THE Parliament’s Intelligence and Security Committee will hold its fourth public hearing tomorrow as part of its Review of the Security Legislation Amendment (Critical Infrastructure) Bill 2020 and Statutory Review of the Security of Critical Infrastructure Act 2018.

The committee will hear from the Department of Home Affairs and the Australian Signals Directorate (ASD) at a recall hearing to address evidence presented by industry and subject matter experts from previous hearings and in further submissions received to the inquiry.

Senator James Paterson, Chair of the committee, said, "The committee has heard from a wide range of independent experts and entities proposed for regulation by the Bill and the existing regime.

“The committee has heard important evidence, not just on how these laws may impact critical infrastructure service providers and their customers, but also on the scale of the cyber threat from both criminal and state actors.

“Committee members will seek the feedback of the Department and ASD to that evidence to assist us in formulating our report and recommendations.”

Further information on the inquiry can be obtained from the Committee’s website.

Public Hearing Details

Thursday, 29 July 2021
2pm – 5pm (AEST)
Committee Room 2R1, Parliament House, Canberra and via videoconference

A program for the hearing is available on the Committee’s website and the hearing will be broadcast live at aph.gov.au/live.

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THE Australian Small Business and Family Enterprise Ombudsman Bruce Billson has urged the Federal Government and regulators to consider the reactivation of temporary insolvency protections, to support small and family businesses doing it tough in lockdown.

Mr Billson said the re-introduction of measures, such as the extension to existing safe harbour provisions, would provide temporary additional protections for small and family businesses that may be trading insolvent due to lockdown trading restrictions.

“Small businesses aren’t like a light that can be switched on and off,” Mr Billson said.

“With full respect for the need for public health orders, lockdowns do have a significant and immediate impact on small and family businesses and a cumulative effect when those businesses have endured multiple lockdowns. 

“Many have far less cash in reserve, having eaten into savings to get through previous lockdowns.

“CreditorWatch has released data revealing a 75 percent increase in businesses entering administration in the last week of June, and that trend is widely expected to continue with payment times stretching out.

“Bringing back temporary protections that were in place last year, would be a sensible and appropriate policy measure, particularly for those small and family businesses impacted by recurring and protracted lockdowns in Melbourne and Sydney," he said.

“Insolvency protections introduced temporarily last year worked to reduce the threat of creditors taking action against a small business impacted by trading restrictions and offered temporary relief for directors from any personal liability for trading while insolvent.

“Crucially its measures like this that give otherwise viable small businesses more time to recover or turnaround, preventing a wave of unnecessary insolvencies. By giving a small company breathing space to restructure, you also help mitigate the risk of small business creditors getting swept up in the domino effect of insolvencies.”

In the meantime, My Billson is encouraging small businesses experiencing financial hardship to sit down with their trusted, accredited financial adviser for a viability assessment.

“We know the sooner a small business owner experiencing financial stress reaches out to an accredited professional such as their bookkeeper or accountant, the better the outcome,” Mr Billson said.

“Without the right professional advice, cash flow issues, compounded by falling revenue can prove devastating for the business owner, staff and their families.

“Now is the time to get expert, tailored advice on the state of your business so you can make an informed decision about the future.” 

www.asbfeo.gov.au

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THE Queensland Resources Council (QRC) today welcomed the State Government’s decision to approve an $82 million extension to the Isaac Plains metallurgical coal mine near Moranbah, calling it a huge vote of confidence in Queensland’s high quality coking coal industry.

QRC chief executive Ian Macfarlane said metallurgical coal prices were currently at record highs due to a surge in world steel production.

According to the latest Resources and Energy Quarterly report, the value of Australian metallurgical coal exports is forecast to reach almost $32 billion by 2022-23.

Volume-wise, exports of metallurgical coal are expected to increase from 171 million tonnes to 186 million tonnes by 2022-23 due to increased demand from rapidly modernising South-East Asian economies.

Mr Macfarlane said mine owner Stanmore Resources’ plans to expand output from its Isaac Plains complex was great news for every Queenslander, with its new open cut mine project expected to contribute $200 million in royalties to the state budget over its 10-year life span.

“Mining royalties help pay for the essential government services that every Queenslander needs and benefits from,” he said.

“That’s why it’s been so essential for the resources sector to keep working, earning and employing its way through the Covid-19 pandemic, because so many jobs and businesses rely on resources companies for their income.

“We take this responsibility very seriously, which is why our companies have gone above and beyond to follow Queensland Health protocols so we can continue to keep our workforce and the communities in which they live and work safe.”

Mr Macfarlane said the injection of 250 new construction jobs at Isaac Plains, plus ongoing work for 300 workers currently employed at the site and new supply chain opportunities, will stimulate growth in Central Queensland, which will flow through to the state economy.

www.qrc.org.au

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HESTA scored the highest customer satisfaction rating among industry and retail funds, according to independent research agency Roy Morgan’s latest Superannuation Satisfaction Report. 

Measuring customer satisfaction ratings for the six months from January to June 2021, the report found HESTA (Health Employees Superannuation Trust Australia) was the leading major superannuation fund as satisfaction reached record levels during the reporting period.

“Our focus on putting members first in everything we do sees us continually look to improve the experience our members have with us and drives innovation in how we support members to have a better financial future,” HESTA chief experience officer Lisa Samuels said.

Ms Samuels said the focus on delivering outstanding investment performance, while also having a positive impact, has helped contribute to strong member satisfaction levels.

“Our members consistently tell us that they want us to be a gutsy advocate on the issues that impact them and their financial futures,” Ms Samuels said.

“We know issues like gender discrimination and climate change are risks that can affect the long-term performance of companies our members are invested in. That’s why our focus on global leadership in responsible investment sees us continue to find new ways to deliver strong, sustainable investment performance for members.”

HESTA’s Sustainable Growth option was last week named the country’s top performing balanced option for the year, leading across one, three, five, seven, 10 and 15-year timeframes^*, according to third party ratings agency, SuperRatings’ latest Fund Crediting Rate Survey.

The Sustainable Growth investment option achieved a stellar 23.03 percent return for the FY20/21 financial year and delivered 11.28 percent a year over a rolling 10-year period to 30 June 2021^#. It was also the leading option across 1, 3, 5, 7, 10, 15 and 20-year time periods, compared with other dedicated sustainable investment options^{^}.

The MySuper authorised option, Balanced Growth, also achieving a record 19.03 percent return for the financial year and 8.87 percent a year over 10 years ^#. According to SuperRatings, Balanced Growth achieved top quartile performance versus other balanced options over three, five, seven, 10 and 20-year time periods^*.

“Our members know they can have a positive impact through their super while also benefitting from leading investment performance to help them achieve a more secure financial future and a better world to retire into,” Ms Samuels said.

About HESTA

HESTA is the largest superannuation fund dedicated to Australia’s health and community services sector. An industry fund, HESTA has over 880,000 members and manages more than $62 billion in assets. As a responsible steward of their members’ retirement savings, HESTA focuses on achieving strong, sustainable, long-term returns while making a positive difference to the world members will retire into.

 References

^ SuperRatings Sustainable Fund Crediting Survey June 2021
* SuperRatings Fund Crediting Survey June 2021, Balanced (60-76)

^#Past performance is not a reliable indicator of future performance. Investment returns for HESTA Retirement Income Stream are different to those presented in this Media Release refer to www.hesta.com.au for further details of investment performance for all investment options.