Skip to main content

Business News Releases

Expansion of the National Sea Simulator in Townsville

AT A PUBLIC hearing on Friday August 27, the Parliamentary Standing Committee on Public Works will scrutinise a $27.49 million proposal from the Australian Institute of Marine Science to expand its National Sea Simulator to support research for protecting the Great Barrier Reef.

The inquiry into the Australian Institute of Marine Science, Expansion of the National Sea Simulator will examine the need and cost effectiveness of the proposed expansion, and explore how the expanded SeaSim capacity will directly support significant research under the Reef 2050 Long-Term Sustainability Plan and the Great Barrier Reef Restoration and Adaptation Program.

Public hearing details

Date: Friday, 27 August 2021
Time: 11am to 12pm (AEST)
Location: via teleconference

The hearing will be broadcast live at aph.gov.au/live

The Parliamentary Standing Committee on Public Works is not involved in the tendering process, awarding of contracts or details of the proposed works. Inquiries on these matters should be addressed to the relevant Commonwealth entities.

ends

  • Created on .

Committee recommends foreign intelligence legislation amendments

THE Parliamentary Joint Committee on Intelligence and Security (PJCIS) has concluded a review into the Foreign Intelligence Legislation Amendment Bill 2021 and recommends its passage with amendments.

The PJCIS made three recommendations in relation to the Bill, including to improve oversight and accountability of foreign intelligence gathering.

The proposed legislation addresses unintended gaps in Australia’s foreign intelligence collection. The Bill will restore intelligence agencies’ ability to collect intelligence about foreign threats to Australia in line with the original intent of the Parliament which has been impacted by technological change.

The Bill also responds to a recommendation in the comprehensive review of intelligence by Dennis Richardson to close a gap in Australia’s foreign intelligence collection framework which permits collection on Australians acting on behalf of foreign powers while they are offshore but not onshore.

Chair of the Committee, Senator James Paterson said, "The capability to gather foreign intelligence is a key component of the Australian Government’s ability to protect Australians and safeguard our national interest. It is vital we ensure it remains operationally effective in the modern era."

Further information on the inquiry as well as a copy of the report can be obtained from the Committee’s website.

ends

  • Created on .

Third public hearing for dispatchable energy inquiry

PROFESSOR of engineering at the Australian National University (ANU), Andrew Blakers, will appear at Wednesday’s third public hearing for the House of Representatives Standing Committee on the Environment and Energy’s inquiry into the current circumstances, and the future need and potential, for dispatchable energy generation and storage capability in Australia.

Committee Chair Ted O’Brien MP said, "This public hearing is an opportunity for the committee to hear more about the requirements to balance an electricity market comprising more and more renewables, including through long-distance transmission, demand management, legacy generation sources and storage options.

Professor Blakers has significant expertise in energy matters. We are looking forward to discussing his research and his views on the future prospects and prerequisites for dispatchable energy in Australia," Mr O’Brien said.

Public hearing details

Date: Wednesday, 25 August 2021
Time: 10.15am to 11am
Location: via videoconference

Due to Covid-19 restrictions, committee proceedings held in Parliament House are not currently open to the public. The hearing will be broadcast live at aph.gov.au/live.

 

ends

  • Created on .

Policy, regulation, infrastructure and exports: Key issues for Australia's aquaculture industry

ISSUES such as country of origin labelling, regional infrastructure and regulatory pathways in aquaculture will be considered by the House Agriculture and Water Resources Committee at an upcoming public hearing.

The committee will hear from Seafood Industry Australia, the national peak body representing the Australian seafood industry, as part of its current inquiry into Australia’s aquaculture sector. The organisation will be appearing via videoconference.

Committee Chair, Rick Wilson MP, said Seafood Industry Australia represents a wide range of stakeholders in aquaculture throughout Australia and offers perspectives from across the industry on a broad range of topics such as policy, regulation, workforce, infrastructure and export market growth.

"While the committee has heard that there are many region-specific issues to be considered in this inquiry, it is valuable to understand how these are reflected on a national scale," Mr Wilson said.

For further information, visit the inquiry website.


Public hearing details

Date: Thursday, 26 August 2021
Time: 10.10am to 10:50am AEST

A live audio stream of the hearing will be accessible at: www.aph.gov.au/live.

 

ends

  • Created on .

Employee share schemes: Supporting new businesses, innovation and start-ups

THE House of Representatives Standing Committee on Tax and Revenue has today presented its report titled Owning a Share of Your Work: Tax Treatment of Employee Share Schemes.

Employee share schemes are a means by which an employer can offer an employee shares or options in relation to their employment. In its report, the committee makes 18 recommendations to support the uptake and use of employee share schemes in Australia.

The committee’s overarching recommendation is that employee share schemes be treated as capital for the purposes of taxation, and that a tax liability would arise on the disposal of the assets granted, using the current capital gains tax regime.

The committee’s recommendations also include regulatory relief to reduce disclosure requirements in certain situations, enhanced collection and sharing of data relating to employee share schemes, a public awareness program, and an investigation by the Productivity Commission to identify how Australia’s existing arrangements in this space can be improved.

The Committee’s recommendations also include proposed amendments to the Tax and Superannuation Laws Amendment Employee Share Schemes) Act 2015 and the Income Tax Assessment Act 1997, to simplify the complicated and restrictive current tax arrangements for employee share schemes, and support more individuals to access tax concessions for employee share schemes.

Committee chair, Jason Falinski MP, advocated for policy changes in this space.

"Employee share schemes matter because they support new businesses, innovation and start-ups, which are the engine of higher productivity in our country," Mr Falinski said.

"Higher productivity leads to sustainably higher wages, better products and services, greater competition and more choice. All these outcomes directly impact on the quality of life that hard working Australians enjoy. Productivity is what makes life better, more affordable and easier."

A full copy of the committee’s report can be found on the inquiry’s website: https://www.aph.gov.au/Parliamentary_Business/Committees/House/Tax_and_Revenue/EmployeeShareSchemes

ends

  • Created on .