REDUCING workforce disincentives facing professional, university educated women could add up to 12 million working hours to the economy annually -- the equivalent of an extra 6,500 highly talented women in the Australian workforce.

A report prepared by the Australian Institute of Project Management (AIPM), to coincide with International Women’s Day, identified eight imperatives for improving gender equity in senior industry levels.

It found that reforming federal government childcare policy would encourage many female executives to stay in the workforce full-time after starting a family – boosting gender equity and the GDP.

The reform is crucial, said  AIPM CEO Elizabeth Foley, because six in 10 Australians still work in industries that are dominated by one gender.

“AIPM’s membership comes predominantly from project-based organisations in male dominated industry groups, such as mining, construction, manufacturing, information, media and technical services,” she said..

“Women represent just 22 percent of our members. This reflects the male dominance of project management-based industries, and doesn’t reflect the available female skills and talent out there.”

Ms Foley said childcare reforms introduced in 2018 by the Federal Government presented significant disincentives to women from professional backgrounds returning to work after having children.

“Under the current settings, if combined family income exceeds the set upper limits by just one dollar, the amount provided by the Child Care Subsidy Scheme plunges by at least half and in some circumstances by more than half,” she said.

“These built-in financial cliffs really exacerbate the work disincentives facing younger working mothers, dissuading them from working more than three days a week.

“And that’s a real pity, because it’s only by working full time that they can properly achieve career mastery.”

The AIPM’s report identifies changes required to bring gender equity to the workplace.

As well as childcare reform, they include building a work culture that values women, closing gender-defined gaps in pay and superannuation, and breaking down the gender dominance (both male and female) that characterise many industries.

“In Australia, only 25 percent of the ASX-listed executive leadership team are women,” Ms Foley said.

“At that level, the gender pay gap averages 21.3 percent – meaning women are being paid almost $26,000 less each year than men filling identical roles and carrying identical responsibilities.”

https://www.aipm.com.au/resources/reports/gender-equity-in-the-workplace

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TODAY's ACCC report into private health insurers paints a disturbing picture of deceptive behaviour and declining affordability and value driving the industry’s current ‘death spiral’.

It also casts a shadow over today’s calls by the nation’s largest health insurers to remove current rules protecting patient access to the best and latest medical technology.

The ACCC report cites multiple examples where the big corporate insurers have tried to deny their customers access to essential medical treatments, while at the same raising patient premiums and out of pockets.

Thanks to the ACCC report, this alleged tendering ‘policy reform’ from private health insurers has therefore been today exposed as nothing but a front to put profits before patients.

The ACCC report is also further proof as to why it is not just unethical, but medically unsafe, for private health insurers to be given more power than doctors when it comes to making decisions in the best interest of patients.

The likes of Medibank, Bupa, NIB and HCF have already undermined consumer confidence in their own products through their 'smash and grab' approach to keeping their businesses afloat.

The Federal Government cannot afford for private health insurers to also now undermine patient confidence in their doctors.

This will not only spell an end to private health insurance as we know it, but irreparable damage Australia’s health system as a whole.

Key quotes from the ACCC report:

“The costs of private health insurance continued to be of concern to consumers.” (p1)

“In 2018  –19, private health insurance participation rates continued to decline, while average gap payments for in-hospital and extras treatment increased.” (p1)

“Cumulative premium increases have been higher than inflation and wage growth in the past five years, indicating that households with private health insurance are contributing an increasing proportion of their incomes to paying premiums. (p1)

“When gap payments have been incurred by consumers for hospital treatment, these increased on average by 1.9 percent, with an increase of almost 4 percent for extras treatment. (p5)

“The ACCC instituted proceedings in the Federal Court on 2 September 2019 against Medibank Private Limited trading as ‘ahm’ (Medibank), alleging that Medibank falsely represented to members holding ahm “lite” or “boost” policies, who were making claims or enquiries, that they were not entitled to cover for joint investigations or reconstruction procedures, when in fact their policies covered these procedures. (p21)

“The ACCC instituted proceedings in the Federal Court in May 2017 against NIB alleging it contravened the ACL by engaging in misleading or deceptive conduct, unconscionable conduct and making false or misleading representations. The proceedings arise from NIB’s alleged failure to notify members in advance of its decision to remove certain eye procedures from its ‘MediGap Scheme’ in 2015. Under the MediGap Scheme, members had previously been able to obtain these eye procedures without facing out-of-pocket costs when doctors participated in the scheme.” (p22)

“As noted in the ACCC’s 2017-18 Private health insurance report to the Australian Senate, the PHIO released a report into hospital policy changes announced by Bupa in February 2018, in which benefits would no longer be paid for a range of services previously covered under its basic and mid-level hospital policies. (p23)

www.accc.gov.au

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WITH INSOLVENCIES at an all-time high, and the continued risk of constructing high-rise unit blocks, it is essential developers focus on the ‘missing’ middle ring, employ a sustainable business model and address imbalances in the property market, according to RiskWise Property Research CEO Doron Peleg.

This has never been more important, he said, as figures show building approvals, especially in Sydney, are on the increase.

According to the latest figures from the HIA, building approvals in November reached their highest level since March 2019, up by 11.8 percent due, predominantly, to a surge in NSW.

Figures show, in seasonally adjusted terms, building approvals for the month of November 2019 increased in NSW (+52.8 per cent), South Australia (+3.8 per cent) and Queensland (+1.0 per cent).

However, RiskWise’s Mr Peleg said an increase in approvals did not necessary bode well for the property market as indicated by the record number of developer insolvencies.

ASIC reports the number of construction businesses that went into external administration rose from 371 in the September quarter of 2018 to 514 in 2019. Meanwhile, over the 2018-19 financial year, 556 construction companies went under, 101 more than the previous financial year.

In addition, 169 NSW-based construction companies went into administration, receivership or a court-ordered shutdown in the June quarter which was the highest number since the September quarter in 2015.

According to CreditorWatch, the construction sector also topped the list for recovery court actions Australia-wide and in NSW, court actions for recovery in the third quarter of 2019 were 35 percent higher than the comparable quarter of 2018.

Mr Peleg said there had already been numerous cases of lots approved for development and subsequently sold at a loss, especially in light of the construction defect reports.

“And if you are losing 20 percent, you are lucky. We are really talking about millions of dollars,” he said.

“The point is developers are at risk of insolvencies and this means they need to mitigate this risk by ensuring they have a sustainable business model, focus on the ‘missing’ middle ring and address imbalances in the property market.

“Focusing on the missing middle is by far more of a solution than taking the risk of off-the-plan high-rise development.”

Mr Peleg said population growth, job creation, improving economies and good infrastructure that Sydney and Melbourne were experiencing would draw people to these cities and, therefore, increase demand for property, with population forecasters expecting both to hit the eight million mark by 2050.

In addition, he said in the current environment of already high prices it would be more difficult for owner-occupiers to compete with property investors, especially given the current environment of low interest rates and low out-of-pocket expenses. 

“We expect to see investors increase their activity in the market as it is currently well below peak and this will put further pressure on dwelling prices and housing affordability,” he said.

“But it must be remembered that family suitable units in the middle rings are more attractive to owner-occupiers looking for larger floor space, lower price per square metre and smaller unit blocks. These are, effectively an alternative dwelling to houses, which are, in many areas, unaffordable.

“These imbalances in the market cannot be resolved without a strategic solution and co-ordinated plan by all levels of government.

“In the meantime, what it means for developers is they should be focused on developing the middle rings with family-suitable accommodation close to transport hubs and schools. There are actually many areas that have a great potential and carry a low risk, it is only a matter of business strategy and proper risk management practices.”

www.riskwiseproperty.com.au

AUSTRALIAN Made Campaign partner, Oz-Town, is hosting an Australian Pavilion at this year's China International Import Expo (CIIE) and is inviting Australian manufacturers to register their interest.

Branded with the iconic Australian Made logo, the Oz-Town Australian Pavilion aims to provide an effective platform for Aussie exporters to showcase their genuine Australian products and connect with buyers, retailers and distributors.

Hosted by the Ministry of Commerce for the People's Republic of China and the Shanghai Municipal People's Government, CIIE is an annual Chinese trade fair and the world's first import-themed national-level expo. This year it will be held in Shanghai China from November 5-10, 2020. 

With the support of the Australian Made Campaign (AMCL), Oz-Town plans to establish an Australian Pavilion with areas dedicated to Food & Agriculture, Lifestyle and Health & Medical.

Oz-Town will arrange for several China-based business partners to attend the Australian Pavilion, while also hosting several 'business matching' events to connect exhibitors with buyers and retailers.

In 2019, more than 80 China-based businesses (buyers/retailers) visited the Oz-Town Australian Pavilion. Oz-Town also arranged several 'business matching' events, resulting in US$100m worth of sales contracts.

This opportunity is suitable for exporters of Australian products looking to break into or grow their market share in China.

An Oz-Town CIIE webinar will be held on on March 18 at bit.ly/AustralianPavilion.

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