Business News Releases

Taking the lead for Australia United States Business Week (AUSBW)

TRADE and Investment Minister Andrew Robb will lead a business delegation to the United States today to launch the inaugural Australia United States Business Week (AUSBW), a program that will visit six major US cities between February 16 and 25.

AUSBW 2016 will promote US investment in some of Australia’s key sectors by familiarising US investors with Australia’s capabilities through roundtables, market briefings, site visits and industry summits.

Around 240 Australian companies will take part in AUSBW, which will be held in America’s key commercial centres of Los Angeles, San Francisco, Chicago, Houston, Boston and New York.

“The US is the largest foreign investor in Australia and the source of much of the world’s commercial innovation and new ways of doing business,” Mr Robb said.  

“It is also the top destination for Australia’s foreign investment; since the commencement of our free trade agreement with the United States a decade ago, two-way investment has more than doubled to over $1.3 trillion.

“Through AUSBW, we are looking to reinvigorate an already strong relationship. In particular, AUSBW represents an effective platform to inspire US investors with Australia’s new $1.1 billion national innovation agenda,” he said.

In 2014-15, the US was Australia’s second largest two-way trading partner for services and third largest export market.  Australian firms exported about AU$20.5 billion in goods and services in that year.

“Australian business people from agribusiness and food science, resources and energy, medical technology, digital technology and tourism will have the opportunity of learning more about the US market, making personal contacts and informing US investors directly about the opportunities in Australia,” Mr Robb said. 

Mr Robb said his visit to the US comes just after Australia signed the Trans Pacific Partnership (TPP) agreement, a major new trade pact that will join together 12 economies representing 40 per cent of global GDP into a free trade zone across the Pacific.

“The TPP offers great benefits to the Australian economy in terms of tariff reductions and market access for services, so we are keen to see it ratified by nations such as the US, which after all is the key player in the global economy,” Mr Robb said.

AUSBW is part of the expanded series of Australia Week trade missions and promotional events that were funded in the 2015-16 Federal Budget. It will build on the success of the Australia Week events in China, India and Indonesia. 

It is also a key aspect of Australia’s economic and public diplomacy in the United States, which included the G’Day USA promotional program in 2016. 

Separate to AUSBW, Mr Robb will lead our first business mission to Havana, Cuba for discussions with local business figures and the Cuban Government about Australia’s capabilities in infrastructure, mining, energy, agriculture and education, as well as healthcare, medical research and tourism.

www.trademinister.gov.au

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Infrastructure Victoria gets to work

THE Victorian Chamber welcomes the release of Infrastructure Victoria’s discussion paper Laying the Foundations.

“This represents a positive first step in setting Victoria’s infrastructure priorities for the next 30 years” said Victorian Chamber of Commerce and Industry Chief Executive Mark Stone.

The Victorian Chamber has been a strong supporter of the establishment of Infrastructure Victoria as an independent body to provide advice on key infrastructure priorities and projects.

“Through consultation, independent analysis and transparency, Infrastructure Victoria will play a key role in building a stronger consensus on the State’s infrastructure priorities among decision-makers, business and the wider community,” said Mr Stone.

"We welcome the fact that the consultation paper released today does not jump to conclusions. Rather, it seeks input from all parts of the Victorian community to identify the objectives that Victoria’s future infrastructure needs to address.

"This work in vital to ensuring that strategic infrastructure planning goes beyond the short-term political cycle. The Victorian Chamber looks forward to ongoing engagement with Infrastructure Victoria and the Government to define, prioritise and progress the long-term infrastructure needs of all Victorians."

The Victorian Chamber of Commerce and Industry, established in 1851, is the most influential business organisation in Victoria, informing and servicing more than 15,000 members, customers and clients around the state.

victorianchamber.com.au

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Co-op champion elevated to office of Deputy PM

THE Business Council of Co-operatives and Mutuals (BCCM) today congratulated the Minister for Agriculture, Barnaby Joyce, on his unopposed election to leader of the Nationals and on becoming Deputy Prime Minister elect.

Commenting on the leadership change, BCCM CEO, Melina Morrison said, “I wish to congratulate Minister Joyce on the Nationals leadership and elevation to the office of Deputy Prime Minister. As Minister for Agriculture, Mr Joyce has been very supportive of the co-operative sector and we hope this great work will continue in this new capacity.”

In July, the federal government announced a $13.8 million package to help farmers form co-operatives, as a key measure in the White Paper on Agricultural Competitiveness. A two-year pilot programme will provide farmers with information and training on co-operatives and collective business models aimed at getting better returns to the farm gate and reinvestment on farm.

“The Council is looking forward to the roll out of this programme to improve access to information on co-operatives so that farmers can get better returns up and down the supply chain. I am sure in his new role, the Deputy Prime Minister elect will continue to champion the sector.”

“The role of co-operatives and mutuals in supporting strong, regional economies is recognised by the Nationals support of other initiatives aimed at enabling the growth of the sector, including the current Senate inquiry into co-operatives, mutuals and members owned firms co-proposed by Victorian Nationals Senator, Bridget McKenzie and South Australian Independent Senator Nick Xenophon,” concluded Ms Morrison.

www.bccm.coop

The Business Council of Co-operatives and Mutuals (BCCM) is the national peak body representing the co-operative and mutual models of enterprise in Australia. Formed in 2013, the BCCM is led by the chief executives of Australia’s leading co-operative and mutual businesses and is the only organisation uniting the entire, diverse range of member owned business. 

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Resource industry pays tribute to Ian Macfarlane

NATIONAL resource industry employer group, AMMA, congratulates Ian Macfarlane on his outstanding 18-year career in federal politics and the enormous contribution he has made to the development of our resource industry under two governments.

“Ian’s leadership, commitment and support contributed significantly to the success of Australia’s resource industry under both the Howard and Abbott governments,” says AMMA chief executive Steve Knott.

“Ian is highly respected across our sector for the experience, leadership and passion he displayed as a cabinet minister and shadow minister.

“Throughout an extensive political career he has demonstrated a deep understanding of what it takes to support the resource industry in creating employment and economic benefits for all Australians.

“Most recently as former Minister for Industry, Ian played a key role in cutting excessive red tape, regulation and the mining tax, while introducing valuable incentives to kick-start new exploration activity.

“Similarly, as the long-standing Member for Groom, Ian has demonstrated a thorough understanding of and commitment to regional communities, and the benefits of a thriving business sector.

“AMMA thanks Ian for his career in the service of the Australian people and for being a strong and consistent advocate for a vibrant and competitive Australian resources sector. We wish him all the best for his post-parliamentary career.”

www.amma.org.au

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Netflix draft tax laws a necessary measure - ARA

THE Australian Retailers Association (ARA) has commended Federal Treasurer, Scott Morrison, on draft laws introduced to Parliament this week to close the loophole which sees digital purchases, including e-books, music, and content streaming services escape tax if purchased from online overseas operators.

The ARA has lead the campaign on tangible and intangible GST collection changes, securing a major victory in August, with confirmation of the removal of the $1000 tax-free threshold on purchases from international retailers from July 2017.

ARA Executive Director, Russell Zimmerman, said the planned changes are necessary to bring purchases of digital goods in line with physical goods from 2017, and will put a stop to the advantage online overseas retailers now enjoy over Australian businesses.

“Mr Morrison’s proposal to close the GST loophole that has seen international online operators given a leg up over local Australian players is the final frontier in our fight to maintain a fair an equal business environment for Australian retailers,” said Mr Zimmerman.

If the proposed legislation is passed in Parliament, intangible items such as games, music, e-books, video and other content streaming purchased from international e-commerce entities will be subject to the same tax as Australian sold physical or digital goods. The laws would be expected to come into effect from July 2017.

“The issue of international online retailers escaping the payment of taxes has been a huge concern for Australian retailers, and the ARA is overjoyed to see that the Government is finally taking action. If passed, this legislation will finally offer Aussie companies a level playing field on intangible items, with the Government committed to fixing the GST on physical items.

“This change will have the added benefit of funnelling around $350 million in extra revenue into our States and Territories, which can be used to fund crucial services such as teachers, police, and doctors. We hope to see the quick passing of the laws in Parliament and the swift implementation of this sensible law.”

About the Australian Retailers Association:

Founded in 1903, the Australian Retailers Association (ARA) is the retail industry’s peak representative body representing Australia’s more than $300 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 5,000 independent and national retail members throughout Australia.

For more information, visit www.retail.org.au or call 1300 368 041.

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