“THE VALUE of commercial building work approved jumped by 30.9 percent during December, finishing 2019 on a high note,” Master Builders chief economist Shane Garrett said.

“The strong result for December means that the volume of commercial building work on the ground is set to remain elevated over the coming months.

“Building activity on the commercial side reached all-time highs over recent times and today’s ABS figures indicate that conditions are set to remain largely positive here,” Mr Garrett said. 

“Today’s figures also indicate that new dwelling approvals eased slightly during December (-0.2%) and that the pipeline of new home building work is still quite a bit lower than it was a year ago.

“Leading indicators suggest that a home building recovery is not too far off, however. Lending to housing investors is expanding again and the First Home Buyer part of the market has a lot of wind behind its sails. House prices are also gathering momentum across most major cities,” Mr Garrett said. 

“Both residential and commercial building projects rely on the creation of support infrastructure to allow them to proceed. With economic growth stuck well below par, we urge all levels of government to do more to speed up the delivery of committed infrastructure projects and allow faster economic growth to be unlocked."

www.masterbuilders.com.au

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WHARFIES are outraged after the Federal Court issued an interim injunction banning them from undertaking legally protected industrial action as part of their fight for a new workplace agreement, describing it as an attack on the fundamental democratic rights of all Australian workers.

The court order prevents more than 1800 workers employed at DP World Australia container terminals in Melbourne, Sydney, Brisbane and Fremantle from taking any form of legally protected industrial action until March 13, 2020.

The Maritime Union of Australia said the decision should send a shudder down the spine of all working Australians, with the Federal Court entrenching the power of foreign and local corporations and undermining the ability of workers to have any chance of standing up against workplace greed, inequality and for justice in the workplace.

The union said the decision effectively bans those fundamental traits so cherished by Australian workers, which have achieved so many gains and conditions that we continue to enjoy today, and are now all up for grabs by anti-worker legislation, courts and commissions.

MUA assistant national secretary Warren Smith said the Federal Court decision was just the latest in a long list of aggressive moves by DP World aimed at forcing workers to accept management’s demands for a new workplace agreement.

“This injunction doesn’t just prevent wharfies from taking legally protected industrial action, it is an alarming attack on democratic rights that will give companies open slather to strip all Australian workers of long held workplace conditions, which will effectively mean reduced standards of living for all,” Mr Smith said.

“In the Federal Court, DP World relied on distortions and straight-out verballing to muddy the waters in an effort to strip MUA members of their lawful right to take industrial action," he said.

“In the last year, DP World management have launched unlawful and aggressive attacks on workers’ rights, cancelling approved holidays, attempting to strip away social benefits such as income protection, sacking workers, docking pay, preventing workers from meeting with their union representatives, cancelling Christmas bonuses, and threatening the mass termination of 10 percent of the workforce.

“Our members don’t like corporate thuggery and they won’t back down to intimidation. They are willing to take the necessary steps are necessary to defend their hard-won rights and conditions from this company  and win new protections for themselves and their families," Mr Smith said.

“By using the Federal Court to strip away the democratic rights of Australian wharfies, DP World have made this the fight of every unionist and every worker in this country and around the world whose rights have just been removed in the name of corporate profit.”

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CHINESE investors looking to a future as Australian citizens are pitching in with support and donations to assist bushfire recovery efforts.

Executive Chairman of Atlas Advisors Australia, Guy Hedley said people in the Chinese investment community were deeply saddened by the loss of loved ones, homes, animals and the environmental havoc caused by bushfires that continue to rage across parts of the country. 

“Many investors have been waiting lengthy periods for outcomes via the Significant Investor Visa program and want to demonstrate their love and commitment for Australia and its people,” Mr Hedley said.

Atlas has made an initial donation of $30,000 on behalf of its first group of Chinese donors to the WWF-Australia’s Australian Wildlife and Nature Recovery Fund and to Mogo Wildlife Park Foundation.

More than 10 million hectares of land has been burned in Australia and more than one billion animals have perished including about one third of the already threatened iconic koala population in NSW along with kangaroos, wallabies, birds and other iconic wildlife.

“Chinese people have a deep respect and fondness for Australia’s unique wildlife and environment and are keen to help conservation efforts,” Mr Hedley said. “They are proud to assist in the wildlife response, habitat restoration and the protection of Australia’s natural resources against the damaging effects of climate change.”

Further proceeds from Atlas Advisors Australia New Year celebrations will go to Mogo Wildlife Park Foundation which is a charity established to build a new wildlife rescue hospital to provide care for injured, sick and displaced wildlife and to assist the reforestation of fire damaged areas.

The new animal hospital will support the welfare and rehabilitation of animals including those affected at Mogo Wildlife Park, a zoo on the south coast of New South Wales with an amazing collection of endangered and exotic animal species that were put at peril by the bushfires.

“The funds also importantly go towards restoring lost forests and damaged wildlife habitats,” Mr Hedley said.

“Mogo Wildlife Park is playing a vital role in caring for animals harmed by the bushfires, restoring native habitats and preserving our precious biodiversity.

“Together we are helping to protect our native animals and conserve our environment for the future.”

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

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THE Australian Small Business and Family Enterprise Ombudsman Kate Carnell has urged AMP to formally commit to mediation, as it moves to exit up to 250 financial planning businesses.

“More than 80 AMP financial planners have approached my office in the past few months and many of them are telling us they face financial ruin as a result of AMP’s new exit terms,” Ms Carnell said..

“Many of those planners who borrowed from AMP to buy into the business at a set price, now face losing their homes and their livelihoods, as the financial institution seeks to impose a three-year restriction on working as a financial planner.

“My office has met with AMP and although they signalled they were open to mediation, they have yet to confirm their participation," she said.

“It’s critical these small business owners have clear information about their financial position before making any big decisions about their future. Mediation would be one way of providing that much-needed clarity.

“We’ve called on AMP to waive debts for those financial planners facing AMP-imposed reduced buyback values," Ms Carnell said.

“AMP has also been asked to extend its termination deadline, so that a resolution may be reached.

“Small businesses in the financial planning industry have faced a great deal of turmoil in the aftermath of the Banking Royal Commission, with hundreds of planners bearing the brunt of brutal restructures and fire sales by banks and wealth funds," she said.

“We remain concerned about a number of behaviours that may include the conduct of lookback audits, financial planning licensors shifting responsibility for client compensation payments to licencees, short notice periods provided to licencees exiting the business and restraint of trade provisions.

"Any small or family business that has been impacted by changes in the financial planning sector is encouraged to share their story," Ms Carnell said.l

E-mail This email address is being protected from spambots. You need JavaScript enabled to view it. or submit a request for assistance using the ASBFEO Online Form.

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ON THE FIRST anniversary of the Banking Royal Commission, the Australian Small Business and Family Enterprise Ombudsman Kate Carnell said banks still have many lessons to learn, while small businesses continue to pay the price of poor behaviour.

“Banks and financial institutions still have a long way to go if they are serious about repairing their relationship with small businesses,” Ms Carnell said.

“Even a year on from the Banking Royal Commission, banks and other large financial institutions are more focussed on passing on their punishment to small businesses.

“For instance, many small businesses in the financial planning industry have faced financial ruin in the aftermath of the Banking Royal Commission, with hundreds of planners bearing the brunt of brutal restructures and fire sales by banks and wealth funds," she said.

“Many of these small business owners are facing the prospect of losing their homes, families and livelihoods as these financial institutions and banks bulldoze their way through their exit strategies.

“Equally the new-look Banking Code of Practice in effect from March this year, fails to sufficiently protect small business borrowers," Ms Carnell said.

“The ABA claims it has implemented the Royal Commission recommendations but it has not acted on all of the recommendations including one that is critical to small business.

“Commissioner Hayne recommended that the definition of a small business should be businesses that apply for a loan up to $5 million and have fewer than 100 employees*.

“Despite our repeated efforts, the Code only protects small businesses with up to $3 million in total debt to all credit providers.

“What that means is that a large number of small businesses, particularly those capital intensive businesses such as agriculture, building and manufacturing, are not covered by the Code.

“Of particular concern, is a new addition to the Code under paragraph 115 (b)** which in effect, allows banks to take action against the small business guarantor, before enforcing recovery against the security provided by the small business borrower.

“This is totally unacceptable and has the potential to be seriously detrimental to the small business borrower and their ability to secure guarantors," Ms Carnell said.

“During the Royal Commission, Commissioner Hayne acknowledged the ABA Banking Code of Practice is the chief protection for small business borrowers and as such, it needs real and meaningful changes to give it teeth.

“While the Code has been improved, the number of get-out-of-jail clauses for the banks still dilute the protections for small businesses.

“We will continue to push for a better framework for a balanced relationship between banks and their small business customers.”

References:

(*) Commissioner Hayne Recommendation 1.10 – Definition of ‘small business’

The ABA should amend the definition of ‘small business’ in the Banking Code so that the Code applies to any business or group employing fewer than 100 full-time equivalent employees, where the loan applied for is less than $5 million.

(**)Banking Code of Practice 2019:

115. 115. However, the restrictions under paragraphs 113 and 114 do:
116. a)  not apply if you have specifically agreed in writing after the default notice is issued and we have informed you of the limitations of our enforcement rights under this chapter that they do  not apply; or
117. b)  not require us to first enforce any mortgage or other security that  the borrower has provided if we reasonably expect that the net proceeds of that enforcement will not be sufficient to repay a substantial  portion of the guaranteed liability, or because of the borrower not providing us with information, documents, or access to premises or assets as required, we are unable to reasonably assess whether the net proceeds of that enforcement will not be sufficient to repay a substantial portion of the guaranteed liability.

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THE Financial Services Council (FSC) today has published its submission to the Financial Regulator Reform (No. 2) Bill 2019: Governance (FSRC Recommendations 6.9 and 6.11): Exposure Draft.

Given the recently enhanced Memorandum of Understanding between ASIC and APRA, the FSC submission outlines general support for the Bill and highlights a number of recommendations that would improve consumer outcomes and regulator accountability, for example:

• Recommend APRA and ASIC collaborate on information, documentation and data requests and collection where reasonably practicable;
• Failure to comply with the cooperation requirements by a Regulator should result in consequences; and
• Given that compliance with the new obligations is to be overseen by the new Financial Regulator Oversight Authority, the Authority should commence operations at the same time as the Bill commences.

Read the submission in full: Financial Regulator Reform (No. 2) Bill 2019: Governance (FSRC Recommendations 6.9 and 6.11): Exposure Draft.

About the Financial Services Council

The Financial Services Council (FSC) has over 100 members representing Australia's retail and wholesale funds management businesses, superannuation funds, life insurers, financial advisory networks and licensed trustee companies. The industry is responsible for investing almost $3 trillion on behalf of more than 14.8 million Australians. The pool of funds under management is larger than Australia’s GDP and the capitalisation of the Australian Securities Exchange and is the fourth largest pool of managed funds in the world.

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THE House Standing Committee on Employment, Education and Training will scrutinise the Department of Education, Skills and Employment on actions being undertaken to address the education attainment gap between students living in regional, rural and remote areas and their peers in metropolitan areas.

The Department’s appearance before the Committee on Wednesday, January 5, 2020 will be the first public hearing of the Committee’s inquiry into the education of students in remote and complex environments.

Chair, Andrew Laming MP, said. "The Committee is concerned that regional, rural and remote students’ achievement in education has been lower than that of metropolitan students for many years. It is confronting that young people living in the bush are have lower educational attainment rates in school, in Year 12 and in tertiary education than those in cities.

"Regardless of where they live, young Australians should be supported to meet their potential with high quality education and meaningful pathways to further education and employment. The Committee is examining how education meets the learning needs of students and how barriers in education can be overcome," Mr Laming said.

Last year the Morrison Government released the National Regional, Rural and Remote Education Strategy, which focuses on improving tertiary education participation and outcomes for students from non-metropolitan areas. The Strategy forms part of a broader Regional Education package and builds on the Government's response to the Independent Review into Regional, Rural and Remote Education (the Halsey Review).

Mr Laming said, "At the hearing, the Committee will examine how the Government is implementing the Strategy and the recommendations of the Halsey Review, as part of its broader investment in regional, rural and remote education."

Public hearing details

Date: Wednesday, February 5, 2020
Time: 11.30am to 12.45pm
Location: Committee Room 1R2, Parliament House, Canberra

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

The closing date for submissions has been extended to Friday, February 28, 2020. Submissions can be made online or by emailing This email address is being protected from spambots. You need JavaScript enabled to view it..

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THE Australian Taxpayers Alliance (ATA) has urged Australian Senators to vote 'No' to the Currency (Restrictions on the Use of Cash) Bill 2019, calling the banning of cash an attack on the freedoms of Australians.

A statment released by ATA policy director Emilie Dye said:

"Some incredibly insightful individuals testified at the Cash Ban hearing on Thursday. The message was clear: any restriction on cash is an attack on economic freedom. Australians should be allowed to make legal purchases with the legal tender of their choice instead of being forced onto the banking system.

"The Australian Taxpayers' Alliance, the nation's largest grassroots advocacy group, today urged the Australian Senate to listen to the voice of the people and vote no on the Currency (Restrictions on the Use of Cash) Bill 2019.

"A $10,000 restriction on the use of cash would harm small businesses, give more power to corporate banks, and would fail to restrict any criminal activities.

"Many Australians still use cash and wish to continue using this legal tender for their privacy and security. Banks and electronic payment methods are not always reliable. Look at the bushfire crisis and the thousands of Australians forced to use cash during a natural disaster. 

"Let us not forget the Royal Commission into the banking sector. Without healthy competition and restriction banks, particularly corporate banks will abuse their powers. Lower interest rates and higher bank fees hurt hardworking Australian.

"Law-abiding citizens, not lawless criminals, obey laws. Experts in Europe have proven restrictions on cash fail to impact money laundering, tax evasion, and terrorism. This bill would cost Australians dearly without addressing the problems it claims to fix.

"Ordinary Australians attempting to contribute to the economy through legal means could find themselves spending two years in jail should this bill become law."

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