ACORNS Grow Australia, one of Australia’s successful fintechs, has welcomed today’s announcement that there will be a Royal Commission into in the banks.

George Lucas, Managing Director, Acorns Grow Australia, said, “We believe an inquiry into the banking industry may help the government achieve its goal of encouraging financial innovation in Australia and the associated positive result for all consumers. We hope this inquiry will aid in levelling the playing field in financial services. To have a strong banking industry doesn’t mean that the banks need to dominate in every financial service offered to the Australian public.”

Acorns Australia has seen rapid growth in 2017 as Australians look for alternative ways to save and invest. The company now has over a A$140 million funds under management and over 350,000 signups. Providing inexpensive access to automating savings, investing and improved financial literacy. Since launch users are generating an average return of 13.3% p.a.*

* From Feb 2016 – October 2017, the average user return is 13.3% p.a. after all fees (but before the $1.25 maintenance fee a month -calculated using IRR methodology) – past performance is not a guarantee of future performance.

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THE Queensland Resources Council (QRC) has welcomed the decision by Shell’s $1.7 billion QGC project Charlie to inject up to an additional 90 petajoules (PJ) of natural gas annually to Australian homes, businesses and LNG customers.

QRC Chief Executive Ian Macfarlane said the announcement coincided with the opening of Charlie in the Surat Basin which includes gas wells, pipelines and a gas compression station.

“Charlie created 1600 regional jobs during construction and today’s announcement will see enough natural gas flowing from the project to meet close to half of Queensland’s daily demand,” Mr Macfarlane said.

“Charlie is yet another example of a successful investment into regional Queensland by the resources sector, where state and local governments and farmers support the gas industry, resulting in massive economic benefits for local and state governments as well as farmers and rural and regional communities.

“Queensland’s neighbours must take a leaf out of our book, instead of relying on our state to meet the gap caused by their failure to develop their own gas industries. Gas exploration has stalled in New South Wales, Victoria and the Northern Territory, despite the fact all jurisdictions have their own reserves in the ground.

“According to the ACCC’s own data one PJ is enough gas to supply Wollongong or Penrith or one large industry user for a whole year.

“Shell’s QGC business will add $1.2 billion to the Chinchilla economy over the next 25 years and state wide the gas industry’s contribution to Queensland in 2016/17 was $8.9 billion, supporting 42,938 jobs and spending $3.4 billion in local businesses and community organisations.”

www.qrc.org.au

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THE Business Council of Co-operatives and Mutuals (BCCM) has welcomed the Royal Commission into Banks and Financial Services as part of a wider package of measures to improve banking for all Australians.

“The government has been emphasising competition as a key plank of improving the banking experience for consumers," BCCM CEO Melina Morrison said. "Before the Royal Commission was announced, it had taken steps to level the playing field for co-operative and mutual banks by accepting all eleven recommendations of the independent Hammond Review over ‘Reforms for Cooperatives, Mutuals and Member-owned Firms’.

“Whilst this Royal Commission is an important step to restoring the trust of all Australians, the government must continue to implement reforms supporting and promoting competition in the banking sector, including the legislative modernisation that will allow credit unions, building societies and mutual banks to meet the growing demand by Australians for an alternative to the shareholder-owned model.

“And we say to all Australians: if you are unhappy with the conduct of your bank, you don’t need to wait for the outcome of the Royal Commission either. The member- and customer-owned banks are award-winning alternatives who already put their customer-owners at the centre of their offering. You can find a mutual bank or credit union that works for you at www.switchdontbitch.com.au"

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AUSTRALIAN Defence companies are reminded that industry submissions for the second edition of Defence’s Australian Military Sales Equipment Catalogue must be received by tomorrow, November 30, 2017.

Minister for Defence Industry, Christopher Pyne, said there was already high interest in the catalogue from all sectors of Australian defence industry.

“It is pleasing to see both small and medium-sized defence companies and primes across all states and territories have already submitted applications, all representing products and services from a diverse capability range.”

Mr Pyne reminded defence companies the guide will showcase and promote world class Australian products.

“As part of our national enterprise in defence industry, we want more Australian defence companies to be competitive in the global arena, so they can tender for international contracts and partake in global supply chains,” Mr Pyne said.

“I want this catalogue to be the go-to document for our Defence attaches overseas, and we want our friends and allies to have copies so they can see how great our Australian defence companies are.”

Applicants need to satisfy a number of criteria to be considered for entry, including:

•           the company is Australian,

•           the technology or service is Australian in origin and is used by Defence,

•           the product promotes science, technology, engineering and mathematics in the design/build, and

•           the product is export-ready.

Further information on industry submission criteria and how to submit can be found at:www.defence.gov.au/casg/DoingBusiness/InternationalEngagementAndExportsSupport/AustralianMilitarySalesOffice/

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