaker Information.
"The March report on the Australian Exchange Traded Products (ETP) market from the ASX clearly demonstrates how investors are reacting to the mayhem COVID-19 has had on world investment markets,” head of investment research at Rainmaker Information, John Dyall said.
The Australian ETP market lost $6.7 billion in market value over the month, ending at around $57 billion.
This is down from $64 billion at the end of February, a loss in percentage terms of around 10 percent.
Despite these losses investors continued to put money into the ETP market with a net inflow of $360 million in the month of March.
A sign of the caution showed by investors is that this was only one quarter of February’s net inflows of $1.5 billion, Mr Dyall said.
However, there was a greater turnover of ETPs, with traded value reported at being two and a half times the size of February’s traded value ($17.8 billion versus $7.2 billion).
The product with the largest net outflows was the Australian High Interest Cash Fund, which lost $257 million or 13 percent of funds under management.
The product with the largest increase in assets under management was ETFS Physical Gold, which increased by $189 million on net inflows of $135 million to the end the month with $1.6 billion.
The product with the highest net inflows was Vanguard Australian Shares Index ETF with net flows of $538 million.
On an asset class basis, Australian equities were popular with net inflows of $1.2 billion, with the largest inflows going into market cap index products.
“One would have expected fixed interest products to be popular in this period, but the reported dislocation in fixed interest markets seemed to have an effect,” Mr Dyall said.
Fixed interest had the highest net outflows, losing $770 million, a significant turnaround from the $488 million it gained in February.
Only one fixed income product, the Vanguard Australian Government Bond Index, had net inflows of any value, and that was only $11 million.
“From a quality and default perspective, this would be one of the safest investments in the Australian ETP market," Mr Dyall said.
International equities experienced a slight outflow of $56 million over February, although they lost $2 billion in assets.
The most notable action was the repositioning of portfolios away from currency unhedged products towards currency hedged products.
Over March the Australian dollar fell 5 percent against the US dollar and has fallen 13 percent since the start of the year.
The iShares Core S&P 500 ETF had the largest net outflows of $156 million, while its hedged counterpart iShares Core S&P 500 AUD Hedged ETF had the second highest net inflows of $115 million.
In fact, the top seven international equities net inflow products were all currency hedged.
ON BEHALF OF the Australian Government, the Australian Renewable Energy Agency (ARENA) has announced $480,000 in funding over the next 12 months to EnergyLab Australia Pty Ltd (EnergyLab) to support the Australian startup acceleration program designed to assist clean energy entrepreneurs.
Since 2017, EnergyLab has supported more than 80 Australian energy startups through its programs. This includes the innovative energy retailer Amber Electric that allows customers to reduce their energy costs via access to wholesale electricity prices. Amber Electric recently closed a $2.5 million funding round.
Recruitment of entrepreneurs and startups for the Scale Up program is underway now, with chosen applicants to be announced later in 2020.
ARENA CEO Darren Miller said the project would help Australia’s brightest clean energy entrepreneurs turn their ideas into reality.
“Startups and entrepreneurs play an important role in accelerating the uptake of clean energy solutions, however, they can also face challenges in reaching scale and aren’t equipped to overcome hurdles such as high capital requirements, geographic constraints and revenue delay," Mr Miller said.
“EnergyLab, through mentoring and supporting startups, will help us to see an increase in expertise, skills and capacity in the renewable energy technology sector and identify pathways to commercialisation to keep Australia at the forefront of renewable energy innovation,” he said.
EnergyLab CEO James Tilbury said, “ARENA’s support will enable us to do even more to support Australia’s leading clean energy entrepreneurs.
“In particular, this funding allows us to launch a Scale Up Program to provide the best late-stage energy startups with the support they need to reach their full potential.”
EnergyLab, a start-up accelerator program, has four core programs:
Pre-Acceleration – helping entrepreneurs with an idea to test its commercial viability.
Acceleration – EnergyLab’s flagship program helping the most promising energy startups launch a product into the market, secure first customers and raise a seed funding round.
Scale Up – providing late-stage energy startups with introductions to decision-makers at Australia’s most innovative energy utilities, mentorship from Australia’s most successful energy-sector founders, and advice from Australia’s most active energy-sector investors.
Women in Clean Energy Fellowship – equipping women interested in energy entrepreneurship with the skills, knowledge and support they need to start a company.
EnergyLab is also supported by a number of energy industry stakeholders such as Origin Energy, APA Group, Powerlink, The University of Technology Sydney, Ausnet Services, Climate-KIC, KPMG, Aperion Law, and the Clean Energy Finance Corporation.
Debtset – Bailiff-Sheriff Aust MEMBER Login
