IMPROVING links between research and industry, and encouraging industry leadership to find, exploit and create business opportunities, are essential when competing with global businesses in the defence industry, according to the Department of Industry.

The department will give evidence at a public hearing tomorrow of the Defence Sub-Committee of the Joint Standing Committee on Foreign Affairs, Defence and Trade.

The Department of Industry works closely with the Defence Materiel Organisation’s Australian Military Sales Office, the Defence Export Control Office and Austrade to maximise export opportunities for Australia’s defence industry.

The department’s appearance at the hearing will provide an opportunity for the Sub-Committee to explore a range of challenges for Australian companies engaged in advanced manufacturing, including those companies supporting the defence industry.
 
Chair of the Defence Sub-Committee, Senator David Fawcett (SA), stated that, “While outlining what the challenges are and what is already being done, the inquiry will allow us to see if efforts can be better focussed to foster a thriving defence industry sector, incorporating research and innovation as well as manufacture and investment opportunities.”

The inquiry's terms of reference include identifying barriers and impediments to the growth of Australia's defence exports; how Government can better engage and assist Australian defence industry to export its products; the operation of the Defence Export Control Office; and assessment of the export support given to defence industry by governments of comparable nations.

Public hearing
Date/Time: Tuesday, 10 February 2015, 5.40 pm
Location: Parliament House Committee Room 1R1
Organisations: Department of Industry

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

THE Victoria Tourism Industry Council (VTIC) has applauded Sovereign Hill in the wake of the release of the economic impact study revealing the significant benefit the tourist attraction brings to Victoria.

The study shows Sovereign Hill contributed $228.5 million and 1,422 jobs (including part-time, casual and full-time) to the Victorian economy in 2012/2013.

“This significant contribution and job creation is realised through hotels, B&Bs, cafes, restaurants, taxis, supermarkets and in many other ways in Ballarat and throughout Victoria,” said VTIC Chief Executive Dianne Smith.

“This is a great example of our mantra that ‘tourism equals jobs’, especially in regional Victoria.

“This study demonstrates that investing in tourism infrastructure and product development provides considerable returns in terms of employment, regional productivity improvements and community cohesion."

More broadly, tourism and events are growth industries for Victoria and contribute $19.6 billion to the state economy each year and employ more than 200,000 people.

The Victoria Tourism Industry Council (VTIC) is the peak body for Victoria’s tourism and events industry, providing one united industry voice.

vtic.com.au  

THE Australian Retailers Association (ARA) congratulates Tony Abbott on retaining his position as Prime Minister after this morning’s failed spill motion in Canberra but insists the government must now do all it can to restore the nation’s confidence.

ARA Executive Director Russell Zimmerman said the government must regain focus and get on with the job of doing business.

“We are pleased that this morning’s outcome means Australia doesn’t have to witness the revolving-door style of leadership that we have experienced with past governments. At the end of the day, however, we need a sound economic path that improves productivity and certainty and it is imperative that the government learns from today’s events and does all it can to restore stability.

“The ARA asks that the economy and small business are put at the forefront of the government’s action plan, and we also ask that the senate does all that it can to assist with legislation processes moving forward.

“We have every hope that with the government resorting stability and supporting business, retailers and consumers alike will be able to enjoy a heightened sense of confidence in 2015,” Mr Zimmerman said. 

Since 1903, the Australian Retailers Association (ARA) has been the peak industry body representing Australia’s $265 billion retail sector, which employs over 1.2 million people. The ARA ensures retail success by informing, protecting, advocating, educating and saving money for its 5,000 independent and national retail members throughout Australia.

Visit www.retail.org.au or call 1300 368 041.

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A TOTAL of 22 lenders have announced rate cuts since RBA cash rate announcement on Tuesday February 3, 2015, according to comparison website finder.com.au.

According to finder.com.au money expert Michelle Hutchison, all four big banks have announced rate cuts and borrowers will be about $82 out of pocket per month because of delays in passing on the cut and the fact that full rate cuts have not been passed on in past cycles.

"With all four major banks now announcing rate cuts, the total number of lenders to so far make announcements is 22 according to finder.com.au," Ms Hutchison said.

"Six lenders announced cuts yesterday including AMP, ANZ, BankVic, National Australia Bank, P&N Bank and RAMS.

"Twenty-one of the 22 lenders have announced variable home loan rate cuts of 0.25 percentage points, while Westpac still remains the only lender to move beyond the Reserve Bank cut, passing on 0.28 percentage points.

"There has only been one lender to so far drop its variable rates this week, with Loans.com.au cutting rates effective Wednesday February 4, 2015. BankVic follows by reducing its rates on February 9 then ANZ on February 12. The remaining 19 lenders will pass on the Reserve Bank's rate cut from February 20-27," Ms Hutchison said.

"Despite the rate cuts, the average borrower with a $300,000 home loan will still be $82 out of pocket per month on average because most lenders haven't passed on the full rate cuts since November 2011.

"Borrowers with a $700,000 home loan are missing out on almost $200 on average per month.

"But since November 2011, borrowers with an average $300,000 home loan will be paying $400 less in monthly repayments when the latest round of rate cuts kick in next month. For a $700,000 mortgage, that's almost $1,000 less in monthly repayments.

"Borrowers can get even more if they compare home loans and ask their lender for a discount. Variable rate home loans are now starting from as low as 4.23 percent by Loans.com.au so if you have a variable home loan, keep an eye on your rate and don't settle for paying more than you need to."

Click here to view a table of the lenders that have so far announced rate cuts and we will be updating this page as we hear more announcements: 

www.finder.com.au/rba-cash-rate

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