THE Institute of Public Accountants (IPA) has commended the Economics Legislation Committee for giving the green light to the Enterprise Tax Plan which will ease the tax burden for thousands of small businesses around Australia.

“The Senate committee agreed with IPA’s position that extending tax benefits to entities is warranted and likely to result in economic benefits that over time will pay for itself,” said IPA chief executive officer, Andrew Conway.

“The fact that the Senate committee has recommended to the Government that it should proceed with the Enterprise Tax Plan Bill is a positive sign for business and economic growth.

“This will provide relief for many small businesses, improve their cash flow, enhance capacity to reinvest in their business and increase employment opportunity.  The Australian economy is the winner.

“Despite Labor’s opposition, we support the Government proceeding with the Bill and continue pragmatic negotiations to ensure it passes.  If this means deferring tax cuts for larger entities to gain the Opposition’s support for tax cuts for smaller entities up to $10 million, it should be considered,” said Mr Conway.

publicaccountants.org.au

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THE Maritime Union of Australia today applauded vibrant industrial relations for helping to deliver the best productivity figures Australian ports have ever seen.

The latest Australian Competition and Consumer Commission’s Container Stevedoring and Monitoring Report found stevedoring prices are at their lowest level since monitoring began in the late 1990s, according to the MUA.

In 2015-16 wharf labour productivity reached a record level, while capital productivity was at close to record levels.

ACCC chairman Rod Sims was reported as saying the latest results reflected increased competition and more infrastructure investment but MUA National Secretary Paddy Crumlin said the report neglected to mention the critical role trade unions play in productivity on the waterfront.

“It is disappointing that the ACCC hasn’t identified the contribution of stevedoring labour and functional industrial relations on the waterfront in driving these strong results,” Mr Crumlin said.

“The report found labour productivity was at its lowest in Brisbane, where all three container terminals are automated. The highest achiever, Melbourne, has no automated terminals.

“The ACCC seems to have forgotten the MUA, so we’re happy to take credit for our part in functional industrial relations, notwithstanding the misguided rhetoric from some in the Federal Government and their ideological cheer squad.”

Mr Crumlin singled out "the Australian Mines and Metals Association (AMMA) and Abbott/Turnbull Government zealots such as Eric Abetz and Michaelia Cash".

“This report sends a message to employers who take too much of a cue from the ideological hardheads at AMMA and ideological zealots in the Turnbull Government who deliberately spread misinformation about unions for their own selfish political reasons,” Mr Crumlin said.

“AMMA has consistently led a dysfunctional approach of employers in the offshore oil and gas sector, while others like BHP Billiton are trying to run so-called partnership agreements rather than engage in a genuine dialogue with their workforce.

“Coastal shipping is an area where reform is needed to ensure we have a vibrant maritime cluster in the future that provides jobs and skills for our next generation of seafarers, officers and captains.

“We look forward to continuing to work with the reasonable members of the Government to find a way forward – not just in shipping but also stevedoring through better safety in a new National Stevedoring Code of Practice.”

THE Joint Standing Committee on Treaties has today recommended that Australia ratify the Paris Agreement.

Committee Chair, Stuart Robert MP, says that the Agreement has received overwhelming support both internationally and here in Australia.

"The Paris Agreement has been welcomed as a positive step forward on an issue that is of global concern," Mr Robert said.

“Although Australia faces challenges as we transition to a low-carbon economy, there are also many opportunities. We have expertise in responding to extreme weather events which will be in demand worldwide. We also have a rich supply of the mineral resources needed for the manufacture and development of renewable technology. And, of course, we have abundant renewable power resources with our sun, wind and hydro power.”   

The Paris Agreement was adopted on 12 December 2015 by 192 countries. It opened for signatures in New York on 22 April 2016, and received the required signatures from 55 countries covering 55 percent of the world’s greenhouse gas emissions on 5 October 2016. The agreement came into force on 4 November 2016.

The aim of the Paris Agreement is to hold the increase in global average temperature to well below 2°C and to attempt to limit the increase to 1.5°C. Australia’s commitment is to reduce emissions by 26 to 28 percent below 2005 levels of greenhouse emissions by 2030.

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THE climbing cost of fossil fuels and other pressures will increasingly encourage miners to rely more heavily on renewables for their energy-hungry operations, the inaugural Future Energy and Finance conference heard today.

Speaking as part the precursor to the International Mining and Resources Conference (IMARC), Sunshine For Mines Operations Lead Alastaire Dick said the time was right for renewables to contribute a greater amount to mines’ energy needs.

“The change nexus is here.  With climate change, public policies, carbon pricing and other pressures on the mining industry, miners need to think differently,” he said.

“For the average mine, 22 percent of the operational spend is spent on energy.  Think about what shaving one or two per cent off that energy cost would do to your bottom line.”

While miners could be “a slow moving bunch” when it came to adopting change, Mr Dick said the shift to renewable energy was well underway and showed no signs of slowing.

“We’ve got to help overcome the cultural barriers and mindsets.  We’ve got to think about future generations and be that legacy today,” he said.

Apart from reducing energy costs, Mr Dick said the industry also had the opportunity to deliver shared value and reinforce their social licence to operate by embracing renewables.

Other speakers today explored the future of global energy and the implications for financing and investing in energy, along with new technology to increase generation, efficiency and storage.

More than 2,500 mining leaders, policy makers, financiers and other experts from more than 57 countries have converged in Melbourne for IMARC, Australia’s largest international mining and resources event.

IMARC runs until Thursday 10 November 2016 and will cover all aspects of mining, from exploration, investment and production through to optimisation, technology, health and safety, policy and governance.  Decision makers from over 150 mining companies will be in attendance to learn from more than 160 international experts.

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