THE Queensland Resources Council (QRC) has welcomed the partnership between Brisbane-based Armour Energy and Santos through the South Nicholson Basin Farmin Agreement.

QRC chief executive Ian Macfarlane said diversity in the state’s gas industry leads to smaller and larger operators using each other’s strengths to develop gas.

“This agreement is good news for the gas industry and demonstrates the collaborative approach in the development of gas fields in Queensland,” Mr Macfarlane said.

Under the agreement, Santos with a proven track record in safe and environmentally sustainable operations, will assume operatorship and has right to earn a 70 percent interest in Armour's South Nicholson Basin tenements in North Queensland and the Northern Territory. In return Armour will receive an upfront $15 million capital injection from Santos and a free carry on the proposed work program up to a total capped amount of $64.9 million."

Mr Macfarlane said Queensland remains a leader in responsibly developing gas which was good for all customers both domestic and international.

“Queensland’s gas industry invested $8 billion into the State’s economy last financial year, supported 37,984 full time employees and spent $2.7 billion with local businesses and community organisations,” he said.

www.qrc.org.au

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THE Australian Small Business and Family Enterprise Ombudsman Kate Carnell has welcomed new legislation introduced today by the Federal Government to establish the Australian Business Growth Fund.

“The Australian Business Growth Fund was a recommendation in our Affordable Capital for SME Growth report, which identified the need to address a critical funding gap for long-term capital to enable high growth potential SMEs to flourish,” Ms Carnell said.

“This fund will benefit SMEs with annual turnovers of between $2 million and $100 million.

“Established businesses will be eligible for long-term equity capital investments between $5 million and $15 million.

“Importantly the fund will be managed by private sector expertise and will invest between 10 percent and 40 percent in the chosen businesses, allowing the business owner to maintain their controlling interest while giving them the funds they need to invest in growth.

“We welcome both the government investment in the fund, along with the major banks and financial institutions’ contribution.

“The fund is currently valued at $540 million and we support the government’s ongoing discussions with other potential investors, with the ambition to grow the fund to $1 billion as it matures," Ms Carnell said.

“This initiative comes at a time when many respected economists, including those at the Council of Financial Regulators, are expressing concerns about the difficulties Australian SMEs face in accessing finance.

“The Australian Business Growth Fund will significantly encourage business growth and promote economic expansion.”

www.asbfeo.gov.au

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THE Australian Small Business and Family Enterprise Ombudsman Kate Carnell has welcomed newly introduced legislation to implement Director Identification Numbers (DIN) and modernise business registers.

If passed, the legislation will require Australian company directors to have a unique identification number.

Ms Carnell said the legislation would help combat illegal phoenixing, a process where directors inappropriately take assets out of a business before liquidating, leaving staff, small businesses and suppliers in the lurch.  

“Illegal phoenixing not only hurts small business, it costs the economy as much as $3 billion per year,” Ms Carnell said.

“The DIN will allow regulators to detect and track rogue company directors to ensure they cannot engage in multiple instances of phoenixing.

“The legislation is a definite step in the right direction, so that small businesses get a fair go," she said.

“We also support the move to create a new central business registry regime, which will simplify the process for small and family businesses.

“At the end of the day, any measure that reduces red tape is good news for small and family businesses, because it allows them to get on with the job of growing their business.”

www.asbfeo.gov.au

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A NEW Parliamentary inquiry will examine Australia’s Defence relationship with Pacific Island nations in the context of the Pacific Step-up.

The inquiry will be conducted by the Defence Sub-Committee of the Joint Standing Committee on Foreign Affairs, Defence and Trade, and Sub-Committee Chair Andrew Wallace said the inquiry would examine how Australia’s Defence Cooperation programs and Pacific Step-up activities correspond to the needs, requests and feedback from partner nations in the Pacific.

"We recognise that there may be opportunities for closer coordination and collaboration between Defence and other Government departments on Australian programs and activities across the South West Pacific, as well as between other nations seeking to invest and engage in the region," Mr Wallace said.

"This inquiry will examine the relationship between Defence’s longstanding Cooperation Program and its Step-up activities and evaluate whether these existing programs are effective in meeting the needs of Pacific Island nations."

The inquiry will include a review of the current activities and outcomes undertaken by Defence in the South West Pacific and gauge the effectiveness of the planning and execution of joint activities and preparation for Humanitarian and Disaster Relief efforts.

The Defence Sub-Committee invites submissions from anyone with an interest in the issues raised by the terms of reference, which are available on the committee’s website. Submissions should be lodged by February 20, 2019. 

Further details about the inquiry, including how to contribute, can also be obtained from the Committee’s website.

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