THE Financial Services Council (FSC) has gone on the record to support extending the Unfair Contract Terms regime to life insurance, provided adjustments are made to allow the extremely long term nature of life insurance contracts to continue.

FSC CEO Sally Loane said this adjustment is strongly in the interest of consumers as it allows people to keep their life insurance for as long as they need it, even if their health deteriorates.

“It makes perfect sense for life insurance to have the unfair contract terms applied, because all customers of life insurance deserve to know their contracts are fair,” Ms Loane said.

“However, it is important to note that life insurance contracts are different from almost every other type of contract in that they can remain in force for 50 years or more.

“Almost everything that forms the basis of a life insurance contract can change in such a long period. There may be changes in medical science that prolong our life expectancy, changes to employment structures or cures for illness that currently impact our lifestyles," she said.

“The FSC submission highlights that any changes to legislation should allow life insurers to make changes to reflect the modernising world.

“We want Australians to keep their life insurance cover for as long as they need it, without having to apply for a replacement policy each year.”

The FSC submission is in response to Recommendation 4.7 of the Financial Services Royal Commission, extending unfair contract terms to insurance contracts.

To read a full copy of the FSC Submission: https://fsc.org.au/resources/1844-fsc-submission-tpb-review-2019-discussion-paper/file

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THE Australian Small Business and Family Enterprise Ombudsman Kate Carnell has reminded small businesses they have until September 30 to adopt Single Touch Payroll (STP).

Small businesses with 19 employees or less are required to make the transition to STP by the deadline in two weeks.

STP became mandatory for small employers on July 1 this year, with the Australian Taxation Office allowing a three month grace period for businesses to transition to the new digital system.

“It’s encouraging to see the number of small businesses reporting through STP has more than tripled during this transition phase, from around 100,000 to 350,000,” Ms Carnell said.

“However there are many small businesses that have not yet made the move and they really need to.

“For those small businesses that need more time, they can apply for a deferral or work with their tax or BAS agent to report quarterly, if eligible.”

For more information about Single Touch Payroll visit ato.gov.au/stp

NUCLEAR security and non-proliferation issues will be discussed in the latest public hearings of the House of Representatives Standing Committee on the Environment and Energy inquiry into the prerequisites for nuclear energy in Australia.

Chair of the Committee Ted O’Brien MP said representatives from the Department of Foreign Affairs and Trade and the Australian Safeguards and Non-Proliferation Office will attend the hearing to be held today in Canberra.

"The issue of nuclear security is one of the key questions to be answered by the inquiry," Mr O’Brien said.

“We want to hear from the experts on what is one of the crucial issues for any investigation into the possible future use of nuclear energy in Australia.

“It’s important to determine not just whether nuclear energy stacks up economically and technologically but also that it is suitable for Australia on environmental, safety and security grounds.”

Public hearing details

Date: Wednesday, 18 September 2019
Time: 10:15am to 11am
Location: Committee Room 2R2, Parliament House, Canberra

10:15am: Department of Foreign Affairs and Trade (DFAT); Australian Safeguards and Non-Proliferation Office (ASNO)
11:00am: Close

The hearing will be broadcast live at aph.gov.au/live.

The Committee intends to hold public hearings at various locations, which will be announced in due course on the inquiry website:  https://www.aph.gov.au/nuclearpower.

Further information about the inquiry can be found at https://www.aph.gov.au/nuclearpower or contact the Secretariat on (02) 6277 4580 or at This email address is being protected from spambots. You need JavaScript enabled to view it..

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THE OPENING of the Byerwen coal mine in North Queensland is testament to the strength and diversity of the state's mining sector, Queensland Resources Council (QRC) Chief executive Ian Macfarlane said today.

Mr Macfarlane today attended the official opening of the mine in the Bowen Basin, which will produce up to 10 million tonnes of coking coal each year. The mine is a joint venture between QCoal Group and JFE Steel.

“This is a milestone not only for QCoal Group, but for all Queenslanders," Mr Macfarlane said.

"Every new mining job in Queensland leads to at least another four jobs in associated industries and adds to the budget bottom line for every Queenslander.

"Mines are part of the local community and during both construction and operations QCoal Group has kept track of its local spending and employment," he said.

“Almost half of the spend during construction was in Queensland and in operations more than three quarters of the spend is in our state.  More than half of the workers currently at the mine are from the Isaac, Whitsunday and Mackay regions.

"The high-quality coal mined here will be exported to Japan, Europe, India and South East Asia, further strengthening Queensland's reputation as a world-leading supplier of coking coal that is essential for building modern cities and supplying day-to-day essentials.

"Each tonne of coal exported also delivers returns for all Queenslanders through royalty taxes that pay for schools, roads, hospitals and public transport.

"Queensland's resources industry benefits all of us, from the workers at the mine site, to regional communities and down to the South East corner," Mr Macfarlane said.

"The Byerwen coal mine has a potential life of more than 50 years, which means a long-term pipeline of jobs and investment in North and Central Queensland."

About 1000 people were employed during construction and the mine will have a permanent workforce of more than 500 people during operations.

The Queensland resources industry already supports more than 316,000 jobs across the State, earns 80 percent of Queensland's exports and generates more than $5 billion in royalties for the Queensland Government to reinvest into services and infrastructure for all Queenslanders, according to the QRC.

www.qrc.org.au

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