THE CHAIR, Andrew Hastie MP, and the deputy chair, Anthony Byrne MP, of the Parliamentary Joint Committee on Intelligence and Security make the following joint statement:

“The Parliamentary Joint Committee on Intelligence and Security is assessing the timeframe for its report. The Committee continues to operate in a cooperative and bipartisan manner as it considers the Telecommunications and Other Legislation (Assistance and Access) Bill 2018.

"The Committee has met today and confirmed that the scheduled hearing for Friday will proceed.

"The public hearing on Friday will include representatives from industry and community groups. ”

A program for the hearing will be published later today.

Further information on the inquiry can be obtained from the Committee’s website.

Interested members of the public may wish to track the committee via the website.

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"NEW HOME building held up well during the September 2018 quarter despite the tougher market conditions,” according to Master Builders Australia’s chief economist Shane Garrett. 

The ABS figures on Construction Work Done released this morning indicate that new residential building work eased back by 1.8 percent during the quarter but was still 4.7 percent  higher than a year earlier, he said.

“Surprisingly, the apartment/unit side of the market put in a strong performance and came close to surpassing its busiest quarter on record. Work on detached houses fell by 3.2 percent compared with the previous quarter,” Mr Garrett said. 

“The performance of residential building has proven more resilient than expected in light of the unfolding credit crunch and less favourable conditions in Australia’s largest housing markets.

“Going forward, we do expect the tougher financial environment to take its toll on the volume of new home building over the next few years. Larger apartment projects will probably see the biggest reduction,” Mr Garrett said. 

Today’s figures also indicated that non-residential building declined by 2.4 percent during the September 2018 quarter and engineering construction fell by 4.5 percent 

“With the Federal Budget set be delivered earlier next year, it is important that it includes measures to support our sector’s capacity to meet the building needs of a steadily growing population,” Mr Garret said.

www.masterbuilders.com.au

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THE HOUSE of Representatives Standing Committee on Economics will hold a public hearing in Dee Why on Friday November 30 as part of its inquiry into the implications of removing refundable franking credits.

The Chair of the committee, Tim Wilson MP, said, "The committee is examining how removing refundable franking credits would affect investors, particularly senior Australians who have planned for their retirement under the existing rules."

"During last week’s hearings in Sydney and Melbourne, many retirees shared their concerns that they stand to lose up to a third of their income and may be forced onto the Age Pension if the ability to claim a refund on their franking credits is removed," he said.

Wilson Asset Management, who will appear at Dee Why, said in its submission, "The current system ensures that individuals who are subject to a tax rate below the 30 percent company tax rate are compensated for the tax that has been paid at a higher rate."

Wilson Asset Management argues that the proposal to remove refundable franking credits is "regressive", since "high-income earners would still receive credits to offset their tax liabilities, with low-income earners paying the price."

By contrast, the Australian Council for Social Services (ACOSS) submitted that "those most adversely affected by the removal of refundable imputation credits would for the most part be relatively wealthy people with substantial income from self-managed superannuation funds, who pay little or no income tax".

ACOSS recommend that if such a policy is implemented, investors with low income from dividends could be protected by simply allowing ‘the refunding of imputation credits up to a modest annual limit.

Mr Wilson said, "The final hour of the public hearing will provide the opportunity for members of the public to make short statements to the committee about how the removal of refundable franking credits would affect their retirement savings and whether it would increase reliance on the Age Pension."

Public hearing details: 9.30am to 1.30pm, Friday, November 30, 2018, Dee Why RSL Club, Oaks Room 2, 932 Pittwater Road, Dee Why, New South Wales.

Further public hearings will be announced as the inquiry progresses. Program information will be available closer to the event on the inquiry webpage. 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. 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 Joint Standing Committee on Treaties has tabled a report supporting the Agreement between the Government of Australia and the Government of the United Kingdom of Great Britain and Northern Ireland on Cooperation in the Peaceful Uses of Nuclear Energy.

The Agreement is the first of a series of agreements with the UK resulting from the UK’s decision to leave the European Union. As part of the Brexit arrangements, the UK is in the process of establishing new treaties, so while this treaty is new, all current arrangements relating to Australian nuclear materials will be unchanged.

Committee chair, Russell Broadbent MP, said the Agreement would ensure that the transfer of Australian uranium to the UK, and the commercial operations of Australian uranium mining companies, is uninterrupted post-Brexit.

Australia imposes strict rules on the use of exported Australian nuclear materials.  Australian nuclear materials can only be used for peaceful purposes.

Australian rules also require that Australian nuclear material must be safely and securely stored, and must be accounted for at all times.

“The UK is a significant international manufacturer of nuclear fuel.  Australian nuclear materials transformed into nuclear fuel can only be exported from the UK to other countries that have a nuclear cooperation agreement with Australia,” Mr Broadbent said.

In addition, the UK must seek Australia’s prior consent before exporting Australian nuclear material to another country.

The Agreement will ensure that Australian nuclear materials are always subject to Australia’s stringent safety and security standards. It will come into force on either March 29, 2019 or December 31, 2020, depending on the outcome of the Brexit negotiation process.

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