Business News Releases

Timely payment to small business essential - IPA

THE Institute of Public Accountants (IPA) has voiced its support for the proposed legislation to ensure payment within 30 days to small businesses.

“The IPA has long advocated for responsible timely payment to small businesses.  Too often, small business cash flow is held to ransom by the failure of big businesses to pay small business invoices in a timely manner,” said IPA chief executive officer, Andrew Conway.

The proposed legislation caters for instances where a contract is entered into between a business with $10 million or less annual turnover and a big business of $25 million or more turnover, or a government agency.

“The commercial world is still lagging behind Government agencies which are required to pay within 30 days or else interest must be paid.

“Healthy cash flow provides ongoing incentive to reinvest in their businesses; which extends the economic benefit of growth and the capacity to employ,” said Mr Conway.

publicaccountants.org.au

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Recognising Remarkable Retailers: 2017 eftpos ARA Australian Retail Awards

THE Australian Retailers Association (ARA) is calling all retailers to put themselves forward to be recognised 2017 eftpos ARA Australian Retail Awards.

As Australia’s first and largest national retail awards program, the ARA Awards have celebrated Australia’s leading retailers for over 40 years. The 2017 program boasts a collection of awards representing the breadth of talent and achievement in the ever-changing retail landscape.

ARA Executive Director, Russell Zimmerman, eagerly anticipates the event held on August 3rd at The National Gallery of Victoria, and believes it will be the biggest and most popular event to date.

“Retailing is an exceptionally important sector for the Australian economy, and this event is a great platform for forward-thinking retailers to share their inspiring success stories and gain industry insights from esteemed guest speakers.

“Retail plays a vital role in the daily lives of all Australians and the ARA is proud to acknowledge the achievement and talent of the passionate retailers that are the heart and soul of the industry,” Mr Zimmerman said.

Major event sponsor, eftpos, is excited to support the ARA Awards for a fourth consecutive year. “Retail is a vital part of the Australian economy and it’s important that we recognise the industry’s ongoing contribution through these awards,” eftpos Managing Director, Bruce Mansfield said.

The ARA has this year reimagined the selection process and worked with distinguished industry experts to determine what constitutes the ‘best in retail’ in the evolving retail sector.

“The Awards span 12 categories reflecting the diversity of Australian retail – from independent owner-operators, to national brands, industry innovators, outstanding staff and exceptional store-fitouts.” Mr Zimmerman said.

“The coveted ‘2017 Retailer of the Year Award’ is by far the one of hardest to critique, with the extraordinary calibre of leading Australian retailers in the field. I’m glad I’m not on the judges’ panel, they have their work cut out.”

The ARA encourages all retailers to submit an entry or nominate an exceptional retail employee before June 23 at www.australianretailawards.com.au.

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 368 041.

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Cybersecurity hearing in Canberra

THE Joint Committee of Public Accounts and Audit will hold a hearing for its Inquiry into Cybersecurity Compliance based on the Auditor-General’s report No. 42 (2016-17) Cybersecurity Follow-up Audit on Friday, June 2, in Canberra.

Committee Chair Senator Dean Smith said the JCPAA is interested to hear how the audited agencies are improving their cyber resilience.

“With an increasing threat of cyber intrusions, it is more important than ever that Government agencies are cyber resilient,” Senator Smith said.

Compliance with the Government’s mitigation strategies is an important step for agencies to protect their systems and secure the continued delivery of Government business.

The Australian Signals Directorate has a list of strategies to assist agencies to achieve cybersecurity resilience and at least 85 percent of targeted cyber intrusions would be prevented if the top four strategies were fully implemented.

The Auditor-General found the Australian Taxation Office and Department of Immigration and Border Protection had not implemented the top four strategies since they were last audited.

The Committee will hear from witnesses from both Departments at the hearing.

Public hearing details: 8.30am – 10.30 am, Friday 2 June, Committee Room 1R1, Parliament House, Canberra

A copy of the full hearing program can be found at the Committee's website.

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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Sentiment split in April retail trade figures

THE Australian Retailers Association (ARA) said April’s modest retail trade growth of 3.08 percent year-on-year released today by the Australian Bureau of Statistics (ABS) brings some relief for food retailers whilst other parts of the sector continue to struggle.

ARA Executive Director Russell Zimmerman said although April’s growth figure is quite modest, the past few months have been difficult for the industry as they continue to face a challenging operating environment.

The industry continues to demonstrate real weakness in discretionary spend categories with Household Goods (0.67%), Hardware & Building (-0.95%) and Electrical Good Retailing (-0.33%) showing signs for concern.

“As the retail sector is experiencing economic transformation, we continue to see some parts of the industry struggling.” Mr Zimmerman said.

Despite this broader industry decline, the ARA have seen strong signs of growth for categories including Food retailing (4.29%), Liquor (7.31%) and Takeaway Food Services (6.16%). Cafés and Restaurants have also picked up since March, showing a 4.19% growth year-on-year due to family-based festivities over the Easter long weekend.

“With a number of public holidays in April, consumers enjoyed their time out at cafés and bars with friends and family, especially over the Easter period,” Mr Zimmerman said.

In regards to state categories, Victoria (4.19%), Queensland (4.05%) and South Australia (4.00%) take the lead with solid year-on-year growth figures. Australian Capital Territory (3.73%), Tasmania (2.76%) and New South Wales (2.60%) also showed moderate to good increases for the period. While Western Australia (-0.05%) and Northern Territory (0.61%) illustrate a less positive growth trend.

“There has been a significant change in consumer spending habits as the Government’s tax increases after the Budget have proved counterproductive to retail growth and consumers are holding onto their pockets tightly,” Mr Zimmerman said.

“It is clear the Australian retail industry is going through a structural change, and it will only become stronger once growth returns to the sector.

“We’re hoping to see a spike in discretionary spend when mid-year sales hit in June, and look forward to seeing the whole industry receive a strong trade in May.”

MONTHLY RETAIL GROWTH (March 2017– April 2017 seasonally adjusted) 

 
Household goods retailing (0.35%), Other retailing (0.56%), Food retailing (1.19%), Clothing, footwear and personal accessory retailing (0.27%), Cafes, restaurants and takeaway food services (1.12%) and Department stores (2.47%).

Northern Territory (1.79%), South Australia (1.11%), Australian Capital Territory (0.91%), Victoria (1.02%), Tasmania (1.18%), Western Australia (0.43%), New South Wales (0.12%) and Queensland (2.41%).

Total sales (0.95%).  

 

YEAR-ON-YEAR RETAIL GROWTH (April 2016 – April 2017 seasonally adjusted)

Household goods retailing (0.67%), Cafes, restaurants and takeaway food services (5.01%), Food retailing (4.29%), Clothing, footwear and personal accessory retailing (0.27%), Other retailing (3.67%) and Department stores (0.13%).

New South Wales (2.60%), South Australia (4.00%), Tasmania (2.76%), Victoria (4.19%), Australian Capital Territory (3.73%), Western Australia (-0.05%), Queensland (4.05%) and Northern Territory (0.61%).

Total sales (3.08%). 

 

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 368 041.

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Call for local voices on agricultural water use

WATER use efficiency is a key issue for Australia’s agriculture sector, and a House of Representatives inquiry is keen to hear from local voices with opinions on the subject.

The House Agriculture and Water Resources Committee is investigating the adequacy and efficacy of water use efficiency programs in Australian agriculture.

Committee Chair Rick Wilson MP says the Committee is seeking feedback from farmers, irrigators and community leaders around Australia, but is particularly keen to hear from people in South Australia, Victoria and Tasmania.

“Australian farmers are amongst the world’s most efficient irrigators, particularly due to the often harsh Australian climate,” Mr Wilson said.

“Given the challenges of a dry climate, management of water usage is more important than ever.”

The inquiry is looking at how the Government can invest in water infrastructure in order to assist farmers and communities to extract the maximum value out of each drop of water.

Mr Wilson and Committee Deputy Chair Meryl Swanson MP recently joined About the House TV to discuss the inquiry’s findings so far.

Making a submission to the inquiry is easy – visit aph.gov.au/wue and click ‘Upload Submission’, or email This email address is being protected from spambots. You need JavaScript enabled to view it. for more information.

People interested in the inquiry can also subscribe to the About the House Newsletter, to receive fortnightly news about this and other inquiries conducted by the House of Representatives. 

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

Click here to watch a video on this topic on YouTube.

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