THE Joint Committee of Public Accounts and Audit is holding its second public hearing on Wednesday for the Committee’s inquiry based on Audit Report No. 48 (2017-18), Managing Compliance with Foreign Investment Obligations for Residential Real Estate.

The committee will hear from the Australian Taxation Office, the Department of the Treasury, and the Australian National Audit Office.

Committee chair, Senator Dean Smith, said the public hearing would assess the effectiveness of the ATO’s and Treasury’s management of compliance with foreign investment obligations for residential real estate.

“The committee will consider how foreign investment compliance arrangements by the ATO and Treasury were monitored and reported, and activities undertaken to address potential non-compliance.”

The JCPAA is Parliament’s joint public administration committee. It scrutinises the governance, performance and accountability of Commonwealth agencies, and has the power to inquire into all expenditure of Commonwealth money.

The Committee examines all reports of the Auditor-General tabled in the Parliament and can inquire into any items, matters or circumstances connected with these reports.

Further information about these inquiries can be accessed via the Committee’s website.

Public hearing: Wednesday, 28 November 2018, Committee Room 2R1, Parliament House, Canberra

9am to 10am: Audit Report No.48 (2017-18), Managing Compliance with Foreign Investment Obligations for Residential Real Estate

Witnesses: Australian Taxation Office, Department of the Treasury, and the Australian National Audit Office

The public hearing will be broadcast live at aph.gov.au/live. The hearing program is available from the Committee website.

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INDUSTRY super fund, Vision Super, today announced they will be divesting from tobacco, thermal coal and tar sands producers, in addition to their existing controversial weapons exclusion.

Chief executive officer Stephen Rowe said the fund has a decision-making framework and the board applied it after seeking the views of members.

“As a values-based fund, environmental, social and governance factors are important to us when we decide how to invest,” Mr Rowe said.

“Our ESG decision-making framework looks first to reduce harm through active ownership of shares, and the Board will only decide to divest if the evidence is clear that the harm of a particular product cannot be reduced.

“We also take into account the views of our members, through member forums, feedback and surveys.

“We already had considerably lower carbon intensity than the index across our portfolio, because we don’t believe markets are pricing in carbon risk appropriately – which could put members’ money at risk.

“But thermal coal and tar sands are two of the biggest contributors to climate change, and we don’t believe the risk of continuing to use them can be mitigated. Report after report tells us that if we don’t act now to keep temperature increases contained, future generations will suffer. So the board made the decision to exclude these.

“We also looked at tobacco through the same lens, and concluded that it’s not possible to minimise the harm of a product that kills its users, and the people around them. So the decision was made to exclude tobacco too.”

Vision Super is working on a strategy for prudently selling excluded stocks out of the portfolio.

The materiality threshold for divestment has been set at 25 percent of revenues, with a buffer of +-5 percent.

https://www.visionsuper.com.au/

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MULTIPLEX has won the  award for the construction of Perth's Optus Stadium at the National Excellence in Building and Construction Awards on the weekend. 

The Awards recognise the project as the best in the country for 2018. 

“Multiplex had to beat fierce competition from other outstanding construction contractors and projects from the around the country to be recognised with this prestigious Award,” Denita Wawn, CEO of Master Builders Australia said. 

The leading builder and the landmark project also won the National Commercial/Industrial Construction over $100 million Award and the National Entertainment/Recreation Facility Award before taking out the top award at the Master Builders National Excellence in Building and Construction Awards at the Convention Centre in Adelaide over the weekend. 

“Multiplex’s work on Optus Stadium has resulted in a landmark project for the Perth and West Australian community,” Ms Wawn said. 

“The project was a mammoth undertaking and the result has exceeded the clients’ expectations,” she said.  

“With a vision of a stadium within a park, the scope of work on the project also consisted of hard and soft landscaping over an area of 41 hectares, including the design and construction of the Chevron Parkland and BHP Boardwalk and Amphitheatre to activate the area on both event and non-event days." 

John Gelavis, executive director of Master Builders Western Australia said, “The construction of Optus Stadium, a 60,000 seat multi-purpose venue, delivers an unrivalled stadium experience for Western Australia along with the surrounding Stadium Park.

“Designed with a fans first philosophy, it offers year-round community facilities including parklands, nature play areas, restaurants, an amphitheatre as well as a pedestrian and cyclist network,” Mr Gelavis said. 

www.masterbuilders.com.au

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ROUND four of the Queensland Government's Small Business Entrepreneur Grants Program is now open for applications, closing December 13, 2018.

The program helps new small businesses get off to a better start with access to planning, coaching and training.

Grants of up to $5,000, matched by participants, are available to help small businesses engage a consultant, advisor or business coach for up to three months, and businesses can choose their own consultant or advisor to work with.

https://www.business.qld.gov.au/starting-business/advice-support/grants/entrepreneur-grants

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