Business News Releases

RBA Governor to appear before House Economics Committee

THE House of Representatives Standing Committee on Economics will hold a public hearing with the Governor of the Reserve Bank of Australia (RBA), Philip Lowe, on Friday, August 6, 2021. The RBA last appeared before the committee in February.

Committee Chair, Tim Wilson MP, said, "There have been few times when monetary policy has been more consequential for the Australian economy.

"The committee will be scrutinising the RBA’s measures in response to the COVID‑19 pandemic, particularly the move to implement quantitative easing, and how these measures will help the Australian economy recover.

"The decisions the RBA make have an impact on everyone. Cheap easy money is pushing up asset prices, causing skyrocketing housing costs.

"The dream of home ownership is rapidly moving further and further out of reach for many Australians. There needs to be scrutiny of the consequences of the RBA’s decisions." Mr Wilson said.

The committee will also be scrutinising the RBA’s response to the recent COVID outbreaks and lockdowns in Australia’s cities.

"The current outbreaks and lockdowns are hitting Australian households and businesses hard and threatening Australia’s economic recovery. The committee is interested in the RBA’s views on how these outbreaks will impact Australia’s economic recovery," Mr Wilson said.

Public hearing details

Committee: House of Representatives Economics Committee
Venue: Main Committee Room
Date:​Friday, 6 August 2021
Time: 9.30am to 12.30pm

Due to health and safety concerns relating to the COVID-19 pandemic, these hearings are not currently scheduled to be open for public attendance. The hearing will be broadcast live at aph.gov.au/live.

 

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Regional communities to benefit from resources-backed vaccination roll-out

QUEENSLAND resources companies are putting their hands up to help roll out Covid-19 vaccinations in regional communities once vaccine supplies increase to a sufficient level.

The Queensland Resources Council (QRC) has been working with the Queensland and Australian governments, OQVOC (Office of the Queensland Vaccine Operations Coordinator), Minerals Council of Australia (MCA) and the Australian Petroleum Production and Exploration Association (APPEA) to determine how members can help with transport, logistics, facilities and medical staff to fast-track a regional vaccination program.

QRC chief executive Ian Macfarlane said any regional vaccination program must offer Covid-19 vaccinations to people living in resources communities, and not just resources workers.

“The QRC said from the outset the resources sector will support government in any way we can to get people in regional areas vaccinated, whether they live in a regional area or work for a resources company,” he said.

“We’re all in this together, and we’ll get through this together.

“Our companies want everyone to be able to access vaccinations as soon as possible, whether it’s through local towns, vaccination hubs or on-site programs.”

Mr Macfarlane said the QRC had been gathering information from individual companies about how they could support the roll-out in practical terms once more vaccines become available.

“We will continue working with the State Government, Queensland Health’s Primary Health Networks and Hospitals, OQVOC, state-based vaccine delivery authorities and local councils to give regional Queenslanders faster access to vaccinations,” he said.

“Right through the Covid crisis, the health and safety of our employees and the regional communities in which we operate has always been our top priority.

“If we can go a step further to safeguard regional Queenslanders by supporting a regional vaccination roll-out, resources companies will do what they can to help out.”

 

About the QRC

The QRC is Queensland’s peak body for coal, metal and gas explorers, producers and suppliers across the resources sector. It contributes $1 in every $5 dollars to the state economy, supports one in six Queensland jobs, supports more than 15,000 businesses and contributes to more than 1,200 community organisations – all from 0.1 percent of Queensland’s land mass.

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Parliamentary committee calls for a new national strategy on homelessness

AUSTRALIAN GOVERNMENTS should work together to establish a 10-year national strategy on homelessness, according to a report of the House of Representatives Standing Committee on Social Policy and Legal Affairs released today.

In its report, the Committee makes 35 recommendations which propose a renewed approach to preventing and addressing homelessness in Australia.

The committee’s recommendations include a stronger focus on prevention and early intervention, wider adoption of the ‘Housing First’ principle — which would see housing made available to people who are homeless or at risk of homelessness as an immediate priority — and new approaches to increase investment in social and affordable housing.

The committee’s recommendations also include more crisis, emergency and transitional accommodation, improvements to data collection and reporting, and a new funding model to ensure that housing and homelessness services are provided to those most in need.

Chair of the committee, Andrew Wallace MP, highlighted that a coordinated national approach is needed to bring down the number of people who are experiencing or at risk of homelessness.

Mr Wallace said, "This week marks National Homelessness Week, which is a reminder that homelessness is all too common in Australia. Each night, tens of thousands of Australians are without a place to call home, while many others are at risk of becoming homeless. We know that the impacts of homelessness can be profound and long-lasting.

"While the states and territories are responsible for housing and homelessness, a clear and consistent message to the committee was that there is a need for a national approach. A national strategy would lead to better coordination, more accountability and a stronger focus on the policies that work—prevention and early intervention, providing housing as a priority, and encouraging more investment in social and affordable housing."

Mr Wallace said, "There is no quick fix to end homelessness in Australia, but the committee’s recommendations set out a way forward for all levels of government to work together, alongside community organisations and the private sector, to achieve a real reduction in the number of people who are homeless or at risk."

A full copy of the committee’s report can be found on the inquiry’s website.

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New governance forum paves way for implementing Tax Practitioners Board reforms 

THE independent review of the Tax Practitioners Board (TPB) and the Tax Agent Services Act 2009 (TASA) recommended a new governance forum to consult tax practitioners on significant legislative changes, including the Code of Professional Conduct. The Federal Government supported this recommendation in its response to the review.

To implement this recommendation, the Tax Practitioner Governance and Standards Forum (TPGSF) was recently established. The TPGSF is co-chaired by the TPB Chair and CPA Australia, and includes representatives from professional associations, the TPB, the Australian Taxation Office and the Professional Standards Council.

The TPB chair, Ian Klug said, "The establishment of this forum is an important step in implementing the various TPB and TASA reforms supported by the government.

"This forum is a new platform for the TPB to hear from practitioners and associations about the impact of new policy and standards upon their industry and we look forward to working with our co-chair and other members of the forum."

The TPGSF held its inaugural meeting on July 6, 2021.

Commenting on the inaugural meeting, co-chair Elinor Kasapidis from CPA Australia said, "The inaugural meeting went well with representatives expressing their keen interest to be involved early in the consultation phase of any legislative changes and implementation of administrative measures of the TASA and TPB reforms. The members also endorsed the TPGSF Charter and discussed the key priorities of the forum at this meeting."

A summary of key messages from this inaugural meeting is now available on the TPB website. 

 

About the Tax Practitioners Board

The Tax Practitioners Board regulates tax practitioners in order to protect consumers. The TPB aims to assure the community that tax practitioners meet appropriate standards of professional and ethical conduct. Twitter @TPB_gov_au, Facebook and LinkedIn

 

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Atlas Advisors Australia acquires a stake in Broadway Medical Centre

WEALTH manager Atlas Advisors Australia has taken a significant stake in a key health asset, Broadway Medical Centre at Ellenbrook, Western Australia.

Atlas Advisors Australia is a co-investor in ASX-listed Elanor Investors Group’s Elanor Healthcare Real Estate Fund which purchased the property 150 Coolamon Boulevard, growing the portfolio to more than $201 million.

It is the fifth acquisition since the fund was established in March 2020.

Atlas Advisors Australia is a major shareholder in Elanor’s Burke Street Health Care Real Estate class which is comprised of two fully occupied A-grade premises including the Princess Alexandra Hospital Burke Street Centre, in Brisbane, Queensland.

It also manages two other healthcare real estates in the Elanor Healthcare Real Estate Fund – a multi-tenanted medical office and day surgery at Spring Hill, Brisbane and multi-tenanted medical office and day surgery at Pacific Private, Southport, Gold Coast.

Executive chairman of Atlas Advisors Australia, Guy Hedley said Broadway Medical Centre was another high-quality commercial healthcare acquisition with secure tenancies in an important health district.

The 1596sqm building which houses the Broadway Medical Centre is fully leased with nine tenancies. Ellenbrook is about 30km north of Perth.

“Demand for private healthcare facilities including day and short-stay hospitals is increasing with more elective surgery shifting outside public hospital settings,” Mr Hedley said.

“Along with strong growth prospects, these assets also present further opportunities for expansion and development.”

Mr Hedley said healthcare was the at core of Atlas Advisors Australia commercial property interests.

“We are looking forward to further expanding into healthcare in partnership with expert fund managers Elanor Investors Group,” Mr Hedley said.

 

About Atlas Advisors Australia

Atlas Advisors Australia is a leading funds manager operating between China and Australia. With operations in Sydney and Melbourne in Australia and Hong Kong, Atlas is able to support investors in all China and Australia locations.

 

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