THE Federal Government and APRA must act quickly on the recommendations of the APRA Capability Review, or risk leaving consumers further exposed to the exploitation and misconduct we saw during the Royal Commission, Industry Super Australia (ISA) said.

ISA acting chief executive Matthew Linden today welcomed the findings and recommendations of the APRA Capability Review and the need to strengthen the regulatory framework to put members’ interests first.

“This review has exposed a culture of under-reporting, poor regulation and enforcement and a failure to adequately protect consumers from exploitation and misconduct,” he said.

“This review and its recommendations must give APRA the impetus it needs to go after those parts of the sector that exploit vulnerable members for their own financial gain.

“It confirms what the Royal Commission already told us – that consumers have not only been let down by the institutions that perpetrated the misconduct, they have ultimately been let down by the regulator,” Mr Linden said.

“The government and APRA have an obligation to members to act quickly on these recommendations, and put in place the necessary capability, regulatory and enforcement frameworks to take action against those who have committed wrong-doing.”

In its submission to the Capability Review, ISA argued for a more transparent, strengthened regulatory scheme where institutions who do the wrong thing are held to account, and member benefit comes first.

ISA also argued for a greater focus on superannuation regulation and reporting, noting the current discrepancy in APRA’s reporting and regulatory frameworks between superannuation and other financial sectors has left members’ vulnerable to exploitation.

ISA welcomes the recommendations relating to APRA’s supervision of superannuation. In particular, we welcome the following recommendations:

1. Embed, publish, performance benchmarks for super funds and take action on underperforming funds that consistently fail on member outcomes and make APRA’s mandate explicit.
2. Develop a superannuation performance tool.
3. Update its superannuation reporting standards and collect product level data that facilitates accurate assessments of outcomes and comparability across funds and to crack down on non-reporting.

While supportive of the recommendations, Mr Linden said it was important APRA applies it powers fairly, and prioritises decisions and regulatory action in the areas where member harm is the highest.

“We expect any new powers to be applied by APRA in an even-handed way, with appropriate checks and balances, with members’ best interests at its heart,” he said.

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THE Sydney and Melbourne property markets are showing ‘clear signs of recovery’ with auction clearance rates hitting more than 70 percent in both the capital cities, according to RiskWise Property Research CEO Doron Peleg.

According to research by CoreLogic, Sydney hit 77.2 percent and Melbourne delivered 73.6 percent.

“The trend now is very clear with interim results in the 60s and 70s in the past four weeks and final clearance rates above 60 percent for that period. This is significantly higher than the clearance rate of 52 percent a year ago,” Mr Peleg said.

He said a combination of the surprise election results, the RBA interest rate cuts, APRA's changes to floor assessment and tax cuts, which would deliver more funds to households, all contributed to the confidence of the market and, consequently, higher clearance rates that were also connected to higher prices.

“While volumes are still low, in this context it means sellers, generally, don't feel the rush to sell,” he said.

“However, further improvement in auction results and the turnaround in the market are likely to lead to an increased volume as sellers expect stronger demand for their properties and, therefore, are more confident to put them on the market.”

Mr Peleg said the high end of the market continued to lead the way with extremely strong results in Sydney’s eastern suburbs with 90 percent clearance rates, and both Sydney Inner West and Inner South West reaching 87 percent.

In Melbourne the lucrative areas of the Inner East and Inner South continued with their consistently strong results this week delivering 77.3 percent and 76.9 percent, respectively.

www.riskwiseproperty.com.au

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SAI Global Assurance, a recognised leader in integrated risk management and assurance services, today announced that it is accepting nominations for the 2019 APAC Food Safety Awards.

Now in its 26th year, the Food Safety Awards honour individuals who make important contributions to food safety in Australia and New Zealand.

Today, more than ever, the global impact of food safety professional's work is clear. The profession is becoming more and more critical in helping organisations build value and remain competitive in what has become an extremely complex and competitive world.

Customer behaviours and expectations have shifted; trust recovery has stalled. The role of the food safety professional is vital to end this erosion in trust and enable their organisations to sustain brand and reputational resilience.

"As long-time champions and practitioners of quality, we understand that applying technology, innovation and fresh thinking to food safety is key to meeting emerging and future challenges," John Rowley, CEO of SAI Global Assurance said.

"This is why SAI Global Assurance is proud to hold the APAC Food Safety Awards, to celebrate the achievements of food safety professionals, who so often are working below the radar. The Awards are the perfect platform to publicly recognise and acknowledge the accomplishments and outstanding work and results of food safety professionals and teams who work tirelessly to ensure the safety of our food supply and the minimisation of any potential harm."

Nominations for this year's awards will be accepted for three categories:

Ross Peters Award for Excellence in Food Safety -- open to any individual who has made a notable contribution to food safety in Australia.

Leaders of the Future -- Food Safety Learning Scholarship -- open to individuals within the food industry that have a junior quality assurance role or equivalent.

Innovators in Food Safety -- open to either an individual or organisation that has developed best in class innovations in technology, process, procedure and training in relation to food safety.

Entrants are shortlisted by an independent panel of recognised Australian food experts -- with this year's panel including:

• Andrea Currie, Coles Brand Manager Policy & Technical Standards
• Debbie Peters, wife of the late Ross Peters, the founder of the Ross Peters Award for Excellence in Food Safety
• Paul Holder, 2018 winner of the Ross Peters Award for Excellence in Food Safety
• Kimberly Coffin, SAI Global Head of Food, Retail and Hospitality -- SAI Global Assurance

Speaking about the Awards, Jessica Kelly, winner of the 2018 APAC Food Safety Award for 'Leaders of the Future - Food Safety Learning Scholarship', said: "It was very exciting and humbling to have been recognised for an APAC Food Safety Award last year, so early into my career. Winning this award has provided me an opportunity to expand my presence in the industry and explore new networks, career directions, skills and mentor opportunities.

"I highly recommend anyone thinking about entering to apply as early as possible to demonstrate their skills, passion and commitment in being a part of a strong future for the industry."

Nominations for the APAC Food Safety Awards close at 5pm (ACT) on 1 August, with finalists being announced on 14 August. Award winners will be unveiled at the APAC Food Safety Awards Gala Dinner on 21 August in Sydney, Australia. The dinner is held as part of the APAC Food Safety Conference running from 20-22 August, hosted by SAI Global.

www.foodsafetyapac.com/award-nominations

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THE Australian Retailers Association (ARA) is hosting this year’s annual 2019 eftpos ARA Australian Retail Awards on August 15 at Myer Mural Hall, Melbourne. 

At this prestigious breakfast event, guests will have the opportunity to network with fellow industry peers and hear from renowned keynote speaker and consumer futurist, Amanda Stevens who will discuss how owners and managers can can engineer a retail business to anticipate the needs of tomorrow's customer.

With 12 awards for the taking, the ARA worked with a panel of expert judges and industry leaders to determine the ‘finest in retail’ across three categories including Customer Experience, People in Retail, and National Retailer. The high standard of submissions received by the ARA this year is a testament to the passionate retailers who contribute to the vitality of this thriving sector. 

See our 2019 eftpos ARA Australian Retail Awards finalists below:

Award category: Customer Experience

Recognising Australian retailers who create and enhance the customer experience at every step of their shopping journey.

2019 Manhattan Associates Excellence in Customer Experience

• PETstock
• Birdsnest
• Brava Lingerie
• On the Run
• Retail Prodigy Group

2019 Daylight Agency Excellence in Retail Marketing

• Bakers Delight
• PETstock
• Brava Lingerie
• Vodafone

2019 Pronto Retail Innovator of the Year

• Biome
• Specsavers
• Myer
• George & Matilda Eyecare

2019 Store Design & Fit-Out of the Year

• First Choice Liquor
• AWPL
• On the Run

Award category: People in Retail

Recognising individuals and employers in the retail industry paving the future of Australian retail.

2019 Rest Retail Business Woman of the Year

• Karina Bruce – Hear Us Roar
• Ellie Degraeve – Go for Zero
• Chelsea McIntosh – Spoilt Gift and Homewares
• Rebecca Peterson – Harris Scarfe

2019 FCB Retail Employer of the Year

• ALDI
• PETstock
• Vodafone
• On the Run
• Retail Prodigy Group
• AWPL

2019 Rest Young Retailer of the Year

• Jacinta Farrell – BCF
• Thomas Kovacs – Harris Scarfe  
• Amanda Styles – Harris Scarfe
• Aled Ball – On the Run
• Julieanne Willson – On the Run
• Marko Krndija – Harris Scarfe

2019 Retail Graduate of the Year

• Esther Laub – The Sydney String Centre
• Anita Holman – NPI
• Jamie Turner – Brand Collective

Award category: Retailer of the Year

Celebrating and acknowledging progressive retailers in Australia who have transformed their business to adapt to the new era of retail.

2019 eftpos National Retailer of the Year

• Kidstuff
• Vodafone
• Retail Prodigy Group

2019 eftpos Digital Commerce Retailer of the Year

• YCL Jewels
• The Party People
• Myer

2019 eftpos Franchise Group of the Year

• Bakers Delight
• Specsavers
• Poolwerx
• Degani

2019 eftpos Independent Retailer of the Year

• The Party People
• Birdsnest
• Brava Lingerie
• Spoilt Gift and Homewares

Tickets HERE.

About the ARA

Founded in 1903, the Australian Retailers’ Association is Australia’s largest retail association, representing a $320bn dollar sector employing more than 1.3m people. As Australia’s premier retail body, the ARA works to ensure retail success by informing, protecting, advocating, educating, and saving money for its 7,800 independent and national retail members. To learn more, visit www.retail.org.au or call 1300 368 041.