Skip to main content

Business News Releases

Renewable energy to shape the future of mining

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.

ENDS

  • Created on .

ACCC will not oppose Tabcorp’s proposed acquisition of Intecq

THE Australian Competition and Consumer Commission will not oppose Tabcorp Holdings Limited’s (ASX:TAH) proposed acquisition of Intecq Limited (ASX:ITQ).

The ACCC review focussed on the supply of gaming and promotional management systems to gaming venues in both Victoria and New South Wales.

“Our inquiries with industry participants suggested that Tabcorp and Intecq are not currently close competitors for the supply of gaming and promotional management systems,” ACCC Chairman Rod Sims said.

“In both the New South Wales and Victorian markets there are alternative suppliers of gaming and promotional management systems and these alternative suppliers will likely prevent Tabcorp from raising prices or reducing the quality of its services.”

The ACCC also explored venues’ concerns that following the transaction Tabcorp may misuse gaming and customer data obtained from venues that are current customers of Intecq, to favour venues that use Tabcorp’s full service products in a way that would distort competitive dynamics.

“The ACCC recognises that Tabcorp and Intecq operate in a heavily regulated environment. Misuse of venue data in the manner contemplated could result in severe consequences for Tabcorp, including the potential cancellation of Tabcorp’s licences to operate in both Victoria and New South Wales,” Mr Sims said. 

“Given the heavily regulated nature of the industry these businesses are operating in, and the consequences for failing to comply with those regulations, the ACCC considers Tabcorp is unlikely to misuse Intecq’s venue data to distort competition following the acquisition.”

“Tatts Group is also a supplier of gaming and promotional management systems, so the acquisition of Intecq by Tabcorp will likely be relevant to the ACCC’s consideration of the proposed Tabcorp-Tatts merger. However, that potential transaction did not have a bearing on this particular decision.”

“Any competition concerns relating to a combination of the three businesses [Tabcorp, Intecq and Tatts] will be dealt with in the context of the Tabcorp-Tatts review,” Mr Sims said.

The ACCC expects to commence a review of the proposed Tabcorp/Tatts merger proposal once a submission has been received from the parties. 

See the ACCC’s public register for more information: Tabcorp Holdings Limited - proposed acquisition of Intecq Limited

Background

Intecq Limited manufactures and supplies gaming and promotional management systems.

Tabcorp Holdings Limited, through its business division Tabcorp Gaming Solutions (TGS), resupplies gaming and promotional management systems.

Intecq and TGS overlap in the supply of gaming and promotional management systems in Victoria and New South Wales.

 

ends

 

  • Created on .

Final TPP Hearing

THE Parliament’s Treaties Committee will hear from Government witnesses at the final hearing into the Trans Pacific Partnership (TPP) on Monday Morning in Canberra.

Committee Chair, Stuart Robert MP, says the Committee will hear the Government’s response to the range of issues raised during the inquiry.

“While there is broad support for the genuine benefits the TPP will bring, participants in the inquiry have criticised aspects of the Agreement.”

“Contentious issues include the Investor State Dispute Settlement mechanism, aspects of Australian intellectual property law, the temporary entry provisions for professionals, and the transparency of the negotiation process.”

“Government witnesses are expected to address these and other issues during the hearing.”

The Committee’s report on the TPP will be tabled before the end of the year.

During the hearing, the Committee will also be taking evidence on the Partial Revision of the 2012 Radio Regulations.

Mr Robert says people interested in the Committee’s inquiries can visit the Treaties Committee’s website for further information.

 

Public Hearing: Monday 7 November 2016, Committee Room 2R1, Parliament House, Canberra

8:10am: Radio Regulations - Partial Revision
Department of Communications and the Arts
Australian Communications and Media Authority

8:30am: Trans Pacific Partnership Agreement
Department of Foreign Affairs and Trade
IP Australia
Department of Health
Department of Immigration and Border Protection
Department of Agriculture and Water Resources
Attorney-General’s Department
Department of Communications
Department of Employment
Department of Finance
Department of Industry, Innovation and Science
The Treasury

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

ends

  • Created on .

Do not reduce the contributions cap says IPA

IN ITS SUBMISSION to Treasury on the second and third tranches of the superannuation reform package, the Institute of Public Accountants (IPA) has urged the Government not to reduce the cap on concessional superannuation contributions.

“The IPA does not support the reduction of the contributions cap to $25,000 and more so, we do not agree to the reduction of the current cap of $35,000 for individuals aged over 50 years of age,” said IPA chief executive officer, Andrew Conway.

“In fact, people aged over 50 should be encouraged to make further superannuation contributions if they have the capacity, to address any superannuation balance shortfall.

“The situation has been further exacerbated by the Government’s announcement to defer the proposed ‘catch up’ measure until 1 July 2018.  This effectively means the first ‘catch up’ will not take place until the 2019/20 financial year.\

“The deferral was a budgetary decision to partially offset the cost of re-introducing an annual non-concessional contributions cap.

“The current annual concessional contributions cap of $35,000 for over-50s is less than a third of what the cap was 10 years ago.

“The 2010 Henry Tax Review supported a higher contributions cap for Australians aged 50 and over and we support that position.

“Reducing the cap is adverse to Australians building a self-reliant retirement,” said Mr Conway.

publicaccountants.org.au

ends

  • Created on .

Review of the 2016 Annual Report of the ATO

THE House Standing Committee on Tax and Revenue has commenced its annual review of the Australian Taxation Office’s 2015-16 Annual Report, which will focus on topics including:

  • The Australian Taxation Office’s reform program for taxpayer engagement;
  • The ATO’s progress on new technology projects (including uptake of myTax, status of pre‑filling processes, lodgement arrangements and communication methods);  and
  • Relationships with tax practitioners—including the new tax agent portal and costs for tax practitioners adopting the Taxation Office’s new technology.

The Chair of the Committee, Mr Kevin Hogan MP, stated that the review provides a key opportunity for the Tax and Revenue Committee to consider the Taxation Office’s administration and outreach, and to examine developments.

He said “These regular review inquiries inform the Parliament of the Taxation Office’s current programs, administration and liaison methods—and importantly can feed into improvements in the Tax Office’s functions and administration and of the operation of the tax system more generally.”

The Committee will conduct hearings with the Taxation Commissioner, Inspector General of Taxation and tax advisory bodies in November 2016. Submissions addressing the focus topics are requested to be lodged by 30 November 2016.

Further details about the inquiry, including the full list of topics to be examined, and how to contribute, can be obtained from the Committee’s website, by contacting the Committee secretariat on 02 6277 4821 or by emailing This email address is being protected from spambots. You need JavaScript enabled to view it..

The 2016 Annual Report of the Australian Taxation Office is available at the ATO's website.

ends

  • Created on .

More Articles …