Business News Releases

Elections in emergency situations: Are we ready?

THE IMPACT of natural disasters and COVID-19 in 2020 has affected lives all over Australia, and now the Parliament’s Electoral Matters Committee has launched an inquiry into the future conduct of elections in emergency situations.

Committee Chair Senator James McGrath said this year’s COVID-19 pandemic in particular had underscored that emergency situations can and do arise during election periods.

"From health pandemics to natural disasters, international conflict or civil unrest, we want to find out whether our electoral law and the Australian Electoral Commission are as prepared as possible for unusual events or disruptions in the future," Senator McGrath said.

"We have a healthy and secure electoral system but we need to make sure that in all scenarios barriers are identified early and issues worked through before they are needed so that everyone can have their say."

The Committee would particularly like to hear from constitutional experts; emergency management services; cyber-threat experts; Commonwealth, State and Territory governments and agencies; disability and inclusion advocates; Indigenous peak bodies and voters; and electoral commissions.

"We’ve seen from the Eden-Monaro by-election, as well as elections in Queensland, the Northern Territory and the Australian Capital Territory, that measures are already being put in place to deal with COVID-19," Senator McGrath said.

"I’m very interested in taking the lessons learned from these examples, as well as next month’s state election in Queensland, and seeing how they might apply on a federal level."

As part of the inquiry, the Committee will examine the short and long term impacts of unexpected, rapidly developing external events that could substantially interrupt normal voting, election administration or campaigning, including contingency plans for an increased demand in alternative voting options.

The Committee invites written submissions addressing any or all of the terms of reference. Information on how to make a submission may be found at the following link. Submissions are requested by November 13, 2020.

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Juukan Gorge inquiry hears from key stakeholders

THE parliamentary inquiry into the destruction of Indigenous heritage sites at Juukan Gorge will hold three public hearings next week where it will hear from witnesses including the Puutu Kunti Kurrama and Pinikura Aboriginal Corporation (PKKP), Rio Tinto, and the Western Australian (WA) Government.

In its submission, the PKKP Aboriginal Corporation were critical that Rio Tinto had not protected the gorge, despite the PKKP, as well as anthropologists and archaeologists, providing Rio with information on the significance of the Juukan rockshelters.

Following their previous appearance at the inquiry, Rio Tinto has provided additional information to the Committee suggesting that it had held discussions with the PKKP prior to the destruction of the rockshelters and that the significance of the site was well understood by both sides at the time contracts were signed.

The WA Government has also provided additional information to the inquiry, particularly around features of its draft Aboriginal Cultural Heritage Bill and the role of its proposed Local Aboriginal Heritage Services.

Northern Australia Committee Chair Warren Entsch said the upcoming hearings would be a critical juncture in terms of the Committee’s work.

“We are looking forward to hearing from the PKKP to get their perspective on how the tragedy unfolded and what impact it has had on their community," Mr Entsch said.

“One of the key objectives of this inquiry is to look at what needs to change to ensure that Indigenous heritage is better protected in the future. Part of that is really digging into what went wrong at Rio and how it allowed this to happen.

"The other part is about strengthening legislative protection, and so we look forward to hearing what the WA Government is doing to ensure that we never have another situation like the destruction that occurred at the Juukan Gorge," Mr Entsch said.

Public hearing details

Date: Monday, 12 October 2020
Time: 12pm to 3pm AEDT
Location: By videoconference/teleconference

Date: Tuesday 13 October 2020
Time: 11am to 4pm AEDT
Location: by videoconference/ teleconference

Date: Friday 16 October 2020
Time 12pm to 3pm AEDT
Location: by videoconference/teleconference

The hearings will be broadcast live at aph.gov.au/live.  Programs are available on the Committee’s website.

Further details of the inquiry, including terms of reference, can be found on the Committee’s website.

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Need to wait for retrospective tax cut unfortunately says IPA

THE Federal Budget bringing forward Stage 2 of the legislated tax cuts and backdating them to July 1, 2020 is a welcomed boost for the economy and small business says the Institute of Public Accountants (IPA).

IPA chief executive officer, Andrew Conway said the economic benefits of the retrospective component, however, may not translate into ringing cash register sales as soon as Treasury expected.

“The unfortunate news about the retrospective nature of these tax cuts is that they may not be realised by some until the end of the calendar year, which reduces the immediate impact on the economy,” Mr Conway said.

“The ATO is unable to retrospectively deal with the PAYG overpaid for the first quarter of the financial year.  Therefore, many salary and wage earners may not get the ‘backpay’ for the months of July, August and September as instantly as first thought.

“If you take someone who was going to receive the maximum benefit of $2,564, one quarter of this amount ie $641 has already accrued and will not be immediately available to stimulate the economy as intended.

“The ATO has communicated that it will not be adjusting withholding tables to pick up the overpayments.  Doing so could create the scenario where taxpayers find themselves underpaying tax during the year and having a tax debt to deal with when they lodge their annual return. It could potentially lead to another robo-debt situation," he said.

“In any other given year, with a Budget in May, this issue would have been mitigated as the lag time between the end of the financial year and changes to tax tables would have been quite short. In addition, tax table changes are normally adjusted prospectively to start from 1 July of the next financial year, so we are dealing with uncharted waters. 

“Treasury’s ideal scenario is that this money would be out in the economy as soon as possible and being spent so that the sugar hit delivered by the tax cuts was more immediate.  

“We had hoped that single touch payroll may have allowed for the flexibility to deliver the desired outcome. However, this does not seem to be the case," Mr Conway said.

“However, all is not lost. Taxpayers earning income outside of wages and salaries can immediately take advantage of Stage 2 tax cuts by varying down their quarterly instalment in the September BAS which is due on October 28, 2020.  Small business entrepreneurs are mostly unincorporated entities and therefore are also beneficiaries of the Stage 2 tax cuts.

“We are encouraging all our members to vary down PAYG to take advantage of this initiative,” Mr Conway said.

 

About the Institute of Public Accountants

The IPA, formed in 1923, is one of Australia’s three legally recognised professional accounting bodies. In late 2014, the IPA acquired the Institute of Financial Accountants in the UK and formed the IPA Group, with more than 38,000 members and students in over 80 countries. The IPA Group is the largest SME focused accountancy organisation in the world. The IPA is a member of the International Federation of Accountants, the Accounting Professional and Ethical Standards Board and the Confederation of Asian and Pacific Accountants

www.publicaccountants.org.au

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Flick the switch on the SA-NSW interconnector - Climate Souncil

THE CLIMATE COUNCIL has welcomed new modelling showing the economic benefits of the Project EnergyConnect interconnector between South Australia and New South Wales. 

"Not only will South Australian homes and businesses see energy savings when the NSW-SA interconnector is delivered, the transmission line can also unlock thousands of new jobs and economic opportunities," Climate Council CEO Amanda McKenzie said.

"The Climate Council's Clean Jobs Plan shows that 2,500 jobs can be created across South Australia by investing in renewable energy, storage and transmission. 

"This project can cement South Australia as a leader in the energy transition and will accelerate progress towards the state's net 100% renewable energy target, delivering the urgent emissions reductions we need to tackle climate change.

"Households, businesses, workers, and the climate all win when the SA-NSW interconnector goes online. We call on all parties to support this important, job-creating project,” Ms McKenzie said.

 

Committee supports suspension of Hong Kong legal treaties

A FEDERAL parliamentary committee today strongly supported the Australian Government’s actions to suspend Australia’s Extradition and Mutual Legal Assistance treaties with Hong Kong.

Report 190, released today by the Joint Standing Committee on Treaties follows an inquiry undertaken at the request of the Attorney-General, Christian Porter MP.

“The evidence gathered by the Committee establishes a strong public foundation for the actions for the Australian Government,” said Committee Chair Dave Sharma MP.

“The Committee heard the imposition by China of its National Security Law in Hong Kong has fundamentally altered Hong Kong’s status and raised serious concerns about the independence of the judiciary in Hong Kong and the continued application of the rule of law and other fundamental principles of justice. This constitutes a fundamental change of circumstances,” Mr Sharma said.

The bi-partisan committee unanimously endorsed the actions of the Australian Government to protect the integrity of its international law enforcement arrangements and uphold the rights of its citizens by suspending these two treaties.

The Committee will continue to take a close interest in political developments in Hong Kong.

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Over the limit: Pandemic pushes 2 million Aussies beyond credit means

SOARING unemployment and wage cuts has seen people increasingly overdrawing on their credit cards, according to Finder, Australia’s most visited comparison site.

A new Finder survey found that 15 percent of credit card holders have gone over their limit during the pandemic – equivalent to more than two million borrowers (2,113,350).

While 8 percent of card holders have paid their debt down under the credit limit,  7 percent are still currently over.

According to the Reserve Bank of Australia, the average credit limit per borrower is $9,892 and there are just over 14 million credit cards in circulation.

Official data shows credit card balances accruing interest dropped during the height of coronavirus (from $1,877 in February to $1,647 in June), yet repayments against those interest accruing balances dropped (from 103% in February to 89% in May).

Kate Browne, personal finance expert at Finder, said some Australians were entering a credit card danger zone.

“Even missing one or two payments can become a slippery slope which can spiral out of control quickly," Ms Browne said. 

“Missing payments not only adds to financial stress but can also impact your credit score. Your credit score is your financial identity and is how lenders view you. If you are missing payments your credit score and your financial credibility can be put at risk. 

“You can keep an eye on your finances and your credit score for free by downloading the Finder app,” Ms Browne said.

The research highlighted that more women (18%) went over the limit on their credit card during the pandemic than men (13%).

One in four millennials (26%) were overdrawn on their credit card at some point during coronavirus, with more than one in 10 (11%) still unable to resolve the issue.

Ms Browne said the true scale of the financial stress experienced by many Aussie adults due to coronavirus is yet to be fully felt.

“In light of proposed changes to responsible lending laws, it will soon be easier than ever for Australians to access credit – which could mean some people accumulating more debt than they can handle," she said.

“The onus will be on borrowers to provide accurate information that shows their true ability to service a loan.

“If you are struggling to make repayments, contact your bank immediately to discuss the options available to you. They may be able to organise a repayment plan to help you get your debt under control.”

Have you gone over the limit on your credit card during the pandemic?

Yes, and I’ve paid it back under the limit

8%

Yes, and I’m currently over

7%

No

85%

Source: Finder, September 2020 survey                                                         

THREE WAYS to keep credit utilisation under control:
 Impose a hard limit on your credit card account. If your provider allows you to spend over your credit limit, let them know that you want to impose a 'hard limit' on your credit card account. This means that once you reach your credit limit, any transaction that would have taken you over the limit will be declined.
 Set up online, mobile or telephone banking. You can download your bank’s app onto your smartphone and monitor your balance at any time. Lenders are required by law to notify you when you're about to exceed your limit. If you have online, mobile or telephone banking set up, your provider can send you a text notification when you're about to exceed your credit limit.
 Make more regular repayments. Even though credit card statements are only issued monthly - you can make weekly or fortnightly payments that could help you pay off debt faster.

 

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Committee supports Australia's contribution to IMF for COVID-19 fight

A FEDERAL parliamentary committee has recommended Australia commit to the International Monetary Fund’s (IMF’s) reform proposals to better combat the global economic impact of COVID-19.

Report 191, released today by the Joint Standing Committee on Treaties, supports three treaties that will give the IMF access to the funds it needs to support countries dealing with the severe economic downturn that has accompanied the pandemic.

Two of the treaties involve the direct transfer of a portion of Australia’s commitments from the third line of defence supporting IMF lending, called ‘bilateral loan agreements’, to the IMF’s second line of defence, called the ‘New Arrangements to Borrow’.

The third treaty is a commitment by Australia to the IMF’s Poverty Reduction and Growth Trust.  The Trust is already involved in supporting the COVID-19 response in lower income countries by providing the funds to purchase necessary medical equipment.

The treaties do not involve additional financial commitments by Australia.

“COVID-19 has had a massive global economic impact, and this is being felt in Australia. For Australia’s sake, we need to be doing all we can to support global economic recovery, and these reforms to the IMF will help do that,” Committee Chair Dave Sharma MP said.

In addition, the Report details the Committee’s support for a minor amendment to the Rotterdam Convention on the Prior Informed Consent Procedure for Certain Hazardous Chemicals and Pesticides in International Trade.

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QRC welcomes BHP’s major commitment to skills, METS

THE Queensland Resources Council has welcomed an announcement by BHP for 3,500 new apprentices of which half will be based in Queensland and up to a $450 million investment in the Mining, Equipment, Technology and Services (METS) sector.

QRC chief executive Ian Macfarlane said the significant funding and training package would provide jobs and growth for Queensland’s economy as it recovers from the impacts of COVID.

“Queensland’s resources sector is the mainstay of the State’s economy because companies such as BHP invest in Queenslanders and Queensland businesses,” Mr Macfarlane said. 

“Hundreds of people in Queensland will have the opportunity to start a long and rewarding career in the resources sector thanks to BHP.

“QRC’s education arm the Queensland Minerals and Energy Academy has 75 schools across the State and teaches students trade skills. This Academy is supported by BHP who provide employees to assist teaching the students and pathways for the QMEA talent pipeline.

“Queensland METS sector is a key service provider to the resources industry and contributor to Australia’s economy supporting more than 1 million jobs.”

BHP said the almost $800 million package would be rolled out over five years:

  • An increase of 2,500 apprenticeships and traineeships through the BHP FutureFit Academy, established earlier this year, with associated spend of $300 million.
  • A further 1,000 skills development opportunities across a range of sectors in regional areas. BHP will invest $30 million and work with the Australian Government to create advanced apprenticeships and short courses in areas of potential future workforce demand.
  • $450 million to support national METS sector growth.

www.qrc.org.au

https://www.bhp.com/media-and-insights/news-releases/2020/09/bhp-apprenticeship-pledge-and-mets-business-support-package/

QRC welcomes CopperString 2.0 to power North West Minerals Province jobs

THE Queensland Resources Council has welcomed the Queensland Government’s announcement today of an implementation agreement for the proposed CopperString 2.0 high voltage 1100 km transmission line to the North West Minerals Province.

QRC chief executive Ian Macfarlane said the progress of CopperString 2.0 was part of the Resources Industry Recovery Agenda presented to the Government by QRC-AMEC in June.

“The North West Minerals Province is a key area of development for Queensland’s resources sector and its development will help deliver the strongest possible recovery from COVID-19,” Mr Macfarlane said.

Mr Macfarlane said the Queensland Government’s announcement of an implementation agreement follows the Australian Government’s commitment in its Budget last night to provide funding to progress a final investment decision for the project.

“The QRC, as the peak representative for the state’s coal, metals and gas explorers, producers and suppliers, was involved in the development of the State Government’s Strategic Blueprint for Queensland's North West Minerals Province,” he said.

The Blueprint highlighted: “Common user infrastructure provides the opportunity to drive down development costs for individual projects, with multiple users contributing to the development of, and benefiting from key forms of infrastructure required for mining and other projects. This may include transport infrastructure such as road, port and rail, utilities such as electricity, gas and water, or other types of minerals processing infrastructure”.

“Energy costs for the existing mineral producers in the region are amongst the highest in Queensland,” Mr Macfarlane said.

“CopperString 2.0 also promises to unlock some of Queensland’s most prospective renewable energy generation sites.”

www.qrc.org.au

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COVID-19 and homelessness: the evidence so far

THE House Standing Committee on Social Policy and Legal Affairs today released an interim report on its inquiry into homelessness in Australia, focusing on the impact of the COVID-19 pandemic on housing and homelessness issues.

Chair of the Committee, Andrew Wallace MP, said, "The COVID-19 pandemic arrived in Australia shortly after this inquiry commenced in February 2020. As the virus spread, the Committee quickly realised that it would have major implications for people at risk of or experiencing homelessness, and the governments and organisations who work with them."

In May 2020, the Committee called for evidence on the impact of COVID-19 on homelessness, encouraging community groups and others to share their experiences in responding to the pandemic.

By the beginning of October the Committee had received close to 200 submissions—most of which discuss the COVID-19 situation—and spoken to 40 governmental and non-government organisations at five public hearings.

Mr Wallace said, "This interim report summarises what the Committee has heard to date from a wide range of people and organisations about COVID-19 and homelessness in Australia.

"It explores the central themes of the evidence we have received including what the definition of homelessness should be, who is most at risk and the effectiveness of Government responses to homelessness during the COVID-19 pandemic.

"The Committee heard from many organisations and peak bodies who gave detailed accounts of how service providers across Australia have adapted to the crisis and have continued to deliver support to the many people who are homeless or at risk of homelessness throughout Australia at this difficult time.

"We believe that it is important to report now, so this evidence can be considered by policymakers in a timely way, even as the impacts of the pandemic continue to unfold.

"The Committee encourages the Australian Government to take this report into account as it continues to formulate its immediate and long-term responses to the pandemic," Mr Wallace said.

The Committee’s inquiry into homelessness in Australia continues. The Committee will issue a final report, addressing the inquiry’s full terms of reference and including recommendations, at the conclusion of the inquiry.

Further information about the inquiry is available on the Committee’s website.

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Committee meeting to focus on the national capital

THE Joint Standing Committee on the National Capital and External Territories will be briefed tomorrow by the National Capital Authority about issues relating to the nation’s capital.

The re-scheduled briefing will be broadcast live on the Parliament House website.

Committee Chair, Anne Webster MP said: “The Committee welcomes the opportunity to hear from the National Capital Authority about its role as custodian of the National Capital Plan and caretaker of the special character of Canberra as the nation’s capital.

“The Committee looks forward to discussing a range of matters during the briefing and being updated on the latest developments,” Dr Webster said.

Further information may be found on the Committee’s website.

Public hearing details

Date: Thursday 8 October 2020
Time: 11am to 11:45am

The hearing will be broadcast live at aph.gov.au/live. Due to the COVID-19 pandemic, committee hearings are not presently open for physical attendance by members of the public.

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