A NEW REPORT FROM the Australian Energy Market Operator (AEMO) forecasts there will be no gas shortfall in the coming years, putting another major dent in the Federal Government’s plans to support new gas projects.

The Gas Statement of Opportunities suggests that the Port Kembla import terminal will ease supply concerns, and highlights how measures such as electrification of homes and businesses are further reducing gas demand. It comes after AEMO found Australia does not need any new gas. 

“The Morrison Government’s ‘gas-fired recovery’ fantasy is just that, an expensive, dangerous, and unnecessary fantasy,” Climate Council senior researcher, Tim Baxter said.

“There will be no shortfall, and in the electricity sector, gas is already being out-competed by clean, affordable renewable energy. In the next few years, electrification and efficiency will also lead to a decline in gas use in other areas such as manufacturing and industry,” Mr Baxter said.

A recent Climate Council analysis found that gas generation in Australia’s largest electricity grid fell by 19 percent in 2020 while solar and wind had a record year despite the COVID-19 pandemic.

“Gas is a fossil fuel driving climate change. We’ve just been hit with devastating floods, which is the latest in a line of extreme weather events exacerbated by climate change. We’ve also experienced record drought, the Black Summer bushfires and scorching heatwaves,” Mr Baxter said. 

“Gas is also driving up power prices, and prices for our manufacturing industries. It has no role to play in our economic recovery.

“As the sunniest and one of the windiest places on the planet, Australia should be cashing in on its renewable advantage, and in doing so, rapidly reducing greenhouse gas emissions. It’s a win-win,” he said. 

About the Climate Council

The Climate Council is Australia’s community-funded climate change communications organisation. It provides authoritative, expert and evidence-based advice on climate change to journalists, policymakers, and the wider Australian community. www.climatecouncil.org.au  Social media: facebook.com/climatecouncil and twitter.com/climatecouncil

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THE military coup in Myanmar, and the escalating violence and rising death toll, are of growing concern to Australia, according to the Federal Government.

As a longstanding supporter of Myanmar’s democratic transition, recent developments are deeply troubling, both for Myanmar’s people and for the region more broadly.

The Foreign Affairs and Aid Subcommittee of the Joint Standing Committee on Foreign Affairs and Trade intends to hold a public hearing on Tuesday April 13 in Canberra to examine recent developments in Myanmar in greater depth, and to "hear from concerned sectors of Australian society about the troubling direction Myanmar has taken in recent weeks".

“The evolving situation in Myanmar is of acute concern to a large number of Australians,” according to chair of the subcommittee Dave Sharma MP.

“The pathway ahead remains fluid and uncertain, and we are keen to hear from experts and community organisations in Australia about how Australia can support a return to democratic rule in Myanmar as soon as possible, and the protection of fundamental human rights.”

Deputy Chair Julian Hill MP said, “The situation is heartbreaking. Over 250 people have died in the escalating violence, and Australia must also provide support to diaspora communities living here who are desperately worried about family and friends. 

“Australia needs to work with like-minded countries in our region to send a strong message that the violence must stop, and democracy must be returned quickly. The subcommittee’s inquiry and focus on Myanmar is a fully bipartisan endeavour.”

The subcommittee said it looked forward to hearing evidence from government departments, diaspora groups, thinktanks and human rights organisations on these issues.

Arrangements for the hearing:

People who want to participate in the hearing are asked to get in touch as soon as possible before 6 April. A short email (up to 150 words) is the best method, describing your interest or views on any of the below points.

1. Why did the military coup in Myanmar occur?
2. How long is military rule in Myanmar likely to last?
3. What have been the regional reactions to the coup in Myanmar?
4. What are the implications for Australians in Myanmar?
5. What are the implications for Australians doing business in Myanmar?
6. What is the impact on bilateral cooperation, such as military, human rights and international development support?
7. What can or should Australia do to support the return to stability and democracy?

The committee will review the expressions of interest, and prepare a program which can best accommodate all views in the limited time available. The final program will include more details including start and finish times for the hearing.

More detailed written submissions responses to the questions or longer submissions are also welcome, but detailed responses are not needed in order to join the discussions.

One hearing is planned so far, although there may be opportunities for future engagement.

The hearing will be broadcast live, and a transcript will be published afterwards. Those who want involvement to be confidential, should let the committee know and it will make sure those views can be included.

Arrangements can be made for limited numbers to join the meeting in person (COVID-restrictions apply in Parliament House), or by teleconference.

More details on arrangements for the hearing will continue to be available from the committee’s website when they are finalised.

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INVESTMENT manager Atlas Advisors Australia is calling for better use of migrant investment to fill critical gaps in Australian venture capital and industry.

The proposal is part of a submission to the Department of Home Affairs Discussion Paper on the Complying Investment Framework (CIF) for the Business Innovation and Investment Program (BIIP).

Executive chairman of Atlas Advisors Australia, Guy Hedley said early/seed-stage venture capital had taken a heavy and serious hit in recent years. 

Statistics reveal a 45 percent decline in the number of early-stage deals in Australia.

“This has dire ramifications for the medium and longer-term health of Australia’s economy, future jobs and industry growth,” Mr Hedley said.

“It also affects our global competitiveness when it comes to patents and intellectual property.”

Mr Hedley said the Significant Investor Visa program should be used to plug holes in critically needed venture capital funds.

The Significant Investor Visa currently directs more funds towards well-developed markets such as emerging listed companies, property and bonds, than it does to venture capital. This is despite venture capital funding better stimulating the growth of the economy because of the shortages in seed-stage venture capital start-up funding.

Mr Hedley said the allocation towards venture capital should be increased from 10 percent to 20 percent, while the mandatory investment period should be extended from four years to five years.

“Increasing the allocation to venture capital would provide more for early-stage and seed investment deals,” Mr Hedley said.

“This would materially increase jobs, wealth, industry and patent creation – making it a far better deal for Australia.”

Chief executive officer of Uniseed, Australia’s longest running university venture fund, Peter Devine said the Business Innovation and Investment Program was integral to supporting the commercialisation and translation of university research in recent years.

Dr Devine said since starting in late 2000, Uniseed had seeded and supported 57 start-ups borne out of Australian research organisations. These now employed well over 600 people.

Uniseed first partnered with Atlas Advisors Australia in 2018, and later through Stoic Venture Capital. They co-invested in 17 early-stage companies originating from Australian research organisations in drug development, medical devices, agricultural robotics and other technologies, and these companies have gone on to raise more than $300 million in investment and grant funding.

Dr Devine said funds allocated to venture capital from the Business Innovation and Investment Program had a huge impact, providing early-seed funding for university spin-off companies, and with funds participating in subsequent funding rounds, this had assisted in raising funds from other investors in later rounds.

Increasing the allocation towards venture capital under the Business Innovation and Investment Program could fill gaps in desperately needed funding for universities to commercialise more vital research.

It also accords with the Australian Government’s objective to increase the commercialisation of university research using a new model to be introduced by the end of the year.

“Despite record venture capital raisings in 2020, nearly all venture capital funds operating in Australia do not invest in technologies at seed-stage in research organisations,” Dr Devine said.

“At the time of invention and subsequent patenting, nearly all technologies are too early to interest external companies or most investors.

“These technologies require additional seed funding to get to a stage where “they become investible” so other investors are interested, colloquially known as getting across the ‘valley of death’.”

Statistics

These statistics show that the number of early-stage funding deals in Australia has declined significantly from around:

• · $320 million in 2016-17
• · $270 million 2017-18
• · $120 million in 2018-19

About Atlas Advisors Australia

Atlas Advisors Australia is a leading funds manager and investment advisory business, operating between China and Australia offering a wide range of financial services and wealth management solutions. With operations in Sydney, Melbourne in Australia and Hong Kong SAR and Shanghai in China, Atlas is able to support investors in all China and Australia locations. Atlas Advisors Australia AFOF is the major limited partner in Stoic Venture Capital. www.atlasadvisors.com.au

About Uniseed

Formed in 2000, Uniseed is Australia’s longest running university commercialisation fund. Uniseed has supported a number of highly successful companies arising from partner research organisations, such as the University of Melbourne’s Fibrotech (sold to Shire in 2014) and Hatchtech (sold to Dr Reddy’s Laboratories in 2015); the University of Queensland’s Spinifex (sold to Novartis in 2015); and the University of NSW’s Smart Sparrow (sold to Pearson in 2019) and Exonate (major research collaboration with J&J announced in 2020).  Uniseed is a mutual fund, owned by research organisations, for research organisations. The fund facilitates the commercialisation of its research partners’ most promising intellectual property and secures targeted investment in resulting products and technologies. www.uniseed.com

THE Australian Small Business and Family Enterprise Ombudsman, Bruce Billson has welcomed the ATO’s decision to turn its small business independent review service into a permanent offering, following a highly successful pilot program.

Mr Billson said the ATO’s now permanent independent review service provides small businesses with a timely, free and fair dispute resolution pathway.

“I congratulate the ATO for taking a proactive approach with this commitment to help resolve small business tax disputes,” Mr Billson said.

“The ATO has acted quickly to implement a key recommendation in our recently released report: A tax system that works for small business which will help support small businesses when they disagree with an ATO audit position.

“This ATO decision is a substantial step in the right direction in ensuring small businesses are given a fair go," he said.

“More than 180 small businesses who participated in the pilot program reported the process was fair and independent, irrespective of the outcome, so we welcome the ATO’s move to lock in this service permanently.

“The ATO’s small business independent review service is a crucial part of ASBFEO’s vision of a tax system that works for the small business sector, so businesses can achieve greater productivity, return to profitability and grow employment.

“This ATO service marks an important contribution to a supportive environment which is needed now more than ever as small businesses recover from an incredibly tough 12 months.”

Small businesses engaged in a tax dispute are encouraged to contact ASBFEO for assistance on 1300 650 460 or email This email address is being protected from spambots. You need JavaScript enabled to view it..

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