ENERGY Networks Australia CEO Andrew Dillon has  welcomed TasNetworks’ release of the Initial Feasibility Report considering a second Bass Strait electricity interconnector, Marinus Link.

The commitment today by the Commonwealth Government of $56 million to fast track the Marinus Link is also a positive step, he said.

“This project has the potential to bring up to 1,200MW more renewable energy into the National Energy Market,” Mr Dillon said.

“Interconnection between markets provides greater flexibility, better reliability and can deliver more affordable electricity for customers.”

Today’s announcement follows the launch earlier this month of Project EnergyConnect by ElectraNet and TransGrid for a new interconnector between SA and NSW.

“The is a worldwide trend towards increasing interconnection to manage growing levels of variable renewable generation and it is pleasing to see growing recognition of that need here in Australia,” Mr Dillon said.

www.energynetworks.com.au

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ALLIANZ Australia has been awarded the Employer of Choice for Gender Equality Citation by the Workplace Gender Equality Agency (WGEA) for the 10th consecutive year.

Allianz was recognised for key programs and initiatives across career development, gender pay equity, gender-balanced and inclusive recruitment practices, parental leave provisions, and flexible work opportunities for both women and men.

"Allianz Australia is pleased to be recognised as an Employer of Choice for Gender Equality," said Richard Feledy, Allianz Australia managing director. "I am very proud to lead an organisation that makes gender equity and inclusive work practices a top business priority as we remain committed to making investments that provide women and men with opportunities to balance their work and personal lives."

With an increased focus on gender equity in talent acquisition and development, Allianz is on track to reach its target of 40 percdent women in leadership positions by 2020. Allianz' like-for-like gender pay gap is less than 1 percent and the organisation is committed to ensuring that employees get paid fairly for the contribution they make irrespective of gender, background, where they work or what roles they perform.

Commenting on this, Mr Feledy noted how important it is to continue to embed gender equity into all business practices.

"Whether we are talking about the fair representation of women and men across the organisation, or ensuring equal pay for equal contribution, embracing diversity drives entrepreneurial thinking and better business results," he said. "We will ensure that gender equity remains at the forefront of all business practices at Allianz - not just to achieve our goals, but for the benefit of our people, our customers and the community."

The Employer of Choice for Gender Equality Citation is granted each year to employers with a commitment and track record in promoting gender equity in Australian workplaces.ends

MORTGAGE Choice chief executive officer, Susan Mitchell welcomed today’s announcement from the Labor party regarding mortgage broker remuneration.

Ms Mitchell said, "It’s a good start, however more consideration needs to be given to all the work brokers do for customers post settlement.

"A fixed upfront commission rate paid by the lender comes with its own challenges, however the devil is in the detail. A fixed upfront commission rate suggests that the broker’s work is done once a loan is settled. It will also change the dynamic of the broker/customer relationship, which is likely to become more transactional rather than relationship based.

"Mortgage Choice brokers take a proactive approach to providing ongoing quality service, which includes but is not limited to facilitating product switches, loan top-ups and negotiating a better interest rate. 

"A fixed upfront commission rate to brokers that is uniform across lenders addresses some of the conflicts identified in the Royal Commission. Mortgage Choice has had a ‘paid the same’ philosophy in place for over 20 years where our brokers are paid the same rate of commission regardless of the lender the customer chooses. In today’s environment, when trust in financial service providers is at an all time low, this has been an important factor for why brokers and customers choose Mortgage Choice. 

"Mortgage Choice encourages both sides of government to continue consultation with the mortgage broking industry to work through the intricacies of how a fixed upfront commission rate would be implemented," Ms Mitchell said.

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THE Australian Financial Complaints Authority (AFCA) has warmly welcomed the Federal Government’s announcement to extend AFCA’s remit to review eligible financial complaints dating back to January 1, 2008.

Chief Ombudsman and Chief Executive Officer, David Locke said AFCA will work with all stakeholders to implement these changes fairly and effectively. 

“We believe that this will provide access to justice and redress to many thousands of Australian consumers,” Mr Locke said.

“AFCA’s remit will be expanded for a period of 12 months to accept eligible complaints regarding conduct dating back to 1 January 2008.  

“In most cases, we are currently only able to consider matters that have occurred within the last six years. When a complaint has been through a financial firm's internal dispute resolution process, this timeframe is reduced to two years.  

“This change means that many more people will be able to get access to justice and have their matters properly considered.”  

AFCA will consider eligible complaints between July 1, 2019, and June 30, 2020, following the AFCA rules being updated.  

AFCA will run a limited consultation regarding required changes to its rules, which will need to be approved by the Australian Securities and Investments Commission. 

“We will be issuing guidance prior to 1 July 2019 to explain how people can raise their matters with us,” Mr Locke said.  

About AFCA

• The Australian Financial Complaints Authority (AFCA) is a non-government organisation that is approved by the Federal Government to administer a free, fair and independent dispute resolution scheme.
• AFCA consider complaints about financial products and services.
• AFCA’s service is offered as an alternative to tribunals and courts to resolve complaints consumers and small businesses have with their financial firms.
• AFCA was established following the 2016 Ramsay Review into how Australia’s external dispute resolution framework could be improved to deliver effective outcomes for all Australian consumers and small business.
• On November 1, 2018, AFCA replaced the Financial Ombudsman Service, the Credit and Investments Ombudsman and the Superannuation Complaints Tribunal as the one-stop-shop for financial dispute resolution.
• Consumers and small businesses can lodge a complaint with AFCA online at afca.org.au, via email to This email address is being protected from spambots. You need JavaScript enabled to view it. or by phoning 1800 931 678.

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