Business News Releases

Cbus sets strong 2030 target in revamped Climate Road Map

CBUS SUPER, Australia’s leading building and construction industry superfund, will target an ambitious 45 percent reduction in their absolute portfolio emissions by 2030 according to a new Climate Change Roadmap launched today, in line with the prevailing science.

Cbus Super has also locked in a commitment to achieve net zero emissions by 2050, reinforcing its commitment to the Paris Agreement.

The Intergovernmental Panel on Climate Change (IPCC) released a Special Report in 2018 suggesting deep emissions reduction is required globally by 2030. An estimated 45 percent carbon reduction from 2010 levels is needed to have any chance of limiting warming to 1.5 degrees.   

Cbus Super CIO Kristian Fok, said the second iteration of the biannual roadmap charts a clear course for our ongoing work in reducing emissions and safeguarding members savings from climate related risks.

“Cbus Climate Change Roadmap represents a strong and sure determination to see our members retire securely in a safe climate,” Mr Fok said.

“The average Cbus member is 39 years old. It’s our responsibility to safeguard their investments as the financial impacts and physical effects of climate change intensify.

“This science has made clear the targets and timeframes. The course that we have charted will see Cbus reduce our portfolio emissions while investing further in renewable energy and climate solutions, as well as avoiding ‘stranded assets’ as the economy transitions.”

Mr Fok said a focus on a green recovery was important for workers as the global economy seeks to recover from the Covid-19 pandemic.

“Recent events are a demonstration of the importance of resilient communities anchored around decent and secure jobs,” Mr Fok said.

“The climate solutions we invest in should strengthen community resilience. Every investor has to be mindful to the risks of leaving communities behind.”

STRANDED ASSETS

Cbus has already undertaken significant work to understand companies that are at risk of not transitioning either due to products they produce or lack of management capability.   

Under the roadmap Cbus will develop a stranded assets framework, building on work that has already seen several high-risk climate holdings reduced or being removed from their portfolio.

“The economy of 2030, let alone the economy of 2050 is going to look very different from what we have experienced over the last few decades," Mr Fok said.

“That poses risks for long-term investors like Cbus. There are assets that simply won’t see out their traditional economic life. 

"By identifying the carbon emissions of companies and assets that we hold, Cbus is able to help reduce emissions in the real economy and avoid assets that will increasingly become stranded as the economy transitions.

“We have been doing a significant amount of work to determine those assets that aren’t able to transition to a net zero environment, and this work will ramp up under our new road map.

PORTFOLIO ASSETS

Under Cbus’ new roadmap, pathways to achieve this portfolio targets will be developed for each assets class, including equities.

“Cbus already has specific net zero emissions targets for property (by 2030) and infrastructure (2050) and we are working with our investment managers to make sure that everyone is on the right pathway,” Mr Fok said.

“Portfolio wide targets gives us more flexibility as to how we allocate our members money. This next two-year road map will see climate pathways developed across sectors and asset classes, acknowledging the economy will decarbonise at different rates. This approach also provides consistency with what we ask of companies and assets in which we invest."

STRONG PROGRESS SO FAR

Mr Fok said Cbus had already made significant progress to reduce emissions across the portfolio.

“Cbus Property consistently ranks at the top of the international GRESB ratings, ranking second in 2019 and third in 2018,” he said.

“We are implementing stranded asset constraints across our internal quantitative portfolios.

“We are deploying our 1 percent climate opportunities investments and our landmark Bright Energy Investments partnership is building some of Australia’s best renewables assets.”

ADVOCACY

To assist the global economic transition Cbus has joined the United Nations Convened Net Zero Asset Owners Alliance and is the first Australian financial institution to do so. The global initiative is convened by the PRI and UNEP Finance Initiative and is supported by global leading asset owners committed to transitioning their portfolios to net zero emissions by 2050.      

“Cbus recognises that to decarbonise the global economy in line with the Paris Agreement requires collective action,” Mr Fok said.

“Members of the Asset Owners Alliance has over $4 trillion in collective assets under management.

“Cbus is determined to play our part in these global advocacy efforts.”

The Cbus Climate Position Statement and Roadmap will be reviewed next in 2022 and is publicly reported on each year in the Cbus Annual Integrated Report.

ends

Remote education inquiry to hold roundtables on early childhood and barriers to education

THE House Standing Committee on Employment, Education and Training will hold two roundtable public hearings via teleconference on Wednesday, September 2, 2020 as part of the committee’s inquiry into the education of students in remote and complex environments.

Chair Andrew Laming MP said,"The committee has received compelling evidence showing that students in regional, rural and remote communities experience a range of barriers to accessing quality and affordable early childhood education, schooling and further education.

"To further examine these issues, the committee is holding a series of roundtable public hearings, focussing this week on early childhood education, and barriers that students from regional, rural and remote communities experience across their education journey," Mr Laming said.

Last Wednesday, 26 August 2020, the committee held two roundtable hearings focussing on schools and the university and VET sectors.

The topic of the first public hearing is early childhood education and will include representatives of Secretariat of National Aboriginal and Islander Child Care, Community Connections Solutions Australia, Goodstart Early Learning and Early Childhood Australia.

The topic of the second public hearing is barriers to education and will include representatives of Speech Pathology Australia, Children and Young People with Disability Australia, World Vision Australia and the Australian Human Rights Commission.

Public hearing details

Date: Wednesday, 2 September 2020
Topic: Early childhood education
Location: By teleconference
Time: 11.30am–12.30pm

Date: Wednesday, 2 September 2020
Topic: Barriers to education
Location: By teleconference
Time: 12.30pm–1.30pm

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

ends

CPA Australia submits advice on Federal Government's 2020-21 Budget

THE 2020-21 Federal Budget should aim to fund policies which support productivity, employment and GDP growth without compromising long-term environmental sustainability, according to CPA Australia.

CPA Australia’s executive general manager of policy and advocacy, Gary Pflugrath said, “As and when businesses begin to emerge from the COVID-19 crisis, for most it will not be a return to business as usual. The Budget should focus on policy measures which encourage and support business recovery and reinvention.

“Given the magnitude of the economic pain being felt by many due to the restrictions which have been imposed, a holistic approach to policy development post-COVID-19 is required,” he said.

CPA Australia’s submission urges a Budget which is focused on:

  • providing longer-term support to encourage business recovery and reinvention;
  • improving Australia’s international competitiveness;
  • addressing the impacts of climate change; and
  • providing additional support to businesses impacted by the tougher Stage 4 restrictions, such as those currently being experienced in Greater Melbourne.

“With Australia facing the likelihood of Stage 4 restrictions being imposed in other jurisdictions in response to future localised outbreaks, new and enhanced temporary support measures in this Budget should not only be rolled out to support businesses impacted by the current Greater Melbourne restrictions, but be structured for quick roll-out in other jurisdictions if the need arises,” Dr Pflugrath said.

CPA Australia is calling for measures which are efficient, effective and sustainable, and which have certainty in their implementation, operation and timeframes. Its Budget recommendations to Government include:

  • • Allocating significant funding to encourage businesses to seek professional advice to assist them to adapt to a changing business environment.
    • Consider developing new programs, and significantly increasing funding for existing programs, which assist small business digital transformation.
    • Consider providing direct financial support for small businesses to engage approved e-commerce platforms on which to sell their products and services.
    • Funding the development and implementation of a long-term climate change strategy that ensures Australia meets its Paris Agreement obligations.
    • Increased funding for the development and deployment of green technologies.


“Consideration of climate change policy must be a core principle in post-COVID-19 recovery,” Dr Pflugrath said. “This Budget should also take into account strategies which accommodate an orderly and tapered withdrawal of stimulus and support measures.

“Businesses need space, time and resources to adjust to the new environment, and having access to professional advice is essential to aid their recovery and reinvention,” Dr Pflugrath said.

CPA Australia said these recommendations would assist Australian business to weather the current economic challenges, improve livelihoods, increase competitiveness and help address the challenges of climate change.

CPA Australia’s submission can be accessed here.

About CPA Australia

CPA Australia is one of the world's largest accounting bodies, with more than 166,000 members working in 100 countries and regions and supported by 19 offices globally. Core services to members include education, training, technical support and advocacy. Employees and members work together with local and international bodies to represent the views and concerns of the profession to governments, regulators, industries, academia and the community.

cpaaustralia.com.au

ends

Parliament seeks urban views on life in the regions

A NEW online survey is seeking metropolitan views on Australia’s regions as part of a Federal Parliamentary inquiry into regional Australia.

The House of Representatives Select Committee on Regional Australia Chair, Tony Pasin, said understanding how Australians living in metropolitan areas perceive the regions is important to regional migration, business and growth.

"Earlier this year we got a huge amount of feedback from a survey for people out in the regions, and now it’s time for city-dwellers to have their say," Mr Pasin said.

"We’re particularly interested in hearing from the large number of people living in our big cities who are considering a tree or a sea-change."

The impact of COVID-19 has affected all areas of Australian life, and the Committee is interested in learning how the pandemic might have affected Australians’ views on living in larger cities.

"As a result of COVID-19, many people are realising the benefits found in Australia’s regions," Mr Pasin said.

"We want to investigate this changing mood and see how the regions can be enjoyed by more Australians.

"We already knew that Australia’s regions are diverse and complex, but as through this inquiry we’re learning they’re also consistently competitive when it comes to housing and liveability.

"I encourage anyone who lives in Australia’s major cities to participate in the online survey."

The survey is open until October 16, 2020 and takes less than 10 minutes to complete.

The Committee is continuing to accept new and updated submissions, which can be emailed to This email address is being protected from spambots. You need JavaScript enabled to view it..

To learn more about the inquiry or read submissions received so far, visit aph.gov.au/regionalaustralia.

ends

Qld can count on resources: QRC

THE Queensland Resources Council (QRC) has launched an unprecedented four-week media campaign in the lead-up to the State Election to emphasise the economic and job creation importance of the mining and gas industry to the State’s COVID-19 recovery.

QRC chief executive Mr Ian Macfarlane said the campaign was in response to worsening economic conditions, with Queensland’s unemployment rate the nation’s highest at 8.8 percent and the resources industry’s potential to strengthen and speed up the State’s recovery.

“Resources offer incredible economic stability, jobs and growth and the Premier has acknowledged our sector is one of Queensland’s greatest strengths, yet we’ve had barriers put in place by Government to new investment and more jobs in the resources sector with little consultation or warning,” he said.

“Frankly, the time it takes to get projects moving in Queensland these days and to get through all the red and green tape is ridiculous.

“We can be stronger, and Queensland can be stronger, but we need a shared commitment and unwavering support from the Government.”

Mr Macfarlane said the resources industry wants Queenslanders to be fully aware in the lead-up to the October election that a strong mining and gas sector is essential to the State’s economic survival and recovery.

“As a minimum, the resources industry is calling on the State Government to streamline the regulation process and keep royalty taxes stable for the next 10 years to attract large-scale global investment," Mr Macfarlane said.

“Business as usual post COVID is not going to cut it,” he said.

“We want to work with the Government to put in place an industry development plan to make sure our resources sector can get Queenslanders back to work and our economy back on track.”

Mr Macfarlane said the industry had proven over decades to be an excellent return on investment for the Queensland Government, now contributing $74 billion each year to the State's economy and supporting 372,000 full-time jobs.

“On top of that, resources delivers the Government more than $5 billion a year in royalty taxes, which go straight into the State Budget to pay for roads, hospitals, teachers and nurses.

“We want people to keep this in mind when they vote for our next State Government on October 31,” Mr Macfarlane said.

QRC’s campaign uses the catchphrase 'You can count on us to help Queensland recover' and was filmed in Clermont, Central Queensland, featuring local miners, workers and business owners.

www.qrc.org.au

ends

Citizenship loss bill should pass: Intelligence Committee

A PARLIAMENTARY inquiry into the Australian Citizenship Amendment (Citizenship Cessation) Bill 2019 has recommended that the Parliament pass the bill with relatively few amendments, in a report tabled today.

Chair of the Parliamentary Joint Committee on Intelligence and Security, Andrew Hastie, said the Committee acknowledges the role that citizenship loss can provide to keep Australians safe from terrorists.

"The Committee’s report recommends and welcomes the move from an ‘operation of law’ model of citizenship loss to a ministerial decision model. As with many submitters the Committee is pleased that this increases the opportunity for persons affected by citizenship cessation provisions to seek judicial review and, in relation to an ASIO Qualified Security Assessment (QSA), merits review," Mr Hastie said.

The report recommends that the Explanatory Memorandum clarify that proposed section 36B of the Bill require the Minister to be ‘reasonably’ satisfied of the matters listed in proposed subsection 36B(1) before determining that a person ceases to be an Australian citizen and that the Explanatory Memorandum of the Bill clarify that under proposed section 36E(2) dealing with a public interest test before citizenship is ceased the Minister must take into account the following matters:

  • the likely effects of citizenship cessation on any dependents of the person whose citizenship the Minister is proposing to cancel;
  • a person’s connection to Australia; and
  • conduct that would be captured by Chapter 8 of the Criminal Code.

Mr Hastie emphasised the serious nature of crimes that could result in citizenship loss.

"If dual-national Australian citizens resolve to harm, maim and kill their fellow citizens through acts of terror, then we must be prepared to impose costs for such behaviour," Mr Hastie said.

"The offences for which a dual citizen may lose their citizenship include; international terrorist activities using explosive or lethal devices, treason, sabotage, espionage, foreign interference and offences associated with planning, preparation and carrying out terrorism. The lowest penalty for these offences is 10 years imprisonment with most attracting imprisonment of 25 years to life imprisonment.

"Those who choose the dark path of terrorism reject the gift and responsibilities of Australian citizenship," Mr Hastie said.

The report can be obtained from the Committee’s website.

ends

 

Fitness industry calls for urgent reclassification in Victoria ahead of Stage 3 restrictions

AS COVID-19 cases across Victoria continue to decrease, there are urgent calls for health and fitness facilities including personal training to be reclassified as an essential service ahead of Stage 3 restrictions to help Victorians look after their mental and physical health and wellbeing.

Leading the call is the fitness industry’s peak organisation, Fitness Australia, which has been fiercely advocating for the industry and the vital role gyms, and access to a broad range of professional training options such as personal training, have on the long-term health and wellbeing of the community.

According to Fitness Australia CEO Barrie Elvish, gyms, health clubs, fitness centres and studios such as yoga, pilates and barre should not be classified within the current ‘physical recreational facilities’ category.

“The classification of health and fitness facilities needs urgent review, we are calling on the Victorian Government to reclassify them as ‘Health and Fitness Centres’ in the Restricted Activity Directions and be allowed to operate in the same way as other essential health services such as osteopathy, physiotherapy, dietetics and mental health services,” Mr Elvish said.

“For many people in our community, especially those managing a range of physical and mental health issues, going to the gym, completing regular sessions with a personal trainer or participating in a live or virtual class are seen as an essential support service. Yet under the current classification, the industry is restricted from providing this vital support service.”

Mr Elvish said many other industries were currently permitted to provide a service to their customer, such as fulfilling online orders from a business location, but personal trainers cannot do anything.

“How is it reasonable for businesses to be allowed access to their facilities to pack online orders or for religious groups to live stream content with up to five people, but personal trainers or fitness studio’s cannot safely access their business to film or stream workouts or group classes?” Mr Elvish said.

“While the current abnormalities are frustrating and detrimental to our industry and the community, our focus as an industry is on seeking action from the Victorian Government for reclassification ahead of moving to Stage 3 restrictions.

“The focus needs to be on the health and wellbeing of all Victorians and the current Stage 4 and Stage 3 restrictions deem access to health and fitness services non-essential and prohibited.

“Health and fitness centres are low risk when it comes to COVID-19 and the industry is willing to do whatever it takes to provide a safety and hygienic environment for members and employees.”

Mr Elvish said recent data from a random sample of NSW operators proved gyms are safe and not a high-risk place of transmission.

“Recent Fitness Australia research found there have been more than 6.26 million check-ins across 423 gyms since they reopened in NSW on 13 June. During that same period there had been zero cases of reported community transmission in a gym,” Mr Elvish said.

The Fitness Australia data was validated by electronic swipes, used by all members for access, which also provides for sophisticated contact tracing should it be required.

Mr Elvish said gyms and personal trainers played a very important role in helping people maintain their mental health, strengthen their immune function, and overall wellbeing and called on the Victorian Governments to engage the industry positively rather than label it negatively.

“Since the beginning of COVID-19, Fitness Australia has been focused on promoting the important role the fitness industry plays in the overall health of our nation. We are not part of the problem; we are actually part of the solution to getting more Australians more active more often and help prevent long-term lifestyle-related disease,” Mr Elvish said.

“By working with Fitness Australia, the Victorian Government can continue to promote the overall health and safety of the community, not just when it comes to protecting them during a pandemic.”

ends

 

Committee scales the fence to consider protection of native wildlife from feral cats

CONSERVATION fencing used to protect native Australian wildlife from predation by feral cats is a focus of Wednesday’s third public hearing for the House of Representatives Standing Committee on the Environment and Energy inquiry into the problem of feral and domestic cats in Australia.

Australian Wildlife Conservancy will appear before the committee to discuss its work in establishing feral cat-free areas, with a total of eight fenced areas and one entire island supporting populations of 15 nationally-threatened mammals around Australia.

Committee Chair Ted O’Brien MP said, “The work of organisations like Australian Wildlife Conservancy in protecting native Australian wildlife from predation by feral cats is an important undertaking and the Committee looks forward to hearing about its successes and challenges.”

Public hearing details

Date: Wednesday September 2, 2020
Time: 10.15am to 11am
Location: Via teleconference

For the information of those wishing to listen to the public hearings, proceedings will be available on the Parliament’s website. Due to the COVID-19 pandemic, committee hearings are not presently open for physical attendance by members of the public.

ends

Stoic Venture Capital takes holding in nanotech Ferronova

STOIC Venture Capital has taken part in a $3.5 million Series A funding round for Australian biotechnology company Ferronova Pty Ltd.

The funding round was led by Uniseed, where Stoic Venture Capital is the co-investment fund. Uniseed is a commercialisation fund which focuses on financing early-stage companies that emerge from member universities.

Ferronova’s technology has the potential to transform care for early stage cancer patients in complex cancers such as colorectal cancer. The company originated from landmark research by the Victoria University of Wellington and the University of South Australia.

Stoic Venture Capital Partner Geoff Waring said the venture capital fund’s portfolio expanded dramatically to a total of 17 companies in the past two years with a primary focus on healthcare.

“Ferronova is a visionary Australian company with technology solutions that are advancing the detection, diagnosis and treatment of early stage cancer,” Dr Waring said. 

“We support the growth of healthcare companies that are changing outcomes and improving the lives of patients.”

Dr Waring said Stoic Venture Capital would continue to have a big allocation to healthcare opportunities.

“Healthcare remains a resilient and high potential asset class. Evidence-backed medical technology creates alternative models of care and prevention," Dr Waring said.

“Importantly, our investments are also contributing to the pioneering of new research and development in medicine and science to help more patients in the future.”

 

About Stoic Venture Capital

Stoic Venture Capital provides financing for early-stage companies, particularly those arising from university research. Stoic is unconditionally registered as an Early Stage Venture Capital Limited Partnership (ESVCLP) and takes a collaborative approach to investing in the highest potential companies.

ends

Svitzer Australia tug crews to vote on industrial action after negotiations stall

THE Fair Work Commission has granted orders allowing a ballot of tug crews employed by Svitzer Australia at dozens of ports around Australia to determine whether they will undertake legally protected industrial action.

Fair Work Commission deputy president Anna Booth last week granted the Maritime Union of Australia (MUA) the right to hold the ballot, with workers to vote on whether they will undertake a range of actions such as stoppages, bans on overtime, and temporary changes to work practices.

MUA assistant national secretary Ian Bray said the decision to hold the ballot of members, which will be conducted by the Australian Electoral Commission, was made after months of stalled negotiations

“Svitzer Australia has essentially been unwilling to enter into meaningful negotiations for a new enterprise agreement following the expiration of the previous deal,” Mr Bray said.

“Rather than engage in genuine negotiations, the company put forward an offer that would have imposed wage freezes for the next two years.

“With negotiations stalled for months, and Svitzer showing no willingness to bargain in good faith to reach an agreement, the union has made the decision to escalate the matter by undertaking a protected action ballot of members.

“Our members are being asked to vote on 20 potential forms of industrial action, including stoppages of various lengths, bans on overtime, a requirement to return to the berth for breaks, and modifications to work practices such as a refusal to undertake online training or use certain work systems.

“Workers are frustrated that the Svitzer is not only refusing to bargain in good faith, but at the same time has been pressing ahead with aggressive attacks on the Port Operating Procedures in several ports.”

ends

Atlas Advisors Australia welcomes reopening of BIIP to offset falling migration

LEADING wealth manager Atlas Advisors Australia has welcomed the Australian Government’s decision to make an interim allocation of places under the Business Innovation and Investment Program (BIIP) ahead of the Budget to assist in driving economic growth amidst the challenges of the pandemic and falls in migration.

Executive chairman of Atlas Advisors Australia, Guy Hedley said the Australian Government's recent decision to allocate places for Significant Investor Visas and Investor Visas recognised the critical role the BIIP could play in offsetting the economic impact of a significant drop in migration.

“This important step can alleviate the loss of capital as a result of lower migration levels while corresponding with the Australian Government's objectives to reduce overall migrant numbers,” Mr Hedley said.

The current cap on the BIIP numbers should be lifted and the processing of applications sped up to draw in vital investment for venture capital funds to fuel the post-pandemic economy.

“There is a severe ongoing shortage of early stage venture capital and the BIIP can be a sustainable and lucrative source,” he said.

“Greater investment in venture capital is critical to encourage innovation that helps companies pull through difficult economic periods while also providing the underpinnings for future jobs and revenue.

“Without further immediate action, Australia risks losing vital capital and trade opportunities to other countries with better incentives to attract high net worth investors in today’s highly competitive market for capital.”

 

About Atlas Advisors Australia

Atlas Advisors Australia is a 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 and Melbourne in Australia and Shanghai in China, Atlas is able to support investors in all China and Australia locations.

ends

More Articles ...

Contact Us

 

PO Box 2144
MANSFIELD QLD 4122