INSTITUTE of Public Accountants (IPA) chief executive officer, Andrew Conway has told hundreds of delegates at the IPA annual national congress, that accountants must revitalise community trust in professions.

“Public expectations continue to rise in a time when overall trust in institutions is declining,” said Mr Conway.

“Trust impairment is a global trend and when you take into consideration such factors as the findings from the Hayne Royal Commission Interim Report and a growing distrust in financial institutions and financial advice, we as a profession must step up.

“Lack of trust only exacerbates people’s expectations, however, the fundamental need of people seeking trustworthy and competent professionals must still be met.

“There have been no systemic issues involving accountants and public accountants still hold the honour of being trusted advisers to their clients.

“However, as a profession we must do everything in our power to not only maintain that level of trust but also respect the community need for the trust they invest in us.

“As reflected in the interim findings of the banking royal commission, trust is in question and the brand of financial advice has been tarnished.  This means that all professional accounting bodies must stand together and rebuild trust for the sake of not just the profession but also the broader public interest,” said Mr Conway.

About the Institute of Public Accountants

The IPA, formed in 1923, is one of Australia’s three legally recognised professional accounting bodies.  In late 2014, the IPA acquired the Institute of Financial Accountants in the UK and formed the IPA Group, with more than 35,000 members and students in over 80 countries.  The IPA Group is the largest SME focused accountancy organisation in the world. The IPA is a member of the International Federation of Accountants, the Accounting Professional and Ethical Standards Board and the Confederation of Asian and Pacific Accountants. 

publicaccountants.org.au

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“APPROVALS for new detached houses across Australia are at their lowest ebb since late 2013,” according to Shane Garrett, chief economist of Master Builders Australia. 

ABS figures which have just been released indicate that detached house approvals fell by 2.1 percent during September to record their weakest monthly result since December 2013. There was better news for apartment and other dwelling approvals which benefited from a 10.7 percent bounce during September. 

“The descent to a five-year low for detached house approvals is an unwelcome milestone and reflects a number of unfavourable factors,” Mr Garrett said. 

“House prices are continuing to fall in Australia’s two largest markets and this makes it more difficult to deliver new housing supply. The results of last week’s MBA industry survey also demonstrated how the ongoing Royal Commission has led to tougher financing conditions in recent months,” he said. 

“The unprecedented level of new home building over the past five years has substantially expanded the capacity of the Australian economy by boosting the number of construction jobs and allowing greater numbers of workers in all sectors to put a roof over their heads.

“With new home building activity starting to flag, it is vital that government policies remain focused on allowing our industry to provide enough new homes to meet our future demands,” Mr Garrett said. 

During September 2018, approvals for new dwellings saw the largest increase in Victoria (+30.5 percent), followed by Tasmania (+15.7 percent) and South Australia (+7.8 percent).

The largest reduction in approvals hit Western Australia (-19.0 percent), followed by Queensland (-10.5 percent) and the ACT (-8.4 percent). There were also fewer approvals in New South Wales (-6.8 percent) and the NT (-6.9 percent) during September 2018.

www.masterbuilders.com.au

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THE SUPREME Court of Queensland has ruled against the legal bid by rail transport group Aurizon to 'undermine' the regulator's draft coal rail network decision

"On behalf of the state’s coal industry and the 300,000 Queenslanders employed by the resources sector, the Queensland Resources Council (QRC) welcomes the Supreme Court of Queensland’s decision to dismiss Aurizon’s legal challenge to the draft decision of the Queensland Competition Authority (QCA) for the future operation of the state’s major coal rail network," QRC chief executive Ian Macfarlane said.

"This outcome is very important for all Queenslanders, who are set to receive more than $3.5 billion in coal royalties this financial year.

"The Court’s decision allows the QCA to finalise its decision on the future management of the Central Queensland Coal Network."

Aurizon Network commenced the judicial review application on April 30, 2018, with the statement: “Aurizon Network has today applied to the Supreme Court of Queensland for the Judicial Review of the Queensland Competition Authority’s (QCA) Draft Decision on the 2017 Draft Access Undertaking (UT5) for Aurizon’s Central Queensland Coal Network (CQCN) on the basis of apprehended bias.

"This application results from the QCA chairman, Professor Roy Green also being the chairman of the Port of Newcastle in NSW, part of the Hunter Valley coal supply chain. Aurizon Network is seeking judicial review of the draft decision on the basis that it was affected by legal error because the Queensland Competition Authority did not afford procedural fairness to Aurizon Network due to Prof. Green’s conflict of interest and the apprehension of bias.”

On July 26, 2018, 10 coal producers – among them Australia’s largest coal producers – were joined as respondents to the judicial review application commenced by Aurizon Network against the QCA in the Supreme Court of Queensland.

The coal producers that were joined as Respondents to the judicial review application by Aurizon Network were:

Anglo American Metallurgical Coal Pty Ltd
BHP Billiton Mitsui Coal Pty Ltd, 
BM Alliance Coal Operations Pty Ltd
Coronado Curragh Pty Ltd
Glencore Coal Pty Ltd
Idemitsu Australia Resources Pty Ltd
Jellinbah Mining Pty Ltd
Lake Vermont Resources Pty Ltd
Peabody Energy Australia Coal Pty Ltd 
Yarrabee Coal Company Pty Ltd

www.qrc.org.au

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THE Australian Small Business and Family Enterprise Ombudsman, Kate Carnell has welcomedf the $5 billion Future Drought Fund to support farmers and communities in rural and regional Australia.

Ms Carnell said the focus on expanded mental health services and support is particularly important, for farming family enterprises and the many small business owners who are also doing it tough.

“Running a farm or a small business during an extensive period of drought is one of the toughest situations to be in as a business owner," Ms Carnell said.

“While this new fund will deliver crucial water infrastructure and drought resilience projects, it will also provide more access for more people to mental health services and support.

“Never underestimate the importance of mental health. We know that one in five Australians will experience a mental health issue at some stage in their life.

“For farmers, many experience high levels of stress for a prolonged period of time and beyondblue research shows male farmers die by suicide at rates significantly higher than the general population and non-farming rural males.

“This is why additional mental health services are so crucial. The more support for farmers and small business owners facing high rates of stress and depression, the better.”

The increase to funding for mental health services by $15.5 million will go towards early intervention and community well-being services.

“Early intervention is key. A further $3.6 million will expand Medicare Benefit Services to enable local doctors to offer mental well-being support services via telehealth to rural and remote patients,” Ms Carnell said.

The government has also pledged $30 million to key charities to provide support to at least 10,000 households facing hardship.

“As long as these funds are used within the drought-affected communities, it should provide a much needed injection back to those who need it most; the small and family businesses trying to keep afloat during these periods of prolonged drought,” Ms Carnell said.

www.asbfeo.gov.au

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