A NEW International Energy Agency (IEA) report highlights the massive potential of energy efficiency to create jobs, cut bills and address climate change, but Australia can do much more to seize this opportunity, according to the Energy Efficiency Council.

The 10 recommendations, published by national leaders, ministers, top business executives and prominent energy experts that make up the Global Commission for Urgent Action on Energy Efficiency, show how energy efficiency can play a central role in fixing the social and economic damage of the COVID-19 crisis.

“A major drive to improve the energy efficiency of homes and businesses could create 120,000 job years of employment in Australia, while reducing cost-of-living pressures for businesses and households,” Energy Efficiency Council CEO Luke Menzel said.

“Action on energy efficiency would immediately help those most affected by the economic impacts of COVID-19, including financially stressed households and businesses, and workers seeking new opportunities. 

“However, in 2018 Australia was ranked the world’s worst performing developed country on energy efficiency. We must do better and seize this moment so that we can create thousands of jobs, lower energy bills, and slash emissions," Mr Menzel said.

Over the last month, multiple joint statements – including organisations as diverse as the Australian Council of Social Service, the Property Council of Australia, Australian Industry Group, the Business Council of Australia and Australian Council of Trade Unions – have called for state and Federal Governments to put energy efficiency at the heart of stimulus measures. 

“There is near-universal support for energy efficiency as a key stimulus measure because projects can roll out rapidly, deliver a long term productivity dividend, slash emissions and are highly job intensive,” Mr Menzel said. 

“The Global Commission has called on governments around the world to show leadership, upgrading their own schools, hospitals and other public to save taxpayers money and create jobs straight away.

“Global experts have given us a plan. Now we need state and federal governments to invest at a speed and scale that matches the magnitude of the economic challenge ahead of us,” Mr Menzel said.

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THE House of Representatives Committee on Tax and Revenue will be holding a public hearing for its inquiry into the Commissioner of Taxation Annual Report 2018-19.  

Chair of the Committee, Jason Falinski MP, said the Committee was interested to hear from a number of professionals and academics from the tax sector about their experiences in dealing with the Australian Tax Office (ATO).

"The Committee has a long-standing and productive relationship with the ATO and it looks forward to exploring its operations in more detail," Mr Falinski said.

"In previous inquiries, the Committee has made a number of recommendations to the ATO about ways to improve its processes and practices and we look forward to hearing how things have progressed over the last two years."

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

Public hearing details

Date: Friday, 26 June 2020
Time: 10am to 11am
Location: Committee Room 2R1, Parliament House, Canberra (via video/teleconference)

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

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THE health system will be the focus of the first public hearing of the inquiry on the impact of COVID-19 on Australia’s Foreign Affairs, Defence and Trade. 

Witnesses from pharmaceutical company IDT, and peak body the Australian Healthcare and Hospitals Association, will give evidence on the impacts on the healthcare sector of the pandemic.

Senator David Fawcett, Chair of the JSCFADT, emphasised the importance of the healthcare system to Australia’s national resilience. 

"Australia’s health system is both domestically critical and sensitive to disruption in international supply chains," Senator Fawcett said. 

"Hearing more about the impact of the pandemic is a logical first step in this inquiry, which aims to develop ongoing effective national framework to ensure the resilience required to underpin Australia’s economic and strategic objectives."

Full terms of reference for the inquiry are on the Committee website. Submissions can be made until June 30, 2020.

Public hearing details:

Date: Thursday, 25 June 2020
Time: 3.30pm – 4.30pm AEST 
Location: By teleconference

The hearings will be audio streamed live at aph.gov.au/live.

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EFTPOS today launched an advertising campaign to promote a way that Australia’s small businesses may be able to reduce their costs as they rebuild after COVID-19.

The six week campaign will help inform merchants about how they can potentially reduce the fees they pay to accept ‘tap’ card transactions on dual-branded debit cards by routing them through eftpos as opposed to international payment companies.

Known as Least Cost or Merchant Choice Routing, the method can lead to significant savings of up to 40 percent (based on numbers provided in the RBA Bulletin March 2020) on transaction fees from debit cards – Australia’s most popular form of payment.

“Right now in Australia, nothing is more important for Australian business owners than protecting cash flow,” eftpos CEO Stephen Benton said. “There are many things outside their control such as labour costs and utility bills, but they may be able to reduce the cost of receiving payments by Least Cost Routing.

“With debit cards accounting for more than 70 percent of card transactions in Australia and more consumers moving away from cash after COVID-19, routing has the potential to deliver significant savings for many thousands of small and medium businesses across the country. In turn, these cost savings could also flow to customers in the form of lower prices or reduced surcharges.”

There are around 35 million dual-branded debit cards in Australia – featuring the eftpos logo on the back and an international scheme on the front.

The new eftpos campaign launches today and will run across outdoor, digital and social media, as well as radio and print publications. It’s the first significant advertising eftpos has done in three years.

Mr Benton said the new campaign was an expression of the company’s purpose – "to do good for Australia" – by offering the opportunity for reduced fees, specifically for small and medium businesses and their customers during this difficult time.

“The Reserve Bank has promoted Least Cost Routing for many years as a way of reducing costs for merchants, and has urged the industry to promote the service more widely,” Mr Benton said. He referred to an article on the RBA Head of Payments Policy on February 5, 2020, published in the Australian Financial Review.

“The message of this campaign is simple – contact your bank or acquirer to find out what savings you can make by routing through eftpos,” Mr Benton said.

About eftpos 

Eftpos is Australia’s debit card system, accounting more than 2 billion CHQ and SAV transactions in 2019 worth around $130 billion.

www.eftposaustralia.com.au 

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AUSTRALIA'S peak industry representative body for innovation technology, the Australian Information Industry Association (AIIA) had supported the Victorian Government’s decision to appoint a Minister for Innovation, Medical Research and Digital Economy.

The critical role was given to Jaala Pulford, who will also focus on creating jobs and oversee Working for Victoria as Minister for Employment.

AIIA requested appointing a Minister for Digital Capability in addition to a wider set of recommendations recently put to the Australian Government as part of the AIIA White Paper titled ​Building Australia’s Digital Future in a Post-COVID World​.

AIIA CEO, Ron Gauci said, “We welcome the Victorian Government’s approach to appointing a Minister for the Digital Economy and we look forward to working together on rebuilding Victoria post-COVID.

“We thank the role that Martin Pakula played as Minister of Technology and see this new appointment as allowing for greater focus on digital transformation.

“Our future economic prosperity centres on Australia emerging in a way that responds to the opportunities, and addresses the weaknesses that have prevailed throughout this difficult period. Our economy and workforce needs to transition towards increased sovereign capabilities, seeking resilience in global and local supply chains while digitising our economy,” Mr Gauci said.

The appointment of the Minister for Innovation, Medical Research and Digital Economy comes as three new members of Cabinet were also sworn in today, with Natalie Hutchins, Shaun Leane and Danny Pearson joining the Andrews Labor Government Ministry.

The AIIA is a not-for-profit organisation aimed at fuelling Australia’s future social and economic prosperity through technology innovation.

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THE Financial Services Council (FSC) has welcomed the bipartisan support for the proposed timetable for implementing stronger professional standards and education requirements for financial advisers. 

FSC CEO Sally Loane said the passage of legislation through the Senate is positive news for the financial advice profession and provides needed certainty for all advisers at an unprecedented time for the economy, particularly as demand for advice is surging as a result of the pandemic.  

“Allowing advisers the time to sit the exam and meet the strengthened requirements will continue to build trust in financial services as it contributes to our economic recovery, while encouraging future generations to join the profession,” Ms Loane said. 

"Changes such as these are part of a reform program to help ensure financial advice is affordable and accessible for consumers”. 

The Treasury Laws Amendment (2019 Measures No. 3) Bill 2019 implements changes to existing requirements for financial advisers announced by the Government in August last year. As a result, financial advisers registered prior to January last year will need to complete the FASEA exam by January 2022 and meet FASEA's qualification requirements by January 1, 2026. 

www.fsc.org.au

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THE House of Representatives Standing Committee on Infrastructure, Transport and Cities will hold a videoconference public hearing on June 23 2020 for its inquiry into options for financing faster rail.

The Committee Chair, John Alexander MP, said, "To ensure that we get the most out of essential infrastructure projects, it is imperative that we consider the innovative funding models for major rail projects that are utilised both in Australia and around the world."

The Committee will hear from a range of groups and stakeholders on their views on priority areas for rail projects, and the role for the three levels of government in project planning, funding and facilitating effective public and private partnerships.

"It is also crucial that when considering projects the government consider what proportion can be funded by key beneficiaries and what should be funded by the broader community," Mr Alexander said.

Public hearing details

Date: Tuesday, 23 June 2020
Time: 9.15am to 4.55pm
Location: Videoconference

9.15am: National Faster Rail Agency/ Infrastructure and Project Financing Agency
10.45am: Break
11.00am: Economic Connections
11.40am: Canberra-Sydney Rail Action Group
12.20pm: Break
1.20pm: Swinburne University Centre for Urban Transitions
2.00pm: Prosper Australia
2.40pm: Break
2.55pm: New Haven Group
3.35pm: Arup
4.15pm: Value Advisory Partners
4.55pm: Finish

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

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THE Electoral Matters Committee has commenced a review into the Electoral Legislation Amendment (Miscellaneous Measures) Bill 2020.

The bill, introduced to the Senate by Senator Mathias Cormann, Minister for Finance, would amend the Commonwealth Electoral Act to:

• clarify the relationship between federal and state and territory electoral donation and disclosure laws;
• make technical amendments to address anomalies in entity registration and public election funding rules;
• improve electoral processes, electoral administration, vote issuing procedures and improve workforce flexibility for the Australian Electoral Commission; and
• expand electronically assisted voting methods to Australians working in Antarctica.

The Committee has invited written submissions addressing any or all aspects of the bill.

Prospective submitters are advised that any submission to the Committee’s inquiry must be prepared solely for the inquiry and should not be published prior to being accepted by the Committee.

Submissions are requested by July 3, 2020. Further information about making a submission to a committee inquiry can be found at the following link.

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

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