THE maritime union has welcomed Labor’s commitment to create a government-owned National Fuel Reserve, describing it as an essential step to protect Australia from natural disasters or global crisis that could disrupt oil supplies.

The Maritime Union of Australia said Australia has been in breach of the the International Energy Agency’s 90-day fuel stockholding obligation since March 2012, with figures released last month showed the country had just 22 days of petrol and 17 days of diesel on hand.

MUA national secretary Paddy Crumlin said the fuel reserve commitment, along with Labor’s previous announcement of a National Strategic Fleet that will include oil tankers and gas carriers, were vital steps required to safeguard the security of an island nation that is reliant on fuel imports.

“For nearly seven years, Australia has been in breach of the IEA rules that are in place to ensure member nations have the capacity to weather unforseen disruptions to the global supply chain,” Mr Crumlin said.

“Despite countless reports warning about Australia’s lack of fuel security and the urgent need for action, the Abbott, Turnbull, and now Morrison Coalitions Governments have done absolutely nothing.

“Australia is the only developed oil-importing country without government-controlled stocks of crude oil or refined petroleum products, which has become more and more of an issue as the proportion of our fuel that is imported has risen to well over 90 percent.”

The MUA last year commissioned a report by shipping expert John Francis, Australia’s Fuel Security – Running on Empty, which found that Australia now relies on the equivalent of almost 60 full-time fuel import tankers to keep us supplied with petrol, diesel and jet fuel.

“This research concluded that the Australian economy would grind to a halt within weeks of a major crisis in the region that interrupted fuel shipments,” Mr Crumlin said.

“It also found that Australia’s reliance on foreign flagged tankers removed any opportunity for the Commonwealth to requisition national flag tankers if necessary to secure imports or coastal distribution requirements following major economic or geopolitical disruptions.

“The commitment that a Shorten Government will both create a national fuel reserve, along with a strategic fleet that includes Australian-flagged oil tangers, provide a welcome end to years of political inaction that continues to put all Australians at risk.

“The public now have a stark choice between the Liberal National Government, which has done nothing to address fuel security, and a Labor Opposition with a clear vision for protecting Australia’s economic security by creating a government-owned fuel stockpile and Australian oil tankers to bring it here.”

THE House of Representatives Standing Committee on Economics will hold public hearings in Malvern, Brighton, Mount Martha and Torquay, Victoria, for its inquiry into the implications of removing refundable franking credits.

Chair of the committee, Tim Wilson MP, said, "The committee continues to gather evidence about how the removal of refundable franking credits would affect investors, particularly senior Australians whose financial security could be compromised.

"The committee has received well over 1000 submissions, including many from retires who are concerned they will be forced on to the aged pension if the ability to claim a refund on their franking credits is removed.

"These hearings will provide an opportunity for Australians impacted by a change to refundable franking credits to address the committee directly with a three minute statement, and we welcome their contributions and participation," Mr Wilson said.

Public hearing details:

Malvern, 10am to 11.30am, Tuesday, 19 March 2019, St George's Anglican Church Hall, 296 Glenferrie  Road, Malvern, Victoria

Brighton, 2pm to 3:30pm, Tuesday, 19 March 2019, Brighton Town Hall, Corner of Carpenter St and Wilson St, Brighton, Victoria

Mount Martha, 9am to 10.30am, Wednesday, 20 March 2019, New Peninsula Centre, 370 Craigie Rd, Mount Martha, Victoria

Torquay, 3pm to 4.30pm, Wednesday, 20 March 2019, Spring Creek Pavilion, Spring Creek Reserve, Torquay, Victoria

Further public hearings will be announced as the inquiry progresses. The hearings will be webcast live (audio only).

A number of submissions have been received and are available on the committee’s webpage at: www.aph.gov.au/economics. A number of submissions are currently being processed and will be published over the coming months. Submissions can be made online or by emailing This email address is being protected from spambots. You need JavaScript enabled to view it..

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“THE NUMBER of approvals for new home building started 2019 on a positive note with an increase of 2.5 percent during January in seasonally-adjusted terms,” according to Master Builders Australia’s chief economist Shane Garrett. 

“The rise in approvals during January follows a run of weak results during the back end of last year. Higher density housing in particular has lost a lot of ground over the past 12 months,” he said. 

“During January, the number of approvals for new detached houses rose by 1.9 percent with a stronger increase of 3.8 percent on the apartment/units side of the market,” Mr Garret said. 

“Despite the welcome increase in approvals during January, we are still down by almost 30 percent compared with this time last year,” he said. 

“The ongoing difficulties in the flow of credit and concerns about the direction of housing policy post-election are having negative effects on home building activity,” Mr Garrett said. 

“Construction is the economy’s largest provider of full-time jobs and the upcoming round of federal, state and territory budgets provides a real opportunity to get us back onto the right track." 

During January, WA saw the largest increase in total new home approvals (+28.8%), followed by Tasmania (+15.4%) and NSW (+12.0%). 

The largest reductions affected the ACT (-19.8%) and the NT (-8.0%). Approvals also declined in Victoria (-7.9%), Queensland (-3.5%) and SA (-1.5%) during the month.

www.masterbuilders.com.au

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THE Australian Small Business and Family Enterprise Ombudsman, Kate Carnell welcomed the Joint Standing Committee report on access to Free Trade Agreements (FTAs) by small and medium enterprises (SMEs) and urged bi-partisan support for key recommendations.

“The proposed centralised ‘single trade window’ of resources would help SMEs to tap into some of our largest trading markets,” Ms Carnell said.

“There are a number of FTAs and each has different requirements, paperwork and processes, which can be quite daunting to an SME owner, particularly smaller businesses.

“We support the continued use of specific SME chapters in FTAs, including an e-commerce focus, and encourage additional SME user-friendly guidance and support for stepping into the business of exporting.

“Despite our existing trade partnerships and the new partnerships with 10 countries through the Trans Pacific Partnership, SMEs have not experienced the same growth in exports as has big business.

“This report acknowledges that Australia has so much to offer in the exporting of goods and services by SMEs.

“Recommendations around reducing the complexity of overlapping FTAs and trialling a grant program in regional areas will open up doors for trade and investment, and new growth opportunities.

“By realising the key recommendation in this report, SMEs would be in a better position to weigh up their options and potentially chart a way forward for their business overseas.

“The review of Export Market Development Grants and the role of Efic is also welcomed as access to adequate finance for exporting SMEs remains a significant issue.

“The signing of the landmark FTA with Indonesia today will provide many more opportunities for Australian SMEs.”

www.asbfeo.gov.au

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