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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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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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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YET ANOTHER Federal Court judgement has provided 270,000 further reasons why the Parliament should support the Ensuring Integrity Laws, according to Master Builders Australia. 

In the decision handed down earlier today, the Court found the CFMMEU and three of its officials had broken workplace laws by engaging in unlawful picketing through a coordinated campaign to block site access. 

Two sites were blocked by groups of men standing in front of CFMMEU vehicles which were parked across a driveway. When told to leave and advised they were trespassing, one group said, "piss off, we're here, we're staying". 

The Court penalised the CFMMEU and the officials penalties totalling $270,000 and made a costs order against the union.

Master Builders Australia CEO Denita Wawn said that this judgement showed "exactly why we need the Ensuring Integrity laws". 

"Two of the three officials involved in this case have a track record of breaking workplace laws, including intimidating and abusive conduct towards workplace inspectors,” Ms Wawn said. 

"It makes no sense that, despite their extensive history of lawbreaking, these officials are still out there on the ground and still have the right to exercise all the privileges and protections given under the Fair Work laws. 

"Without the Ensuring Integrity laws, they will just keep on breaking the law and nothing will change,” Ms Wawn said. 

"When a Judge writes a decision noting that the CFMMEU has 'an apparent willingness to contravene industrial laws in a serious way' that means something – and we hope the Parliament is listening,” she said. 

"The ABCC Commissioner was right to say the CFMMEU see these fines as a cost of doing business because that's exactly what it is – we don't let drivers keep their licence just because they can pay the fines so why do we let lawbreaking unions do it?,” Ms Wawn said. 

“The Ensuring Integrity laws will mean all organisations and officials, be they unions or employer associations, could lose their rights and privileges if they keep breaking workplace laws. 

"Most organisations and officials do the right thing every day and the Ensuring Integrity laws won't make a difference to those who play by the rules. The simple facts are that unions and their officials do not need to repeatedly and deliberately break workplace laws to represent your members,” Ms Wawn said.

www.masterbuilders.com.au

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