THE Australian Small Business and Family Enterprise Ombudsman Kate Carnell is encouraging small businesses to have their say on a draft law requiring big businesses to be more transparent about their payment times.

The Federal Government has today opened consultation on the draft Payment Times Reporting Framework legislation that will require businesses with turnover of more than $100 million to publish information about their payment policies.

“Cash flow is king for small businesses and we welcome the Federal Government’s continued efforts to ensure they are paid on time,” Ms Carnell said.

“This framework will require big businesses to be upfront and honest about the time it takes to pay small businesses, to help small businesses choose who they supply.

“The legislation will apply to about 2,500 large Australian businesses, including foreign companies and government entities. Late payments by large businesses to small businesses account for 53 percent of all invoices, according to data from Xero.

“That’s $7 billion of working capital that Australian small businesses are missing out on every year - money they could be using to grow their business," Ms Carnell said.

“Small businesses can now provide their feedback on this proposed reform which is designed to drive cultural change in business payment performance across the economy.”

Consultation on the draft legislation is open until March 6 via https://consult.industry.gov.au

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ACCOR, a world-leading hospitality group, and Visa, one of the world's leaders in digital payments, have announced a global partnership to bring new payment experiences to ALL-Accor Live Limitless loyalty members.

The partnership will bring together Accor’s loyalty program and Visa’s global payment capabilities to create the new ALL Visa card. Members who apply for the new Visa card will be able to use it for everyday purchases everywhere Visa is accepted. Accor will be collaborating with Visa partner financial institutions and banks in key markets across Europe, North and South America, Middle East and Asia Pacific to issue the new ALL Visa card. It will offer members tailored rewards based on customer preferences and the ability to earn more loyalty points when staying at an Accor property or when making purchases.

Accor boasts a portfolio of strong and iconic brands across all segments in the most promising markets around the globe. Through strategic acquisitions and partnerships with prestigious luxury and lifestyle brands such as Raffles, Fairmont, Sofitel, Banyan Tree, Mondrian and Delano, the group offers unique experiences through its 39 hotel brands, in more than 5,000 hotels and residences across 110 destinations.

Through the partnership with Visa, Accor is enhancing the benefits of its recently launched loyalty program, ALL–Accor Live Limitless, to its 64 million loyal member base and more than 250 million customers globally. The introduction of the ALL Visa card will enable the Accor Group to engage customers beyond their stay, via an industry leading loyalty program, offering ALL members the ability to earn points, enjoy new experiences and even more hotel nights.

The introduction of ALL Visa payment cards aims to leverage Accor’s augmented hospitality ecosystem to engage customers beyond their stay via industry-leading benefits and innovative digital, mobile-first experiences.

The cobranded payment cards will generate additional customer engagement in hotels and new member recruitment opportunities for ALL as well as spend uplift.

Accor chairman and chief executive officer, Sébastien Bazin said, "Partnering with Visa will be a huge boost to Accor as we embark on the shared journey to develop an innovative co-branded payment card. This new initiative will provide unmatched benefits to our members and reinforce the success of our ALL loyalty program by increasing our member base driving additional engagement and giving each member incentives to stay with us more frequently and easily.

"The development of ALL is a major milestone for us, and in Visa we are very pleased to have found a partner which shares our passion for delivering everyday rewards and recognition.”
 
Al Kelly, Chairman and Chief Executive Officer of Visa chairman and chief executive officer Al Kelly said, "We are delighted to partner with Accor and support the introduction of a new customer loyalty program. Today’s digitally-savvy consumers expect rewards that are tailored to their needs and offer new and unique experiences.

"I am extremely excited about the power of Accor’s expertise in hospitality coming together with Visa’s global network and digital capabilities. This combination will translate into attractive loyalty and payment products that will be at the forefront of the hospitality market.”

ABOUT ACCOR
Accor is a world-leading augmented hospitality group offering unique experiences in more than 5,000 hotels and residences across 110 destinations. The Group has been acquiring hospitality expertise for more than 50 years, resulting in an unrivalled portfolio of 39 hotel brands, from luxury to economy, supported by one of the most attractive loyalty programs in the world. ALL, Accor Live Limitless is a daily lifestyle companion that integrates rewards, services and experiences bringing value to everyday life inventing a completely new aspirational way to live limitless. Accor is deeply committed to sustainable value creation and plays an active role in giving back to planet and community via its Planet 21 – Acting Here program and the Accor Solidarity endowment fund, which gives disadvantaged groups access to employment through professional training.
Accor SA is publicly listed on the Euronext Paris Stock Exchange (ISIN code: FR0000120404) and on the OTC Market (Ticker: ACRFY) in the United States. www.accor.com

ABOUT ALL
ALL - Accor Live Limitless is a new daily lifestyle companion. ALL offers benefits, rewards and unique experiences to its most engaged members throughout the world, whether they're at work or play. A host of new services will make the everyday lives of the programme's members more rewarding, not least in terms of entertainment, well-being, sport, coworking and mobility. With ALL, Accor offers more than a mere hotel stay, delivering new services and new ways of laying on bespoke experiences, bringing the Group's augmented hospitality strategy to life by increasing points of contact with its customers through a network of nearly 5,000 hotels and 50 brands. 
 
ABOUT VISA
Visa Inc. (NYSE: V) is one of the world’s leaders in digital payments. Visa's mission is to connect the world through the most innovative, reliable and secure payment network - enabling individuals, businesses and economies to thrive. The advanced global processing network, VisaNet, provides secure and reliable payments around the world, and is capable of handling more than 65,000 transaction messages a second. The company’s relentless focus on innovation is a catalyst for the rapid growth of digital commerce on any device, for everyone, everywhere.  As the world moves from analog to digital, Visa is applying its brand, products, people, network and scale to reshape the future of commerce. www.visa.com/blog and @VisaNews. 

MEDIBANK'S management is to blame for its “failure to save for a rainy day”, not its customers seeking to use their health insurance to access the best and latest medical devices, Medical Technology Association of Australia Ian Burgess said today.

Mr Burgess said Medibank’s attempts today to blame medical device usage for its alleged profit downturn flies in the face of APRA data released Tuesday, showing insurer net profit after tax (NPAT) was up 21 percent in the December 2019 Quarter from $1.19 billion to $1.44 billion.

Medibank also failed to declare today the upwards of $400 million in direct medical device savings Health Minister Greg Hunt had already delivered private health insurers since 2017.

“It’s comments like these from Medibank today that are destroying consumer and investor confidence in their own products and performance, as well as the broader sector. No wonder they’re in a self-proclaimed ‘death spiral’,” Mr Burgess said.

“Private health insurers haven’t paid one extra cent for medical devices over the past two premium years, despite raising premiums twice-inflation and banking nearly $1 billion in profits between the big corporate health funds, including Medibank.

“It’s not the role of medical devices to keep propping up Medibank’s managerial inaction and incompetence, while they continue to feather their nest with taxpayer handouts and corporate bailouts,” Mr Burgess said.

“Medibank’s management seems to routinely fail to understand that timely access to the best and latest medical devices is exactly why their customers put up with years of premium pain. Reducing access will only reduce customers. 

“Medibank’s customers have clearly had enough of their premiums increasing faster than house prices with no matching increase in benefits and are finally cashing in their chips before they’re forced out altogether.

“If Medibank can still afford to pay a dividend to its shareholders, it can afford to drop its prices for its customers.”

Mr Burgess also questioned why there was no mention in Medibank’s statement today of the benefits that were about to flow through from recent price cuts on February 1, 2020 to over 7000 medical technologies like pacemakers, insulin pumps, eye lenses, hip and knee replacements and more.

“Medical device manufactures have cut their prices upwards of 40 percent in the past three years as a result of the direct lobbying of insurers like Medibank to help reduce premiums and increase access,” Mr Burgess said.

“It’s a safe bet that the first private health insurer whose premium increases go below zero will increase their market share overnight.

“The number of Australians dropping out of private health insurance is quickly snowballing into an avalanche and it’s time for government to step in and save private health from itself.”

Recent research from YouGov-Galaxy show over 2 million Australians dumped their private health insurance in the last five years.

Yesterday’s APRA figures confirmed this trend was continuing, with only 44 percent of the country now covered.

About MTAA

The Medical Technology Association of Australia (MTAA) is the national association representing companies in the medical technology industry. MTAA aims to ensure the benefits of modern, innovative and reliable medical technology are delivered effectively to provide better health outcomes to the Australian community. MTAA represents manufacturers and suppliers of medical technology used in the diagnosis, prevention, treatment and management of disease and disability. The range of medical technology is diverse with products ranging from familiar items such as syringes and wound dressings, through to high-technology implanted devices such as pacemakers, defibrillators, hip and other orthopaedic implants. Products also include hospital and diagnostic imaging equipment such as ultrasounds and magnetic resonance imaging machines. MTAA members distribute the majority of the non-pharmaceutical products used in the diagnosis and treatment of disease and disability in Australia. 

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THE GSMA Board whas expressed its sadness at the unavoidable cancellation of MWC Barcelona 2020.

"This decision is painful, but we believe the correct one. Health and safety are the priorities of all of the GSMA Board and Mobile Network Operators. Our sincere thoughts are with those affected in China and around the world in these trying times," the statement read.

"Our vision at the GSMA is to unlock the power of connectivity so that people, industry and society thrive. MWC is crucial to convene and advance the industry and mobile ecosystem. The mobile industry is committed to harnessing the power of mobile technology and connectivity to transform the lives of billions of people around the world, and we are committed to a great MWC Barcelona 2021.

"The Board thanks GSMA management and the Host City Parties for their hard work throughout this challenging and unprecedented situation. We look forward to working together again for an even better MWC Barcelona 2021.

"The GSMA Board is comprised of 25 of the world’s leading mobile operator groups. www.gsma.com/aboutus/leadership/gsma-board

Further updates from the GSMA, are on our website and can be found on www.mwcbarcelona.com.

About the GSMA

The GSMA represents the interests of mobile operators worldwide, uniting more than 750 operators and nearly 400 companies in the broader mobile ecosystem, including handset and device makers, software companies, equipment providers and internet companies, as well as organisations in adjacent industry sectors. The GSMA also produces the industry-leading MWC events held annually in Barcelona, Shanghai and Los Angeles, as well as the Mobile 360 Series of regional conferences.For more information, visit the GSMA corporate website at www.gsma.com. Follow the GSMA on Twitter: @GSMA.

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