THE Financial Services Council welcomes the new Free Trade Agreement with Hong Kong but urges the Australian Government to expedite the long overdue Double Tax Agreement with Hong Kong at the conclusion of the FTA negotiations.

“Yesterday’s announcement that the agreement will feature a new Bilateral Investment Treaty to enhance two-way investment flows is welcomed,” FSC CEO Sally Loane said.

“The agreement is an important building block to improve export of Australian financial services into Asia and further enriches Australia’s trade relationship with Hong Kong

 “To ensure the benefits are maximised for Australia, we need to ensure our tax and regulatory settings are competitive with Hong Kong, otherwise we Australia will lose out.

“This agreement emphasises the need for Australia to put in place a long overdue Double Tax Agreement (DTA) with Hong Kong, one of the largest fund management industries in the region.

“The FSC congratulates the Australian and Hong Kong Governments and the respective central banks for achieving this significant outcome for financial services.”

About the Financial Services Council

The Financial Services Council (FSC) has over 100 members representing Australia's retail and wholesale funds management businesses, superannuation funds, life insurers, financial advisory networks and licensed trustee companies. The industry is responsible for investing almost $3 trillion on behalf of more than 14.8 million Australians. The pool of funds under management is larger than Australia’s GDP and the capitalisation of the Australian Securities Exchange and is the fourth largest pool of managed funds in the world. The FSC promotes best practice for the financial services industry by setting mandatory Standards for its members and providing Guidance Notes to assist in operational efficiency.

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THE Australian Retailers Association (ARA) has commended Will Hodgman and the Tasmanian Liberal Government on their initiatives to legislate Tasmanian Bag Check Guidelines  ahead of the Security and Investigations Agents Amendment Bill 2018 debate in Parliament next week.  

Minister Courtney will be making an announcement this Sunday regarding the Tasmanian bag check legislation, which fulfils the Tasmanian Government’s election commitment to crackdown on shoplifting.

Russell Zimmerman, executive director of the ARA, said the legislation will assist in alleviating the significant financial burden shoplifting places on small and large retailers.

"Retail industry turnover is over $310 billion across Australia and in Tasmania alone, retail turnover is in excess of $6.1 billion. With an approximate loss of  $216 million from theft, this is an ongoing concern for the retailers and the industry,” Mr Zimmerman said.

“With Christmas around the corner, shoplifting is at its highest during this peak trading period. Current laws stipulate that retailers must employ a licensed security guard if they want to search a customer’s bag when on the business premises which incurs further costs to retailers.”

The re-elected Hodgman Liberal Government will legislate to allow retailers large or small to authorise bag checks to be physically inspected by retail staff on the condition of entry. The legislation is intended to protect the livelihood of Tasmanian retailers and provide stability to the longevity of the retail industry.

“The passing of this legislation will deliver certainty to consumers, assist in reducing retail theft and will also protect consumers by ensuring bags checks are conducted in an appropriate and regulated manner, ” Mr Zimmerman said.

“We would like to thank the Tasmanian Government for not reinventing new guidelines, but for using the ARA guideline that was developed for NSW,” Mr. Zimmerman said.

“The ARA encourages all States and Territories across Australia to follow in the lead of NSW and Tasmania in implementing these guidelines.”

Retailers can stay informed and up-to-date with the latest developments and guidance by visiting www.retail.org.au.

About the Australian Retailers Association:

Founded in 1903, the Australian Retailers Association (ARA) is Australia’s largest retail association, representing the country’s $310 billion sector, which employs more than 1.2 million people. As Australia’s leading retail peak industry body, the ARA is a strong pro-active advocate for Australian retail and works to ensure retail success by informing, protecting, advocating, educating and saving money for its 7,500 independent and national retail members throughout Australia. For more information, visit www.retail.org.au or call 1300 368 041.

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QUEENSLAND is strengthening its position as the most reliable supplier of gas on the East Coast, the Queensland Resources Council (QRC) said today.

QRC chief executive Ian Macfarlane welcomed announcements from the Palaszczuk Government of a call for tenders for gas exploration on a block designed specifically to supply the manufacturing industry, and to award Armour Energy and a Shell/Santos Joint Venture (JV) rights to explore for more than 900 square kilometres of land near Surat.

Mr Macfarlane said the Queensland Government understands the only way to drive down gas prices is to increase supply. 

“The economics of supply and demand are simple, if demand for gas is strong you need to increase supply to put downward pressure on prices,” Mr Macfarlane said.

“This is another example of Queensland leading the way when it comes to unlocking new gas reserves, with industry and Government working together for the benefit of all. I congratulate Armour Energy, Shell and Santos for investing in regional Queensland.”

Armour won a tender to explore 457sqkm of land south of Surat while the Shell/Santos JV won rights to explore 393 kilometres of land east of the Surat, both releases have a domestic-only condition with the gas being sold in Australia. 

Meanwhile, Minister Lynham announced a Queensland first, opening tenders for a 18sqkm block of land in the Surat Basin with all gas to be supplied to local manufacturers. 

“If manufacturers are able to reduce their energy bills they can hire more people so this is a good initiative to ensure Queensland’s manufacturing industry remains competitive,” Mr Macfarlane said. 

The Queensland resources sector provides one in every six dollars in the Queensland economy, sustains one in eight Queensland jobs, and supports more than 16,400 businesses across the State all from 0.1 percent of Queensland’s land mass.

www.qrc.org.au

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THE House of Representatives Standing Committee on Economics will hold hearings in Sydney and Melbourne for its inquiry into the implications of removing refundable franking credits.

The chair of the committee, Tim Wilson MP, said, "The committee is examining how the removal of refundable franking credits would affect investors, in particular older Australians who have planned for their retirement based on the existing rules and whose financial security could be compromised.

"The committee has received hundreds of submissions from retirees 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.

"There will be time during these hearings for short public statements so that people can speak into the microphone and tell us how they will be affected."

The Alliance for a Fairer Retirement System, who will appear at the hearing in Sydney, said in its submission that it is "very concerned that public policy should in any way drive people onto welfare, particularly when citizens have made every effort to save for retirement and be either fully or partly self-funded in retirement".

The Institute of Public Accountants, who will appear in Melbourne, commented in its submission, "The refunding of imputation credit policy has been in operation for close to two decades and removing it in a piecemeal way without dealing with the consequences is fraught with danger.

Mr Wilson said, "The committee looks forward to hearing from a range of stakeholders and members of the public about who would be affected by the removal of refundable franking credits, if it would result in increased reliance on the pension, and the stress and complexity it would create for older Australians in adjusting their investments."

Public hearing details:

SYDNEY: 9.30am to 3pm, Tuesday, 20 November, Law Society of NSW, Training Room, Level Three, 170 Phillip Street, Sydney

MELBOURNE: 9.30am to 1.30pm, Thursday, 22 November, Legislative Council Committee Room, Parliament House, Spring Street, East Melbourne

Program information will be available closer to the event on the inquiry webpage. The hearings will be webcast live (audio only).

Further public hearings will be announced as the inquiry progresses. 

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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