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House Economics Committee to hear from academic experts on common ownership and capital concentration

THEHouse of Representatives Standing Committee on Economics will hear from Australian and international experts and other key stakeholders about common ownership and capital concentration at a public hearing on Thursday, September 16, 2021.

Committee Chair Tim Wilson MP said, "This will be an opportunity for the committee to hear from some of the world’s foremost experts on this subject matter. The committee hopes to gain a deeper understanding of the issues at hand and how Australia’s experience compares internationally.

"Common ownership and capital concentration threatens competitive markets as Megafunds buy up the ASX and other assets, and they are gaining pace, this week we have seen a collaborative consortium seek to buy Sydney Airport and displace other investors.

"The committee will seek the views of experts on the extent that this issue undermines market competition in Australia and what measures government can take to mitigate any negative impact." Mr Wilson said.

"Our recent hearings with regulators confirmed they’re alive to the risk, and that there are serious concerns about when investors collude driving poorer returns for other investors and competitive markets to extract better returns for themselves, but not consumers," Mr Wilson said.

The full Terms of Reference for the inquiry into common ownership and capital concentration are available on the committee’s website.

Public hearing details

Date: Thursday, 16 September 2021
Time: 9am to 4.45pm

A program for the hearing is available on the committee’s website.

Due to health and safety concerns relating to the COVID-19 pandemic, this hearing is not currently scheduled to be open for public attendance. Interested members of the public will be able to view proceedings via the live webcast at aph.gov.au/live.

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Bylong community 'wins again' as coal mine appeal is dismissed 

THE NSW Court of Appeal today upheld the decision to refuse the Bylong Coal Project.

The decision comes two years after the NSW Independent Planning Commission (IPC) first rejected the 6.5 million-tonnes-per-year greenfield coal mine, calling the greenhouse gas emissions from the project ‘problematical’.  The Bylong Valley, near Mudgee in central western NSW, is known for its scenic beauty and fertile agricultural land.

Environmental Defenders Office (EDO) client, the Bylong Valley Protection Alliance (BVPA) has fought long and hard against the coal project proposal by Korean company KEPCO, opposing the plans before the IPC, the NSW Land and Environment Court and at last month’s hearing in the Court of Appeal.

KEPCO has been ordered to pay BVPA’s costs. 

EDO managing lawyer Rana Koroglu said, "This is the third time this destructive and climate-wrecking coal mine proposal has been defeated – first in the Independent Planning Commission, then in the Land and Environment Court, and now in the NSW Court of Appeal.  It’s time for the proponent KEPCO to walk away.

“The most recent Intergovernmental Panel on Climate Change (IPCC) report delivered a ‘code red’ for humanity on climate. It’s clear we cannot afford to develop more greenfield coal mines at a time when the world needs to rapidly reduce greenhouse gas emissions. The South Korean Government, a majority stake owner in KEPCO, has recently committed to increasing its emissions targets to a 40 percent reduction by 2030. 

“Our evidence before the IPC hearing was compelling and robust. We presented testimony from over a dozen expert witnesses and put the latest scientific evidence before the Commission.

"The IPC made its decision based on that evidence, finding that this coal mine is not in the public interest. Two subsequent appeals have thoroughly tested and supported the IPC’s decision to refuse the mine.

“We are delighted for our clients, the Bylong Valley Protection Alliance, who have once again successfully argued for the rejection of this mine and defended their beautiful valley."

Background

In September 2019, the NSW Independent Planning Commission found the Bylong Coal Project was contrary to the principles of ecologically sustainable development, cited impacts on groundwater, climate, agricultural land and aesthetic, scenic, heritage and natural values in its Statement of Reasons for the refusal.   

Acting for the Bylong Valley Protection Alliance, EDO lawyers had presented the Commission with expert evidence, including on the mine’s climate change impacts. In its Statement of Reasons, the Commission said the greenhouse gas aspects of the project were ‘problematical’. 

KEPCO applied for judicial review of the decision in December 2019.  While the IPC declined to defend its decision on the basis it may compromise its impartiality, in May 2020 the Bylong Valley Protection Alliance successfully applied to become a full party to the judicial review, represented by EDO.

The judicial review was heard in the NSW Land and Environment Court in August 2020 and in December 2020, KEPCO’s appeal was rejected.

A further appeal against the NSW Land and Environment Court decision was lodged by KEPCO in March 2021 and was heard by the NSW Court of Appeal on 25 August 2021. 

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Joint Select Committee on Road Safety to hold first public hearing for new inquiry

THE Joint Select Committee on Road Safety will hold a public hearing for its Inquiry into Road Safety on September 13, 2021. As this will be the first hearing for the inquiry, the committee will hear from Commonwealth agencies and research organisations about key issues facing the road safety sector, as well as about current and proposed initiatives to improve road safety outcomes.

Part of the committee’s mandate is to build on the work of the previous Joint Select Committee on Road Safety. The committee will therefore use this first hearing as an opportunity to discuss the implementation status of the previous committee’s recommendations, and to examine the progress that has been made towards improving road safety outcomes since the previous committee tabled its report in October 2020.

New Committee Chair, Darren Chester MP, said, "While we are focused on working together towards zero deaths and serious injuries on Australian roads by 2050, this inquiry will consider in particular practical steps that can be taken in the short to medium term to reduce trauma and deaths on our roads.

"This hearing will be an important first reference point for the committee, and an opportunity to examine the state of play in the road safety sector by hearing from Commonwealth agencies and research organisations about key issues and potential solutions’.

Public hearing details

Date: Monday, 13 September 2021

Time: 10am to 5pm
Witnesses: 

Department of Infrastructure, Transport, Regional Development and Cities

Office of Road Safety

Austroads

International Road Safety Assessment Programme (iRAP)

Centre for Automotive Safety Research, University of Adelaide

Australasian College of Road Safety

Accident Research Centre, Monash University

Transurban Road Safety Centre, Neuroscience Research Australia (NeuRA).

Due to health and safety concerns relating to the COVID-19 pandemic, the hearing will be held remotely via videoconference and will not be open for public attendance. However, interested members of the public will be able to view proceedings via the live webcast at aph.gov.au/live

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Campus action as report reveals university job devastation

UNIVERSITY staff will launch a week of action as a new report lays bare the devastation of COVID in tertiary education, with close to one in five staff losing their jobs in 2021.

The Centre for Future Work analysis, An Avoidable Catastrophe: Pandemic Job Losses in Higher Education and their Consequences, shows universities and the broader tertiary sector have lost more jobs in the last 12 months than any other non-agricultural sector in the economy.

In that period, over 40,000 tertiary education workers lost their jobs across the country. Over 60 percent of the jobs lost were held by women.

University job losses have been much worse this year than in the first year of the pandemic. An estimated 35,000 job losses were lost at public universities. More jobs disappeared  at TAFEs and other public vocational education institutions.

“This report details the wholesale job destruction at our nation’s universities and the future consequences of the Federal Government just letting this sector drift,” NTEU national president, Alison Barnes said.

“It is now incumbent on vice chancellors to step up and secure jobs and careers. The pandemic must not be an excuse for further casualisation and wage theft.

“The Federal Government must also finally play its part. A $3.75 billion support package would allow universities to recover those lost jobs. Compared to other Commonwealth expenses during the pandemic (including the $70 billion JobKeeper program, which arbitrarily excluded universities), this is a modest and necessary investment," Dr Barnes said.

“Every day I talk to early career academics in their 20s who rely on marking and tutoring work to supplement their PhD stipends so they can become the medical and engineering researchers of tomorrow. We are losing a generation of researchers and teachers. It’s an incredible brain drain.

“But worst of all, future students will miss out on a gold standard education system in which to thrive. That’s despite politicians telling us again and again that high-quality education and research is the most important human resource we have in this country.

‘How can Australian Universities drive a national economic recovery if they are being drained of expertise and talent?

“This report finds job losses are getting worse, not better, as we go further into the epidemic," Dr Barnes said.

“People forget universities were deliberately excluded from last year’s JobKeeper package – so this year’s layoffs are like getting kicked when you’re down."

Around the country tertiary education staff will be meeting and organising their response to the national crisis in education. Find out more here.

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Qld, NSW lead charge on $1.9b carbon farming contracts to reduce emissions

QUEENSLAND and NSW are the major beneficiaries of $1.9 billion of land sector emissions reduction contracted by the Federal Government as the carbon farming industry seeks to play a greater role in growing jobs and investment while assisting the transition to net-zero emissions, said the Carbon Market Institute (CMI) today.

There are signs corporate demand to purchase emissions reduction may be increasing to fund compliance and carbon offsetting needs. But since the repeal of the carbon pricing mechanism in 2014, the Commonwealth has been the dominant purchaser through the Emission Reduction Fund (ERF).

CMI has analysed Clean Energy Regulator data of the ERF’s contracted abatement in the land sector, otherwise known as carbon farming. It found there are 392 single-state carbon farming projects across Australia* contracted to generate at least $1.9 billion over 16 years.

Projects include activities protecting or regenerating native forests, managing bushfires in Australia’s savanna to avoid late season high intensity burns, capturing and destroying the methane from effluent waste at piggeries and building soil carbon through changed farming practices.

Queensland is leading the charge with 129 projects worth $794.9 million, and NSW is right behind with 159 projects worth $728.7 million.

The findings come as Australia’s carbon farming industry prepares to discuss plans to urgently scale-up jobs and investment, while maintaining integrity, at the CMI's 5th annual Carbon Farming Industry Forum today September 10 and next Friday September 17.

CMI CEO John Connor said, “Carbon farming is a vital new agricultural opportunity to help Australia achieve net-zero emissions before 2050, it is adding extra commodity revenue streams for farmers and assisting international market access for agricultural and other export industries.

“Since the repeal of the carbon pricing mechanism, the ERF has ensured the survival of this fledgling industry with Queensland and NSW being the major beneficiaries followed by Western Australia. Other states are moving to develop carbon farming sectors. 

“While the ERF has been the major driver of carbon farming in the last half decade, the 2020s will likely see the expansion of voluntary and compliance corporate activity. Carbon farming needs to grow alongside decarbonisation initiatives to achieve urgent emission reductions and it needs to do so with high integrity and transparency.

“These will be the issues focused on today at the first day of the 5th Carbon Farming Industry Forum. Next Friday’s sessions will focus on carbon farming’s additional social and environmental benefits, as well as the importance to agriculture of carbon as a revenue stream and as a means of assisting to demonstrate the sustainability of agricultural products to export and domestic markets."    

GreenCollar chief commercial officer Dave Moore said, “Carbon farming projects not only have economic benefits, but also environmental and social impacts.

“We’ve got a really good opportunity in Australia given our landmass and our mature offset scheme, that we can drive quite significant investment into regional communities with job creation, training opportunities and farming infrastructure investment. 

“There’s also a good opportunity to bring Traditional Owners and local communities much more fairly into the centre of conversations around projects -- listening to them and taking on board what they want to see in these projects.”

 

Land-based project by State (excludes multi-state projects)

State

Number of Projects Contracted

% Total

Tasmania

3

1%

South Australia

7

2%

Victoria

13

3%

Northern Territory

16

4%

Western Australia

65

17%

Queensland

129

33%

New South Wales

159

41%

Grand Total

392

100%

 

Value of land-based projects by State (excludes multi-state projects)

State

$ carbon revenue

% Total

ACT

$                                       -  

0%

Tasmania

$                          13,283,720

1%

Victoria

$                          27,817,746

1%

Northern Territory

$                         31,912,125

2%

South Australia

$                        121,510,195

6%

Western Australia

$                        184,468,472

10%

New South Wales

$                        728,783,319

38%

Queensland

$                        794,978,491

42%

Total

$                     1,902,754,068

100%

 

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