A SUCCESSFUL Everest climber, former Telstra Business Woman of the Year finalist, and 30-year resources sector veteran has been recognised by the sector for her outstanding achievements.
Karen Alexander was presented the Exceptional Woman in Queensland Resources Award in Brisbane today by Minister for Employment and Industrial Relations Grace Grace, Queensland Resources Council (QRC) President Rag Udd and Women in Mining and Resources Queensland (WIMARQ) Chair Maria Joyce before a state-wide audience of more than 900 people.
They were attending, or viewing live via webcast, the annual QRC/WIMARQ International Women’s Day Breakfast and Resources Awards for Women presentation, hosted by BHP Billiton.
Karen, Manager of Strategic Alliances-Mining with Hastings Deering, was one of just two females among 800 male engineering students while studying for her mechanical engineering degree, and one of the first two females to ever complete this degree at the Queensland University of Technology (QUT).
And now, she is Hastings Deering’s first senior executive sales business leader.
AUSTRALIAN Small Business and Family Enterprise Ombudsman (ASBFEO) Kate Carnell said the responses today from CBA and ANZ to the ASBFEO bank inquiry recommendations fall well short of what’s needed to improve current small business lending practices.
“Judging by the responses of the big banks so far, it’s clear they’re not listening to the growing chorus of concern about the way they treat small business borrowers,” Ms Carnell said.
“Both banks bloviated today about supporting various recommendations we’ve made in our inquiry report, but the devil’s in the detail; when you dig a little deeper, there’s always conditions attached, and without definitive timelines for action, all of this talk means absolutely nothing.”
Speaking at today’s House Economics Committee hearing, CBA CEO Ian Narev committed to removing non-monetary default terms, but only from agreements for loans up to $1 million, while ANZ CEO Shayne Elliott said his bank was only prepared to consider the future use – as opposed to removal – of non-monetary default terms in agreements for loans of up to $3 million. It follows NAB’s unwavering refusal on Friday to remove any such clauses from small business loan agreements.
“We simply don’t think it’s reasonable for the banks to be able to default a small business loan when people are compliant financially, and we’re absolutely resolute in our recommendation that all non-financial default clauses be removed from small business loan contracts of up to $5 million,” Ms Carnell said.
“The banks say they rarely use these clauses for loan impairment, so why insist on their inclusion in the first place? They claim that getting rid of them would drive up risk for the bank and cost for the borrower, but if they’re rarely used, how could this possibly be the case, not to mention the fact banks already factor-in the risk associated with small business loans, including small business loans secured against bricks and mortar such as the family home.
“Our inquiry heard heart-breaking stories from small business owners who’d been subject to such clauses, so for ANZ’s Graham Hodges to today maintain their inclusion is ‘good practice’ is just breathtaking,” she said.
Ms Carnell once again reinforced the practical need for the banks to change the way they define a small business.
“Mr Narev today said ‘there’s no magic number’ when it comes to stipulating what defines a small business loan facility. In fact, there is such a number and it is $5 million,” Ms Carnell said.
“$5 million isn’t a figure we’ve plucked out of the air, it’s a figure supported by others including David Murray, and more recently Phil Khoury, who was appointed by the banks to scrutinise their own code of conduct.
“Anything below $5 million is clearly an out-of-date concept that does not represent the true lending picture of Australia’s small businesses. $5 million covers 98 per cent of loans to small business so I call on the banks to heed our advice – and that of others – and acknowledge they’re severely out of touch on this.
“We don’t want weasel words about supporting changes; we don’t want the banks to cherry-pick certain details from our recommendations that best suit them. All of our recommendations are reasonable, do-able and do-able quickly, and all of them are designed to make a difference in the lives of small business people, and there’s absolutely no excuse for the banks to keep kicking the can down the road on this,” she said.
THE 2017 Rice Industry Field Day will bring together close to 400 growers, industry representatives and researchers on Thursday 9 March 2017 at ‘Old Coree’, Jerilderie, to showcase the latest in rice research and development as part of the International Temperate Rice Conference (ITRC).
Organised by the Rice Extension team, the Rice Industry Field Day is an opportunity to see the latest rice R&D in action and learn how it can be applied on farm, as well as explore agricultural trends and share new perspectives.
Funded by the Rural Industries Research and Development Corporation (RIRDC), Rice Extension connects growers to research, the latest technologies and best management practice in the rice industry.
RIRDC Program Manager, Michael Beer said the Field Day brings the RIRDC Rice Program to life, highlighting the importance of RD&E investment.
“The Rice Program aims to improve the productivity and sustainability of the Australian rice industry and is delivering significant outcomes for industry and stakeholders. Of particular note is our recent evaluation of the Rice Program which found investment in RD&E delivered a cost-benefit ratio lying between 6.6 and 7.6 - an impressive result for any industry,” said Mr Beer.
The Field Day program includes speaker sessions from SunRice and the International Rice Research Institute (IRRI), and the choice of attending either a Field Site walking tour or Business and Innovation session at the Old Coree Homestead.
Rice Extension Coordinator, Gae Plunkett said the Field Day program further cements the ITRC theme, Tradition, Technology, Productivity – A Balancing Act.
“For growers, the Field Day is a fantastic opportunity to discuss the latest issues and trends in rice growing, as well as network with growers, industry professionals and researchers on a local and international level,” said Ms Plunkett.
“We are expecting strong interest from local industry and growers, particularly in the practical sessions focused on improving on farm production and profit. The Business and Innovation session is an exciting and thought provoking addition to the program that will explore new trends and challenge traditional thinking when it comes to agricultural business practices.”
Event details: 2017 Rice Industry Field Day (free event) 9:00am, Thursday 9 March 2017 ‘Old Coree’, Conargo Rd, 18.5km west of Jerilderie
QUEENSLAND Resources Council (QRC) Chief Executive Ian Macfarlane has released a statement on the Queensland Fly-in Fly-out (FIFO) Bill.
"The Queensland Government’s Strong and Sustainable Resource Communities Bill parliamentary committee report has been released this afternoon," Mr Macfarlane said.
"This Bill will add unnecessary extra red-tape to our sector’s operations, and lower the state’s competitiveness, at a time when the sector is rebounding and more jobs are coming onto the market.
"It is worth noting that of the (nearly) 50 operating coal mines in Queensland, just two were originally designed as 100 per cent FIFO mines.
"These two mines were approved as FIFO mines by the previous Labor Bligh government at a time when the sector was at its peak and there was an extreme shortage of skilled workers to fill jobs.
"However, since operations began at these two mines, both now use local contractors to service the mines and are therefore no longer 100 per cent FIFO.
"QRC is now working with the resources sector, schools and local communities to train young people with the skills needed to work in the sector through our educational and skills program the Queensland Minerals and Energy Academy (QMEA).
"The sector’s goal is, that in the future, this program will provide a local source of more skilled workers for mining and gas operations in Queensland."
AUSTRALIAN Small Business and Family Enterprise Ombudsman (ASBFEO) Kate Carnell said she remains committed to eliminating non-financial covenants in small business loans under $5 million despite NAB executives today re-stating their opposition to the reform.
Speaking after the House Economics Committee concluded the first of its latest round of bank hearings with executives from NAB, Ms Carnell said the bank’s unwillingness to make changes to the way they treat small businesses who are consistently making their loan repayments, is unacceptable.
“As I reiterated during Senate Estimates yesterday, for the banks to be able to default small business loans when people are compliant financially, is simply not a reasonable approach,” Ms Carnell said.
“NAB pushed back on that today, indicating there are risks associated with removing such clauses, and that doing so would put up the costs of the loans. That’s not the feedback we’ve had from experts. Remember the banks already put a premium on top of small business loans to take into account a higher level of risk, so you can’t have it both ways; you can’t have a contract that allows the banks to move all the risk to the borrower, while also having a higher interest rate.
“Our recommendations in this area – indeed all of our recommendations – are not unreasonable; these are not new issues, these are not unrealistic expectations. In fact, many of our recommendations have been supported by various other inquiries and reviews.
“NAB today indicated that they supported the ‘vast majority’ of our recommendations, including giving consideration to implementing 90 day notice periods, as well as providing simple plain English contracts. I certainly welcome this response, but so far it’s only lip-service; I want to see these changes in place sooner rather than later.
“Our recommendations are do-able and do-able quickly; most importantly, the recommendations we’ve come up with will make a significant difference in the lives of small business borrowers, so we really need to see action now,” she said.
Ms Carnell also restated the importance of amending the definition of a small business loan facility to $5 million; a move also backed by David Murray and Phil Khoury in their respective inquiries.
“Small businesses are the engine room of the Australian economy; these businesses are growing all the time, with more and more now falling outside the existing $1 million definition, so reform in this area is vital if we’re to support growth in this sector,” Ms Carnell said.
“The banks say they’re ‘making banking better’, but I’m afraid there’s still a lot more work to be done to prove there’s any real substance behind the PR slogan,” she said.
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