INCREASED investment, in exploring for minerals and petroleum in Queensland, was a strong indicator of future jobs growth in the resources sector according to the Queensland Resources Council (QRC).

QRC Chief Executive Officer Ian Macfarlane said the Australian Bureau of Statistics (ABS) data released today, found in the December 2017 quarter mineral exploration was $64.3 million – a 27 per cent increase on the same period in 2016 – meanwhile, petroleum exploration was $40.2 million for the December 2017 quarter, which is a 23 percent increase compared to 12 months ago.

“Exploration is an important indicator of confidence in the resources sector and an investment that will grow jobs over the longer term,” he said. 

“It’s an important industry and we will work with governments to ensure there is policy certainty for future investments and future jobs. 

“The resources sector already contributes to one in eight jobs in Queensland. 

It’s disappointing that mineral investment in New South Wales increased at a faster rate – 29 per cent - in the December 2017 quarter. Like any Queenslander, I do not like to be beaten by NSW.”

Macfarlane said the ABS exploration data followed a report by Canada’s Fraser Institute that found Queensland had dropped out of the global top 10 for investments with policy uncertainty the most cited. 

www.qrc.org.au

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THE ABILITY of regional centres to absorb population growth, thereby safeguarding the high quality of life and economic prosperity enjoyed by Australians, will be one of the themes explored by the House Standing Committee on Infrastructure, Transport and Cities when it visits Newcastle tomorrow.

The public hearing is part of the Committee’s inquiry into the Australian Government’s role in the development of cities.

Committee Chair, John Alexander OAM MP, said the Committee expects to hear from community groups, academics and business leaders on how best to ensure the Hunter’s growth boosts its productivity and delivers liveability benefits.

“Regions such as the Hunter Valley and cities such as Newcastle have the capacity to accommodate many more people and businesses, easing the squeeze on capital cities,” Mr Alexander said.

“We need to heed the aspirations of these communities and ensure we set them up with the governance arrangements, infrastructure and resources they need to succeed.”

Newcastle City Council aspires to fast rail links between Newcastle, Sydney and Brisbane.

“Newcastle and the Hunter would appear to be of significant interest for various proponents of transformative infrastructure such as fast train linkages,” Newcastle City Council said.

“Central to these initiatives are new approaches to infrastructure funding, including value capture. Federal government involvement will be required to attract, negotiate and secure such projects.”

Further information on the inquiry, including the full terms of reference, is available on the Committee website.

Public hearing details: 9.00 am – 3.00 pm, Friday, 2 March 2018, Moot Courtroom (x703), NeW Space, City Campus, University of Newcastle, Corner of Hunter and Auckland Streets, Newcastle

9.00 am: University of Newcastle
9.30 am: Hunter Research Foundation Centre
10.15 am: Centre for Urban and Regional Studies
10.45 am: Newcastle City Council
11.15 am: Regional Local Government Roundtable - Lake Macquarie City Council, Maitland City Council
1.00 pm: Government and Infrastructure Roundtable - Hunter Water, Hunter Development Corporation, Newcastle Airport, Hunter Councils Inc
2.10 pm: Business and Community Roundtable - Hunter Business Chamber, Compass Housing Services, Dantia
3.00 pm: Close

The hearing will be broadcast live at aph.gov.au/live

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MOMENTUM in Queensland’s gas industry has started strongly this year with the State Government’s proactive approach to solving the east coast’s gas squeeze.

Queensland Resources Council (QRC) Chief Executive Ian Macfarlane congratulated Minister Anthony Lynham after two junior producers – Central Petroleum and Armour Energy – were granted tenders for domestic-only production.

“This is a good outcome for the gas industry with two Queensland producers able to develop 400 hectares in the Surat Basin. Minister Lynham is getting on with the job of increasing supply into the gas network and creating jobs in regional Queensland,” Mr Macfarlane said.

“Separately the Minister announced a further 17,000 square kilometres of land to be opened up for exploration under domestic conditions and unconditional.

“This year alone we’ve seen Santos commit to a $900 million investment across several gas regions in Queensland and a $100 million gas supply deal between Santos and New Century Mines. These two investments alone will create 640 jobs.

“The QRC fully supports the comments of Minister Lynham that southern states can’t hide behind moratoriums on gas while importing gas from Queensland. Southern politicians must back their gas industry and the science it uses to extract gas safely instead of running away from their responsibility to develop their own gas because of shock jocks and placard waving activists.”

QRC’s data shows that in 2016-17, Queensland’s gas industry contributed $8.9 billion to the state’s economy and supported almost 43,000 full-time Queensland jobs.

www.qrc.org.au

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FEBRUARY 22 this year saw the effective commencement of the Notifiable Data Breaches Scheme (NDB Scheme). This Scheme applies to eligible data breaches that occur on or after that date.

The NDB Scheme together with the existing provisions of the Privacy Act 1988 effectively mandates a legislative requirement for people handling sensitive information to provide adequate and effective software protection and, more importantly, to report and notify any breaches to the Office of the Australian Information Commissioner on a timely basis. 

“Many Tax Institute members have expressed considerable frustration at the lack of clear guidance being provided on practical ways in which to ensure compliance with these ‘new’ obligations” said The Tax Institute’s senior tax counsel, Bob Deutsch.

“Rather than threatening practitioners with all manner of adverse consequences, practitioners need clear guidance on matters such as:

1. Is the printing of tax returns with Tax File Numbers and posting those to clients either by mail or email permissible as a result of these changes?
2. If a client has forgotten their TFN, can an agent email the TFN to them?
3. What exactly must an agent do to demonstrate that he/she has taken all reasonable steps to protect personal information from misuse?
4. What practical checks can an agent take to satisfy him or herself that there has not been a notifiable data breach?

“At this stage what is needed is not threats but guidance on practical issues such as those raised above," said Mr Deutsch.

“The answer to the first two issues is a resounding ‘Yes’ provided that adequate data security protection has been used to protect the confidentiality of the personal information. Guidance on the later questions is still sorely needed.”

www.taxinstitute.com.au

The Tax Institute is Australia’s leading professional association and educator in tax. Its 12,000 members include tax agents, accountants and lawyers as well as tax practitioners in corporations, government and academia. The Tax Institute supports the tax profession through education and professional development and works to continually improve tax law and its administration.

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