Tourism Priorities for Queensland

THE deadline for NAB customers to reclaim potentially millions of dollars in unfairly charged exception fees is fast approaching, with just 24 hours remaining according to Financial Redress, which is managing a series of class actions on behalf of bank customers.

James Middleweek, Managing Director of Financial Redress, said today that any NAB customers who believe they have been hit by excessive exception fees in the past should complete the registration process on www.financialredress.com.au  by 4pm on Tuesday 27 January, so as not to miss out on any compensation.

NAB exception fees were on average around $30 before the bank reduced or eliminated them altogether in 2010.

More than 40,000 NAB customers have so far joined the NAB Class Action, which is part of a wider group of legal actions relating to exception fees launched against eight of the major banks in Australia. The lead case, against ANZ, is awaiting judgment in the Court of Appeal (class action members were successful in the Federal Court on late fees). 

“When we launched the registration process for the Class Actions back in May 2010 the response was overwhelming. I commend NAB for its willingness to seek a settlement leading to compensation for its customers. It’s high time that the other banks followed suit.” Mr Middleweek said.

The deadline for NAB customers to join the proposed settlement comes as new research shows that Australian banks are charging Australians households six times more than the average person believes is fair, and twice as much as they think they are paying.

The research, conducted by Lonergan Research on behalf of Financial Redress and based on a survey of 1,026 people nationwide, found that Australians on average consider a reasonable level for bank fees to be $3 per month. They also estimate that they pay $8.70 per month in bank fees.

However, the latest Australian Bankers’ Association (ABA) data shows that Australian households in fact paid $4.14 billion in fees in 2013, which equates to an average monthly fee of $19.05 per person.

Mr Middleweek said that the research showed that the practice of banks charging excessive fees in general remained a massive sore point.

“According to the survey 90% of respondents believe that banks should charge lower fees even if it means they are less profitable,” he said.

“Most consumers understand the fairness of paying a reasonable fee when it reflects the bank’s costs. However, they object to being hit with an excessive fee, especially when it appears unlinked to the amount in question or the time period involved.”

The survey found that dishonour fees (a charge imposed by banks for refusing to honour a transaction) are the biggest point of frustration for Australians, with almost half (46%) of respondents considering these fees to be ‘unacceptable’.

Two in five (41%) respondents indicated they would prefer not to have the ability to overdraw or go over their limit at all. The remainder of respondents declared they would, on average, be willing to pay up to $5.70 when they overdraw, go over limit or pay a credit card late.

“It is hard to believe that banks routinely used to charge customers $30 to $40 in these situations. Some still do charge that much and nearly all charge much more than $5.70,” Mr Middleweek said.

Mr Middleweek also pointed to banks’ pursuit of higher fees aimed at Australian small businesses.

According to the ABA, Australia’s approximately two million small businesses paid $4 billion in bank fees in 2013, compared with $3.2 billion in 2009 - a 25% increase.

“This means the average small business in Australia is paying on average $2,000 per year, or $166 a month, in bank fees,” Mr Middleweek said.

“Collectively, banks are charging Australian households and small businesses $8 billion in fees each year,” he said.

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THE Australian Retailers Association (ARA) today welcomed the release of five issues papers for the Productivity Commission review into the Fair Work Act.

ARA Executive Director Russell Zimmerman said wage inflexibility is killing Australian retailers’ ability to compete in the new global market.

“This review will finally address major flaws in the Fair Work Act that are driving up unemployment and undermining growth in the retail sector.

“In order to create more employment opportunities for Australians, retail wages need to be flexible.

“It is also imperative that excessive penalty rates are addressed, as unrealistic penalty rates have made many businesses unviable over the last year.

"Australia’s unemployment rate continues to increase and the ARA hopes this review will allow for greater flexibility when it comes to working conditions, allowing more Australians to remain employed.

“There’s no denying the fact that retailers would employ more staff if they did not have to pay penalty rates.

"However, seeking to be the voice of reason, the ARA is not calling for penalty rates to be abolished altogether but there is a strong need to get the balance right. Only then can retailers operate competitively on weekends and offer increased employment opportunities,” Mr Zimmerman said.

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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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TEN passionate travellers have been invited to visit Tropical North Queensland in February to capture the destination’s visitor experiences as part of a new global tourism marketing campaign.

The travellers range from a Kiwi drive-holiday enthusiast and Canadian documentary filmmaker, to a former professional Australian snowboarder. 

Tourism and Events Queensland (TEQ) Group Executive, Marketing, Steve McRoberts said the campaign was the third instalment of the destination’s Paradise-themed marketing initiatives, led by TEQ in partnership with Tourism Tropical North Queensland and Qantas.

“A world-wide search began in November for 10 global travellers to visit the destination and capture the beauty of Tropical North Queensland paradise through their lens,” Mr McRoberts said.

“The campaign attracted almost 100 entries from 15 countries which were of a particularly high standard and were published on ExploreTNQ.com.au.

“Entries closed on 21 December and were reviewed, with nine finalists chosen and a tenth decided based on the high level of engagement they achieved for their entry on social media.

“It has been terrific to see the passion and creativity the entries have demonstrated for Tropical North Queensland’s visitor experiences.”

Mr McRoberts said following the visit, the films would be reviewed by a panel of tourism and marketing experts and the person with the most captivating story would win a prize worth AUD$20,000.

“Vision captured during the trip will focus on the Tropical North’s Indigenous culture, the reef and rainforest, wildlife and outdoor adventure.

“The films will feature on ExploreTNQ.com.au, social media, and television commercials in Sydney, Melbourne and Brisbane, which will also promote Qantas travel deals.

“The footage will also appear abroad in four of Queensland’s key international markets, including New Zealand, the US, Europe and the UK.”

Tourism Tropical North Queensland CEO Alex de Waal said having visitors to Tropical North Queensland become advocates for the region was a powerful form of marketing.

"Paradise Through Your Lens encourages travel enthusiasts to share their perspective of our paradise and is a primary component of TTNQ's advocacy strategy," he said.

Ten finalists (in no particular order):

1. Ben Williams, USA 

2. Brodie Rocca, Australia 

3. David Copithorne, Canada

4. Edward Saltau, Australia 

5. Jarrad Seng, Australia

6. Nicholas Covelli, Australia

7. Romain Leclerc, France 

8. Ross Mackay, New Zealand 

9. Shawn Lowe, USA 

10. Jemma Craig, Australia 

For more information about the finalists or Paradise Through Your Lens, visit ExploreTNQ.com.au

To book a holiday in Tropical North Queensland paradise visit Queensland.com

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VECCI Chief Executive Mark Stone has welcomed the release of the issues papers regarding Australia’s Workplace Relations Framework.

"It is positive that the papers address areas of widespread concern identified by business, including the lack of flexibility in Australian workplace relations laws and the fragmented nature of these laws across jurisdictions, the adversarial nature of the current system, the high cost imposed on business and the absence of productivity improvement as a central feature of enterprise agreements," Mr Stone said.

"The key outcomes of the review must be the creation of a simpler, fairer and more efficient Workplace Relations Framework that spurs economic growth, increased productivity and improved business competitiveness and certainty.

"Job creation must be the priority as metropolitan and regional Victorian communities are faced with significant unemployment and industries continue to transition in the face of strong international competition," Mr Stone said.

"The operation of penalty rates needs to be reviewed to enable small business to employ more people and reflect the changing nature of the economy and labour market where the growth of the service sector, part time and casual work, extended trading hours and flexibility are the norm for many.

"We look forward to the review consulting thoroughly with business and encourage Victorian business to take this opportunity to make submissions on specific issues of concern."

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The Victorian Employers' Chamber of Commerce and Industry (VECCI) is the most influential body for employers in Victoria, informing and servicing more than 15,000 members, customers and clients around the state.

vecci.org.au

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