SUBMISSIONS are now open for the 17^th Australian Insurance Industry Awards, hosted by the Australian and New Zealand Institute of Insurance and Finance (ANZIIF).

This is the insurance industry’s night of nights, celebrating the accomplishments of individuals and businesses in Australia.  The awards will take place at The Star Event Centre in Sydney on August 27, 2020.

"The Australian Insurance Industry Awards bring the industry together to reflect on the year that was, and celebrate the success and accomplishments of Australia’s most talented individuals, innovators and organisations contributing to the growth of the insurance industry," said Prue Willsford, CEO of ANZIIF.

"We are currently seeing the largest legislative change to financial services in 30 years following the Hayne Royal Commission. It is incredibly pleasing to see proactive collaboration from industry in tackling challenges and contributing to building professional standards.

"This is something that deserves to be celebrated and our awards are the perfect platform. I encourage you to apply and participate in this wonderful celebration of our industry."

ANZIIF has introduced a new category for 2020 – General Insurance Claims Team of the Year. This award recognises a claims team that has demonstrated excellent technical skills, strong claims results and outstanding customer service during 2019.

2020 ANZIIF Australian Insurance Industry Awards categories:

 Submissions close Friday, May 1, 2020. 

ends

AHEAD of International Women’s Day on Sunday, March 8, the Australian Small Business and Family Enterprise Ombudsman Kate Carnell said the gender gap in superannuation "needs to be addressed".

“It’s staggering that in 2020, one in three women are retiring with zero superannuation,” Ms Carnell said. “The average super balance for women aged between 45 and 54 is about $114,000 versus $180,000 for men in the same age bracket.

“Women have an average retirement fund of $196,000 while men finish up their working lives with more than $310,000. While the number of women becoming small business owners has grown significantly in recent years, many are still not making regular contributions to their super.

“We know that small business owners tend to rely on their business to be their super, putting money into their business instead of their super funds," Ms Carnell said. 

“The strategy is often to ultimately sell the business and use the proceeds to fund retirement, but that’s very risky – particularly for women who statistically speaking, are less likely to grow their business.

“Our Small Business Counts report shows more than half of Australia’s small business owners have reported taxable incomes of less than the minimum wage, which makes it tough to pay super," Ms Carnell said.

“But even a small amount put away now – with compounding interest – is better than later in life.

“This International Women’s Day, let’s celebrate the fact that women are fantastic entrepreneurs but it is critical women consider their future now and make regular contributions to superannuation.”

www.asbfeo.gov.au

ends

THE House of Representatives Standing Committee on the Environment and Energy has called for submissions on the National Greenhouse and Energy Reporting Amendment (Transparency in Carbon Emissions Accounting) Bill 2020.

The Bill was referred to the Committee by the House of Representatives on February 27, 2020 for inquiry and report.

The Bill, sponsored by Andrew Wilkie MP (Member for Clark), seeks to amend the National Greenhouse and Energy Reporting Act 2007, to set a regular schedule for quarterly emissions reporting by the relevant Minister, and to capture scope-three emissions in all reporting obligations.

This would expand reporting to include emissions occurring in the wider economy, or internationally, as a consequence of the activities of a facility, from sources not owned or controlled by that facility’s business.

Chair of the Committee Ted O’Brien MP said, "If the Bill were to come into effect, we would effectively see emissions generated internationally from the use of our exported fossil fuels included in Australia’s national inventory of greenhouse gas emissions.’

Submissions to the inquiry will be accepted until March 20, 2020. The Committee intends to hold public hearings which will be announced in due course on the inquiry website.

Submissions must be relevant to the terms of the Bill. Details about the Bill and how to make a submission are available on the inquiry website.

ends

THE Australian Small Business and Family Enterprise Ombudsman Kate Carnell said fresh data reveals small and medium sized businesses are waiting far too long to get paid.

A survey of 1200 SME owners across the nation, conducted by East and Partners on behalf of Scottish Pacific, has found SMEs are waiting an average of 56 days to be paid.

“The smaller the business, the harder they are hit by late payment times,” Ms Carnell said.

“While businesses with $10-$20 million revenue wait an average of 40 days to get paid, smaller businesses with $1-$10 million revenue are waiting an average of 66 days.

“The research shows that at any given time, SMEs have a third of their revenue tied up in outstanding invoices. That’s money they could be spending on growing their business.

“The bottom line is that all businesses should be paid within 30 days," she said.

“Over the past few weeks we have seen both Telstra and Rio move to 20-day payment terms for their small business suppliers and there is no reason why other big businesses can’t do the same.

“Our Supply Chain Financing Review has revealed the voluntary Supplier Payment Code is just not working.

“Formal recommendations will be made in the final report to be handed down in the coming weeks," Ms Carnell said.

“In the meantime, the Federal Government is consulting on its draft Payment Times Reporting Framework legislation that will require big businesses to be more transparent about their payment times.

“Businesses and interested parties have been given the opportunity to provide their feedback on this proposed reform which is designed to drive cultural change in business payment performance in Australia.”

www.asbfeo.gov.au

ends