THE announced closure of the Wilkie Creek thermal coal mine near Dalby is another disappointing turn in the fortunes of the export coal industry, Queensland Resources Council Chief Executive Michael Roche said today.
"The announcement is a sad blow for the region but also indicative of the challenging outlook for the thermal coal industry in particular," he said.
"It’s no secret that a number of mines in Queensland and New South Wales are walking a financial tightrope as a result of subdued global demand, inherently high production costs and a stubbornly high exchange rate.
"At some mines operations are continuing only because it is more expensive to walk away from take or pay contracts for rail and port services.
"Cost cutting is the only the mechanism available to coal companies to ride out the downturn that we estimate has cost more than 8000 positions in Queensland since mid-2012," he said.
WHILE over 185,000 banking customers are preparing to take on eight banks for 'unfair' fees, one of Australia’s biggest comparison websites, finder.com.au is urging more Australians to go fee-free and switch financial institutions to find better deals.
The class action lawsuits are against the banks for allegedly charging customers excessive fees between $20 and $45 such as overdraft or over the limit fees.
Michelle Hutchison, spokesperson for finder.com.au, said the class action cases could be a game changer for Australia’s financial services industry.
“These class action lawsuits show the power of what public pressure can really do. Australians have had enough of paying collectively billions of dollars in bank fees and if these cases win, there will likely be a shake-up of all bank fees across the industry.
“In fact, last year, we collectively paid our banks over $11 billion in bank fees – over $4 billion of which was from households.
“But we can’t rely on financial institutions to charge fair fees or drop their fees altogether. The only way we will make real changes to the banking industry is if more Australians compared their financial products and switched. This will force institutions to be more competitive.”
According to finder.com.au, there are 39 credit cards with no annual fees, including two platinum cards and three gold cards.
There are also 105 home loans with no annual service fee, and 101 home loans don’t charge redraw fees.
Many transaction accounts come with no monthly service fees and fee-free transactions.
“It’s up to more Australians to take on the responsibility with their financial products by reviewing their options and comparing deals,” said Mrs Hutchison.
“It will not only force competition between banks but also will save consumers potentially thousands of dollars every year.”
“THE announcement by Holden that it will cease its Australian manufacturing operations in 2017 is a significant blow for Victoria and in particular the workers and other businesses directly affected," says VECCI Chief Executive Mark Stone.
“While the decision does not come as a surprise, given the intense pressure on the vehicle manufacturing industry from factors such as international competition and changing consumer preferences, its impact will be felt inside and out of Holden. It is imperative that policy makers recognise the importance of supporting the transition of affected workers and businesses into new industries and markets.
“However, Victoria’s economy has already been embarking upon a transformation from traditional to advanced manufacturing and with the growth of other parts of our economy, such as the services sector, the impact of the Holden decision will be at least absorbed in part. Also positive is Holden’s confirmation that a national sales company, a national parts distribution centre and a global design studio will remain, despite the cessation of its manufacturing operations.
“It is fundamental that both Federal and State Governments support business activity that will create ongoing wealth and jobs and focus on relieving the burdens of unnecessary cost and regulation so that business can continue to meet the challenges of the increasingly competitive global economy.”
The Victorian Employers' Chamber of Commerce and Industry (VECCI) is the peak body for employers in Victoria, informing and servicing more than 15,000 members, customers and clients around the state.
VICTORIA's peak employer body has welcomed Melbourne Airport’s announcement of a direct flight service between Melbourne and Tokyo by Jetstar, because of the significant economic impact it will bring to the state.
“This decision by Jetstar shows great confidence in Victoria as a travel destination for the international market, which is a win for tourism and business in our state,” says VECCI Chief Executive Mark Stone.
“Strong avenues for travel with Japan are more important than ever during the Asian Century and we congratulate Melbourne Airport on working with Jetstar to secure this for the Victorian economy.
“The Japanese market could be worth up to $3.3 billion to Australia's economy by 2020 and this announcement is crucial to establishing Victoria in a prime-position to reap the benefits of this. Melbourne Airport is the gateway to Victoria for 30 million international and domestic visitors annually."
In the year ending June 2013, 40,000 visitors arrived in Victoria from Japan, which is a four per cent increase on the previous period. This increase contrasts the nation-wide trend that saw a two per cent decline for the same period.
The direct flights will commence April 2014.
The Victorian Employers' Chamber of Commerce and Industry (VECCI) is the peak body for employers in Victoria, informing and servicing more than 15,000 members, customers and clients around the state.
THE latest round of funding cuts to the Victorian Training Guarantee funding model are bad for business and work opportunities for young people, says VECCI.
“Despite the State Government having undertaken to discuss proposals for further changes to the training system with business and industry, it appears that little consultation has taken place,” says VECCI Chief Executive Mark Stone.
Recent announcements abolishing funding support for young people engaged in part-time traineeships or apprenticeships while still at school will have an immediate negative effect on employers who traditionally provide employment and training opportunities for them.
“What seems to have been forgotten is that access to work experience and formal training not only has an immediate positive impact on young workers to the benefit of their employers, but it also provides skills that benefit the community as a whole.
“It goes without saying that the removal of funding support will now seriously undermine this training effort.”
The other major concern is a steep cut to hourly funding rates, with rates for some qualifications reduced by as much as $9 per hour to only $1.50 and many reduced by around $3 per hour.
“These cuts will work against the training effort of industry at a time when Victoria needs more highly skilled workers to remain competitive,” Mr Stone says.
The cuts being introduced will also affect existing trainees and their training providers, both of whom will now have to adjust as existing funding levels will not be maintained. Fortunately, there was some good news in the announcements, with the regional loading for training providers to be increased in line with the recommendation made by VECCI at its recent Victoria Summit.
“The regional loading increase is good news for both employers and individuals as it will help support local delivery,” Mr Stone says.
“The funding increase for concession eligible students is also welcome. However, these positives do not outweigh the funding cuts, which will affect skills shortage areas such as community services, aged care, disability services, the services sector and retail."
VECCI calls on the Government to immediately meet with business stakeholders to discuss and review the announced funding cuts because of their adverse impact on both employers and trainees.
The Victorian Employers' Chamber of Commerce and Industry (VECCI) is the peak body for employers in Victoria, informing and servicing more than 15,000 members, customers and clients around the state.
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