THE Joint Standing Committee on Treaties has recommended the Australian Government ratifies the Australia-India Economic Cooperation and Trade Agreement (AI-ECTA). This comes shortly after the committee recommended ratification of the free trade agreement with the United Kingdom.
Committee Chair, Josh Wilson MP said, “This ‘early harvest’ agreement with India paves the way for further trade, market access, investment and regulation that requires global cooperation. The AI-ECTA also ensures that Australia will not be excluded from improved trade and market access which may arise from agreements India subsequently negotiates with other nations.
“As an interim agreement however, the AI-ECTA is not as comprehensive in its scope and coverage as other trade agreements and under-achieves in areas of potential and immediate interest to Australia such as wine.
“As Australia moves towards a Comprehensive Economic Cooperation Agreement, the committee has noted the importance of improved tariff reductions, greater access to services, and on broader matters like intellectual property, cultural heritage, the environment, and labour rights.”
The committee also took the opportunity in this report to express concerns regarding the extent and quality of consultation, transparency of negotiations, and lack of independent modelling and analysis of trade agreements.
In doing so, the committee again recommended the Australian Government implements the recommendations made in Report 193: Strengthening the Trade Agreement and Treaty-Making Process in Australia.
The report can be found on the Committee website, along with further information on the inquiry.
BUSINESSES and communities can now have their say in shaping SafeWork NSW’s new strategy to enhance health and safety measures for workers across the State.
Head of SafeWork NSW, Natasha Mann said the NSW Government wanted to hear from workers, employers and business stakeholders to help inform the Towards Healthy Work Plan due to be launched in late 2023.
“Prevention of workplace incidents has mainly focused on identifying physical hazards in the workplace but research shows health and safety can be improved further when work is designed to be physically and psychologically healthy and workers are engaged in the way work is done,” Ms Mann said.
“SafeWork NSW is encouraging the business community to review our principles of ‘Healthy Work’ and to contribute to ideas, stories and examples of work practices that are healthy.
“Recent amendments to the WHS regulations have introduced specific obligations to consider employees’ psychological health when designing systems at work. SafeWork NSW now wants to encourage an integrated approach towards healthy work in their plan," mS mANN SAID.
“During the consultation period, we want your input, including examples of how healthy work is good for business, how leadership is fundamental to creating healthy work, and the ways in which healthy work can positively influence lives.
“This ‘have your say’ proposes to strengthen an already robust work health and safety framework and ensure clarity and consistency across various industries.
“We want all stakeholders to have an opportunity to provide feedback and to share examples of what they look for in a healthy workplace," she said.
“This work builds on SafeWork’s commitment to improving work health and safety by ensuring businesses meet their compliance obligations, and are supported to achieve healthy, safe and productive workplaces.”
ALIBABA Group has launched its annual 11.11 Global Shopping Festival, focusing on developing loyalty and growth for brands and sustainable consumption. This year there are 17 million products available, and more than 290,000 brands participating.
Thousands of Australian and New Zealand brands are participating in the event in its 14th year, including EZZ Life Sciences, Blackmores and Swisse, and utilising Alibaba's new Mini stores Koala Eco and Maxi Block, and new to China brands Slendier and Schibello Coffee.
The Festival presents one of the most powerful drivers of growth for Australian businesses, and local brands are expecting to capture new opportunities this year.
“With Alibaba’s more than one billion consumers in China, the annual 11.11 Global Shopping Festival is a fantastic opportunity for Australian businesses to build their awareness and sales in the China market and to innovate with new products and marketing ideas. We continue to provide our merchants with innovative technologies and enriching tools to drive brand loyalty and business growth,” said Pier Smulders, general manager for Australia and New Zealand at Alibaba Group.
“Now that 11.11 is in its 14th year, it is crucial for us to focus on building values beyond discounted deals," Mr Smulders said. "Alongside supporting our merchants to cultivate high-value customers, we are also building a greener 11.11 community and helping brands and consumers make more sustainable choices."
Alibaba’s ecosystem-wide premium loyalty membership programme 88VIP has over 25 million members with annual average spending of more than RMB57,000 which reflects the high-quality consumer base with strong purchasing intent on its platforms.
This year, Alibaba is equipping merchants with tools and solutions to grow their brand loyalty membership programmes and unveil new products, among other initiatives, to help them succeed during and beyond 11.11. To date, more than 40 brands on Tmall have loyalty membership programmes that surpassed ten million members and 600 brands have loyalty membership programmes with over one million members.
Promising performances from the First Check-out Window
The festival this year consists of two check-out windows. The first window began in the evening of October 31 and ended on November 3, while the second window started yesterday at 8pm and will end at midnight today (all China time). In the first hour of the first check-out window, 102 brands recorded more than RMB100 million in gross merchandise value (GMV) on Alibaba platforms. More than 40 percent were international brands.
Livestreaming continues to be an effective channel for consumer engagement. In the first hour of the first check-out window, the number of views recorded by Taobao Live increased by 600 percent compared with the first hour of the first purchasing period last year. Users on the livestreaming e-commerce platform can watch videos and buy items instantly with a product display feature at the bottom of the screen.
There are early successes on brands from Tmall Global. During the first sales window, 750 international brands on Tmall Global achieved more than 100 percdent in GMV growth compared with the first sales window last year. Among international brands on Tmall Global that are new to the China market, 300 brands surpassed RMB1 million in GMV and 20 brands surpassed RMB10 million in GMV. Tmall Global is the leading cross-border platform that allows brands and retailers to access Chinese consumers without the need for a physical presence in China.
A greener 11.11 community
This year sees more initiatives aimed at building a greener 11.11 community. In accordance with newly released guidelines for low-carbon products by Alibaba Group. At this year’s 11.11, Tmall has ramped up efforts to label low-carbon products covering extended shopping categories such as apparel, food and cosmetics apart from energy-efficient electronic goods to drive sustainable consumption.
Tmall together with Alibaba Cloud, the digital technology and intelligence backbone of Alibaba Group, have leveraged the cloud unit’s carbon management platform Energy Expert to provide online carbon footprint modelling, calculating and certification for the brands participating in our green initiatives to identify low-carbon products and conduct informed sustainability practices.
About the 11.11 Global Shopping Festival
The 11.11 Global Shopping Festival began in 2009 with participation from just 27 merchants as an event for merchants and consumers to raise awareness about the value of online shopping. For the latest news and updates on the 2022 11.11 Global Shopping Festival, visit https://www.alizila.com/
THE PARLIAMENTARY Joint Standing Committee on Treaties has recommended the Australian Government ratifies the Free Trade Agreement between Australia and the United Kingdom of Great Britain and Northern Ireland (AUKFTA).
Committee Chair Josh Wilson MP said, “The AUKFTA reflects the longstanding importance, quality, and depth of the political, cultural, and economic relationship between Australia and the United Kingdom while looking to set a framework for future trade and cooperation.
“The AUKFTA would contribute to diversifying Australia’s trade and addresses both traditional free trade agreement concerns while incorporating a range of wider social and economic principles. At the same time, the AUKFTA preserves policy and regulatory space for Parties in rapidly evolving sectors such as digital trade and financial services”, Mr Wilson said.
The committee agreed the liberalisation outcomes appeared balanced and while noting there remained some barriers to trade in goods, it was recognised that on entry into force 99 percent of Australian goods exports by value would enter into the UK without tariffs. They also saw the liberalisation of the rules for services and investment as having the potential to open new markets for Australian service suppliers.
The committee did however, express ongoing concern regarding the lack of independent economic impact analysis, and the substance and quality of consultation.
As such, the committee also recommended the Australian Government implement the recommendations of its previously made Report 193: Strengthening the Trade Agreement and Treaty-Making Process in Australia.
The report can be found on the Committee website, along with further information on the inquiry.
THE Banking Code Compliance Committee (BCCC) has highlighted its first independent review and the work it has undertaken to implement the recommendations in its 2021-22 Annual Report.
In response to the review, the BCCC said it was improving its approach to operate more efficiently "while maintaining a high quality, trusted program of compliance monitoring".
'We were pleased with the consultative approach of the review and the comprehensive report that followed,’ BCCC chair, Ian Govey AM said.
"The report showed that the BCCC plays a critical role in promoting compliance with the Code and we are working hard on implementing the recommendations it made."
In its annual report, the BCCC noted the significant progress it had made on several recommendations. In particular, it emphasised how it had revitalised its Small Business and Agribusiness Advisory Panel.
"Breathing new life into the Small Business and Agribusiness Advisory Panel is an important step," Mr Govey said.
"The expert insight and advice we get from this panel is vital and we already see the value in its renewed form."
The annual report also made note of the need for banks to reduce breaches of the Code, and the BCCC expected improvements in the next 12 months.
For three consecutive reporting periods, July 2020 to December 2021, banks reported about 20,000 breaches, resulting in an overall increase of nearly 20 percent.
"A rise in Code breaches suggests that banks can still improve their systems and processes to comply with obligations," Mr Govey said.
"Although we have had changes in the regulatory environment in the past 18 months, banks have had sufficient time to consider the implications and ensure appropriate systems and processes are put in place.
"We expect to see better results in the coming 12 months."
The BCCC’s inquiry into inclusivity, accessibility and vulnerability was also a feature of the Annual Report, and it points to more work with banks in this area.
It showcases the findings of the inquiry, reiterating banks are in a prime position to identify customers at risk of poor outcomes and should ensure their systems and processes allow fair outcomes for all customers.
It states that the BCCC will follow up with banks in 2022-23 to see the action they took to address the inquiry’s findings and recommendations.
"This follow-up work is crucial," Mr Govey said. "To see the true effect of the inquiry, and whether it has led to improvements, we need to follow up with banks and examine their responses.
"The next financial year will reveal the extent to which banks implemented the recommendations. We expect to see some good results."
For the first time, the BCCC consulted stakeholders on its work program. The consultation focused on issues of the greatest risk of consumer harm, and the responses contributed to the development of the BCCC’s priority areas for the year ahead.
About the BCCC
The Banking Code Compliance Committee (BCCC) monitors adherence to the Banking Code of Practice. The BCCC’s purpose is to monitor and drive best practice Code compliance. To do this, the BCCC:
examines banks’ practices * identifies current and emerging industry wide problems * recommends improvements to bank practices * sanctions banks for serious compliance failures, and * consults and keeps stakeholders and the public informed.
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