THE Financial Services Council (FSC) has welcomed today‘s release of the fourth edition of the ASX Corporate Governance Principles and Recommendations.

FSC Policy Manager Jane Macnamara, who is the association’s representative on the ASX Corporate Governance Council, said the new edition reflected Australia’s growing focus on strong culture, values and accountability in business.

“The FSC and its members recognise the importance of good corporate governance to maintain trust in business and ensure business practices are sustainable over the long term,” Ms Macnamara said.

“The FSC is also pleased to see new standards for diversity in organisations and increased recognition of environmental and social risks facing business, including climate risk.”

In addition to supporting the Corporate Governance Principles, the FSC promotes high standards of governance in member organisations through standards and guidance, including Australia’s first Asset Stewardship Code for investment managers and asset owners which commenced in 2018.

The FSC’s standards are available here.

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THE Queensland Resources Council (QRC) said today the long-term future of the coal industry would ensure ongoing jobs for Queensland workers and investment in regional communities.

QRC chief executive Ian Macfarlane said the coal industry employs 215,600 people directly and indirectly, out of the 316,000 employed across the state’s resources sector. The majority of those jobs are in Central and North Queensland.

“Resources jobs are jobs of the future.  Queensland’s coal employees work in one of the most important sectors for our economy,” Mr Macfarlane said.

“And it is the hard work of Queensland’s coal employees which puts money in the bank for the Palaszczuk Government.

“Without those workers, the Palaszczuk Government wouldn’t have the money to pay for Cross River Rail, it wouldn’t have the money to help North Queensland rebuild after the recent flood disaster, and it wouldn’t have the money to pay public servants’ wages.

“It’s wrong to suggest Queensland coal workers won’t have a long-term future. In fact, those jobs will be critical to ongoing development in Australia and around the world.

“Treasury estimates Queensland coal royalty taxes will be worth $4.26 billion to the Palaszczuk Government’s budget this year. 

“QRC estimates based on current values that amount could go even higher with an extra $30 million on top, as the market for both types of Queensland coal remains strong," Mr Macfarlane said.

"Figures from the Office of the Chief Economist’s December update showed that if the six major coal projects in the Galilee Basin were to proceed they would create 13,900 construction jobs and 12,803 jobs during operations. 

“Those jobs create an opportunity that regional Queenslanders are ready to grasp, especially given mining jobs are typically high-skilled and high-paying.

“The global demand for coal is strong, and coal is forecast to remain at about 40 percent of total power generation in the Asia Pacific by the year 2040 under a scenario modelled by the International Energy Agency.

“We welcome the focus of the Queensland Parliament on the resources industry and coal jobs.

“But that focus should be because Queensland is a resources heavyweight which delivers benefits for every single Queenslander and will do so in the future.”

www.qrc.org.au

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THE House Infrastructure, Transport and Cities Committee inquiry into automated mass transit is holding hearings this week in Melbourne and Sydney as part of its inquiry into automated mass transit.

The Committee will hear from a range of witnesses from government, academia and industry on the way forward to a cleaner, greener, safer, more efficient transport system using automation and new energy sources.

Committee chair John Alexander said the Committee is keen to learn about the potential for automation and new energy sources to improve economic, social and environmental outcomes.

"The integration of different transport modes into a single seamless transport system should be the goal of governments and industry, and we need to fully investigate the role that automation can have in facilitating this," Mr Alexander said.

"We have the technology. We need the policies and plans to effectively implement automated transport and new generation fuels. Cooperation across jurisdictions and coordination between government and industry is essential."

In its submission, Infrastructure Victoria highlighted the potential benefits of automation, noting that on-demand public transport and mobility as a service (MaaS) "could make significant improvements to how we travel" and, alongside integrated planning and payment for multi-modal trips, could "supplement existing public transport services and pave the way for introducing on-demand automated vehicles".

They "recommended incorporating on-demand and Maas into the public transport mix in preparation for automation".

Leading infrastructure provider, Transurban, emphasised the need for policy coordination, stating that "it will be critical for new policies and regulations to be consistent across states and territories, and structured in such a way as to encourage innovation while ensuring public safety".

Melbourne public hearing details: 8.30am – 4pm, Wednesday, 27 February 2019, Room G6, Parliamentary Annex, 55 St Andrews Place, Melbourne

8.30am: National Transport Commission

9.10am: Infrastructure Victoria

9.50am: Transurban

10.50am: Monash University & Monash University Accident Research Centre

11.30am: Centre for Disaster Management – University of Melbourne

12.10pm: La Trobe University

12.50pm: Break

1.50pm: Arup

2.30pm: Australian Academy of Technology and Engineering

3.10pm: Transdev Australasia

4.00pm: Close

Sydney public hearing details: 9.30am – 4.10pm, Thursday, 28 February 2019, Meeting Room 1, Commonwealth Parliamentary Offices, Level 21, 1 Bligh St, Sydney

9.30am: Hyperloop Transportation Technologies

10.10am: Standards Australia

11.10am: iMOVE

11.50am: Uber

12.30pm: Break

1.30pm: Planning Institute of Australia

2.10pm: Rail Tram and Bus Union

2.50pm: Committee for Sydney

3.30pm: AECOM

4.10pm: Close

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

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THE FEDERAL Government's 10-year, $3.5 billion Roads of Strategic Importance (ROSI) initiative is aiming to deliver game-changing works to drive productivity and efficiency gains across Australia's key freight routes, according to Deputy Prime Minister and Minister for Infrastructure, Transport and Regional Development Michael McCormack.

 “The Roads of Strategic Importance initiative will deliver rolling packages of upgrades, which will improve the standard of priority corridors over a 10-year period,” Mr McCormack said.

“By targeting our investment on priority road corridors used by agricultural, mining and other industries, we will ensure upgrades delivered through the Roads of Strategic Importance initiative will provide more reliable infrastructure to improve connections across the supply chain and access to ports, airports and transport hubs.

“We have already allocated $400 million for the Bass Highway and other priorities in Tasmania, $100 million to improve access from regional NSW to the Australian Capital Territory via the Barton Highway and $220 million for the Bindoon Bypass in Western Australia,” he said.

“The government will be looking for other strategic corridors so our investments can support regional economic growth, support the expansion of local industries including the visitor economy, while also improving safety on these key roads.”

The $3.5 billion ROSI initiative is an important component of the Liberal and Nationals Government's $75 billion infrastructure investment pipeline, announced in this year's Federal Budget.

Assistant Minister for Roads and Transport Scott Buchholz said as part of the Australian Government’s commitment to developing northern Australia, $1.5 billion has been earmarked for projects in the north.

“This investment of $1.5 billion for projects in the north acknowledges the importance of this region to Australia's economy and building on the benefits already being delivered through the Australian Government's Northern Australia Roads Program and Northern Australia Beef Roads Program,” Mr Buchholz said.

“I look forward to meeting with local organisations across the north in coming weeks as part of a wide consultation process.”

http://investment.infrastructure.gov.au/key_projects/initiatives/roads_strategic_importance.aspx

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