AT A PUBLIC hearing today the Joint Committee on Treaties will examine three agreements aimed at encouraging scientific cooperation and collaboration. It will also look at changes to the International Monetary Fund’s arrangements to borrow from Australia.

Agreements with the USA, New Zealand and Israel will promote closer relationships between the scientific community and businesses within Australia and these countries.

Committee Chair, Stuart Robert MP, said that providing a formal legal framework to streamline cooperative ventures will ensure that Australia is an attractive partner to those leading the important scientific projects driving innovation and technological breakthroughs.   

“These treaty actions are expected to boost Australia’s innovation system, attract investors and promote commercialisation in the global market,” the Chair said.

Australia is a strong supporter of the IMF, and the new arrangements for borrowing will renew an agreement that has been in place since 1997.  

Mr Robert said, “The IMF provides a safety net for countries in economic difficulty and its continued stability is important to world security. This agreement continues Australia’s commitment to its work.”

Public hearing details: 11:00 am to 12:30 pm, Monday, 4 September, Committee Room 2R1, Parliament House, Canberra

11:00am-11:45am: Treasury (IMF New Arrangements to Borrow–amendment)
11:45am-12:30pm: Department of Industry, Innovation and Science (Science agreements with USA, NZ and Israel)
12:30pm: Close

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

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

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AUSTRALIA'S cities and regional centres are under increasing pressure to adapt to population growth, a changing climate and technological disruption.

The CSIRO is leading scientific research to inform government policies addressing these issues. The agency will outline its progress when it appears before the Committee on Infrastructure, Transport and Cities tomorrow as part of the Committee’s inquiry into the Australian Government’s role in the development of cities.

Committee Chair, John Alexander OAM MP, said it’s very important that there is a strong evidence base informing government policies to increase the resilience and adaptability of Australian cities and regional centres.

“Our inquiry is examining the Commonwealth Government’s role in ensuring that the nation’s cities and regional areas are ready to sustainably accommodate much larger populations. It is critical that any recommendations we make are well grounded in science,” said Mr Alexander.

“CSIRO has done extensive research in this space, particularly in examining cities from a systems perspective. We’re looking forward to discussing the different components which make up cities and considering how they interact to influence the liveability and environmental sustainability of cities.

“We’d also like to hear CSIRO’s perspective on the potential for developing brand new state-of-the-art environmental cities.”

CSIRO said, “Australia is already highly urbanised with 89 per cent of our citizens living in cities or towns of more than 1 000 people”.

“This represents a significant opportunity for our nation to lead the world through showcases of international leading practice in urban development and creating commercial outcomes through the global export of sustainability knowledge and innovations.”

Public hearing details: 5.00 pm – 6.30 pm, Tuesday 5 September 2017, Committee Room 1R3, Parliament House, Canberra

5.00 pm: Commonwealth Scientific & Industrial Research Organisation (CSIRO)

6.30 pm: Close

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

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

Interested members of the public may wish to track the inquiry via the Committee’s website.

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THE Australian Small Business and Family Enterprise Ombudsman (ASBFEO) has welcomed government moves to reduce regulatory barriers to entry for new entrants to the banking system.

Treasury is consulting on proposed changes to the Banking Act, which would allow use of the word “bank” by authorised deposit-taking institutions.

Ombudsman Kate Carnell said this should improve access to finance for small business.

“The power and control of the established banks remains a barrier for small businesses seeking capital to start or expand their operations,” Ms Carnell said.

“Another barrier is a general requirement by the major banks for bricks-and-mortar security.

“Unless a small business is able to meet this requirement, often by using a business owner’s home as security, they have few options to obtain finance.

“Many young people do not own a home or have limited equity in their home, and therefore struggle to borrow to start or expand a business.”

Ms Carnell said removing restrictions on use of the term “bank” should enable more industry participants to compete with established institutions and make it easier for small business operators to borrow funds.

She noted the Australian Prudential Regulatory Authority’s guidelines currently require “banks” to hold at least $50 million in Tier 1 capital.

“APRA will need to review its guidelines for minimum capital requirements if new entrants are to compete equally with the major banks,” Ms Carnell said.

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THE Australian Retailers Association (ARA) has put forward a submission to the Productivity Commission (PC) inquiry into Collection Models for GST on Low Value Imported Goods.

The submission supports the preferred Vendor Collection Model along with additional measures which could become more effective collection models over time.

The PC is tasked with investigating the best model for collecting GST on tangible offshore purchases under $1000 AUD. The changes to GST are set to come into effect from 1 July 2018, ensuring fairness for Australian retailers.

Currently, the PC supports a Vendor Collection Model where the overseas retailer collects the GST at the time of purchase. The ARA supports this as a first step and is calling on the PC to also consider additional models to ensure greater efficiency.

ARA Executive Director Russell Zimmerman said the GST changes were important for levelling the playing field for Australian retailers.

“This is about fairness for Australian retailers who are facing tough trading conditions, especially with overseas competitors going untaxed up to now,” Mr Zimmerman said.

“We support the Vendor Collection Model, but we also believe it is important to look at other models to increase the efficiency of GST collection.”

The submission calls on the PC to consider allowing GST to be collected by post and transport companies as international agreements become effective. This in combination with the Vendor Collection Model would achieve close to 100 per cent compliance over time.

“Retailers are looking forward to these changes being implemented from July 1 next year, but concerns remain about the effectiveness the amount of tax collected,” Mr Zimmerman said.

“Changes in technology over the next few years will allow post and transport companies to also collect the GST from overseas purchases. These transporters should be responsible for tax and excise on the items they are transporting.”

“We see this as a very effective way to level the playing field for Australian retailers.”

To view the ARA’s submission to the Productivity Commission Inquiry on Collection Models for GST on Low Value Imported Goods, please click here.

About the Australian Retailers Association:

Founded in 1903, the Australian Retailers Association (ARA) is the retail industry’s peak representative body representing Australia’s $310 billion sector, which employs more than 1.2 million people. The ARA 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 

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