MAJOR free trade agreements with Hong Kong and Indonesia will be considered by Parliament’s Treaties Committee in coming weeks.
“We have vital trade and commercial interests at stake with Indonesia and Hong Kong, and these agreements will help Australian business capitalise fully on these commercial relationships,” said Committee chair and Member for Wentworth, Dave Sharma MP.
Both agreements were signed several months ago, and tabled just before the Parliament dissolved prior to the federal election in May. Neither agreement will enter into force until the Committee has had the opportunity to review and report.
“This is the first opportunity the Committee has had to look at these treaties since they were signed,” said Mr Sharma, “and given the passage of time, we hope to hear from people as soon as possible”.
Submissions for both inquiries close on August 23, 2019.
Further details on venues and dates for the public hearings will be available on the Committee’s website as they are finalised.
For more information about this Committee, visit its website.
THE Queensland Resources Council (QRC) has welcomed the Palaszczuk Government’s release of new areas for coal exploration in Central Queensland.
QRC chief executive Ian Macfarlane said the opening of tenders in the five prospective areas was a vital step in ensuring the resources sector continues to benefit regional communities.
“Queensland’s resources sector is our state’s heavy lifter. This year the resources sector will pay $5.2 billion in royalty taxes to the Queensland Government and supports more than 315,000 jobs across the state both directly at mines and in regional communities,” Mr Macfarlane said.
“The most recent unemployment figures showed Queensland’s resources regions have unemployment rates that are lower than the state average of 6.1 percent.
“The jobs and royalty taxes the resources sector is delivering now are the result of exploration, investment and planning in the past.
“The release of five areas and 147 sub-blocks near Moranbah, Blackwater and Emerald with the potential for both metallurgical and thermal coal will help ensure Queensland continues to play to its strengths.
“Combined metallurgical and thermal coal are Queensland’s largest export commodity. The value of those exports increased by 12 percent to almost $37 billion over the 12 months until the end of May this year. Coal exports earn Queensland more than $100 million every day.
“Our high-quality resources are in demand in global markets. Through exploration and investment Queensland can continue to be a world-leader in the resources sector.”
The committee is a joint committee of the Australian parliament, comprising government and non-government members of the Senate and the House of Representatives. Its jurisdiction includes Canberra’s parliamentary zone and precincts; and the Australian Government’s interests in Canberra as the national capital.
In addition, the committee examines matters relating to Australia’s external territories including Norfolk Island, Christmas and Cocos (Keeling) Islands, and the Australian Antarctic Territory.
"Australia’s external territories are unique places and communities that showcase the diverse landscapes and cultures that comprise modern Australia," Mr Pitt said.
"The committee plays an important role in ensuring Parliament’s active oversight of these places, and I’m looking forward to the Committee’s engagement with these parts of Australia."
For more information about this Committee, visit its website.
Committee chair, Andrew Hastie MP, said, "This hearing will allow the Committee to hear from government agencies and other interested civil society stakeholders as to the operation, effectiveness and implications of sections 33AA, 35, 35AA and 35A of the Australian Citizenship Act 2007. We will consider these issues closely and carefully."
Further information on the inquiry can be obtained from the Committee’s website.
CONSUMERS could be the ones to miss out with the Government rushing its bill to end the grandfathering of commissions on investment products
The Financial Planning Association of Australia (FPA) is supporting the phasing-out of commissions on investment products as recommended by the Financial Services Royal Commission, but it claims the Bill introduced by the Government today has no additional details on how this will be done to ensure consumers benefit from the change.
“Removing commissions must result in a genuine reduction in product fees or the rebating of the commissions to consumers, and we haven’t seen details of how the Government expects this will work,” said FPA CEO Dante De Gori.
"Just because a financial planner stops receiving commissions, doesn’t actually mean the consumer stops paying them through their investment fees," he said. "The cost of the commission is embedded in the fees, which is why the rebating and monitoring arrangements are so important."
Retirees could lose even more by giving up favourable tax and pension treatments on their existing investments if they are forced to move to new investment products, with the bill making no provision to prevent this impact, the FPA chief said.
“We are disappointed the Bill allows only 17 months to complete a change that the FPA has recommended could take up to three years if the Government is to avoid unintended consequences for consumers, and the financial services ecosystem," Mr De Gori said.
“More than 50 percent of FPA members have already made the transition and derive no revenue from commissions on investment and superannuation products. So it’s not about whether our members are willing, they are, it’s about making sure the transition is done carefully and diligently to protect the interests of everyone, especially consumers,” Mr De Gori said.
The FPA is urging the Federal Government to provide a full three-year transition period and release further details of the proposed rebating and monitoring scheme so they can be examined by the industry.
About the FPA The Financial Planning Association of Australia (FPA) represents the interests of the public and Australia’s professional community of financial planners. With a growing membership of more than 14,000 members and affiliates, the FPA is home to Australia’s 5,700 CFP professionals. Building on a 20 plus year legacy, the FPA represents the changing face of the financial planning profession. www.fpa.com.au
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