BUDDING entrepreneurs at Queensland high schools have an opportunity to turn their enterprising ideas into a bonafide business with a new competition being launched by Brisbane-based RTO, Binnacle Training (RTO Code 31319).

Binnacle wants to empower students with a knack for business with their new Binnacle Boss initiative which requires students to present a 2-3 minute video pitch of their start-up business idea.

Binnacle is tipping that isolation may have inspired some original business ideas and even new video skills courtesy of TikTok which was a surprise lockdown hit for bored teenagers.

The young entrepreneur competition is open to all Queensland secondary school students from Grade 7-12. Students can enter individually or in teams of up to four and have multiple submissions over the course of the competition.

Video pitches will be judged on their creativity, impact, and innovation by an expert panel of successful business owners. These include Leanne Kemp, Queensland’s Chief Entrepreneur, and Taj Pabari who’s renowned for his transition from suspended schoolboy to teenage entrepreneur and was awarded Queensland’s Young Australian of the Year in 2017.

Boss prizes are up for grabs for the top three videos, as well as an Audience Prize winner. The haul includes Business Start-up Packages worth over $5,000, with mentoring and financing sessions, marketing collateral, podcast exposure, work experience, and access to potential investors to get businesses off the ground.

“One common theme we know from working with teachers is that students have incredible ideas but lack the resources and confidence to turn their vision into a reality,” Binnacle Training CEO Aaron Bulow said.

“Our goal is to provide a springboard for students who have ideas but don’t know how to action them,” he said.

Students, start brainstorming now to become the inaugural Binnacle Boss! The competition is open from now until August 31, with winners to be announced on September 18.

To view the entire list of judges click here.

Click here for the Binnacle Boss Resource Hub 
Facebook - https://www.facebook.com/binnacleboss/
Instagram - https://www.instagram.com/binnacleboss/

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THE House of Representatives Standing Committee on Procedure is holding a public hearing as part of its inquiry examining the practices and procedures relating to question time in the House.

Chair of the committee, Ross Vasta said the committee would hold a public hearing by teleconference tomorrow, June 4.

“This is the first of the committee’s public hearings into this inquiry,” Mr Vasta said.

“I’m really looking forward to the feedback and looking into ways we can make it easier for people to engage with question time and be part of the process.”

Deputy chair of the committee Milton Dick said the committee would hear from a range of witnesses about how question time could be improved.

The committee has received more than 40 submissions and has conducted surveys to seek suggestions from the public and from Members on the rules and conventions around question time and opportunities for change.

At the conclusion of its inquiry, the committee will make recommendations to the House for its consideration. Further information about the inquiry is available on the committee’s website.

Public hearing details

Date: Thursday, June 4, 2020
Time: 11am to 3.45pm
Location: Teleconference

Indicative times:
11am – 12 noon: Mr Harry Jenkins
1pm – 2pm: Ms Anna Burke
2pm –2.45pm: Professor Colleen Lewis
3pm–3.45pm: Accountability Roundtable
3.45pm: Close

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

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THE House of Representatives Standing Committee on Economics will hear from ME Bank, the Australian Securities and Investments Commission (ASIC), and the Australian Prudential Regulation Authority (APRA) at an urgent public hearing by videoconference on June 3, 2020.

This hearing is part of the committee’s ongoing review of the four major banks and other financial institutions.

The Chair of the committee, Tim Wilson MP, said, "Australians who take out a banking product expect it to be available when they need it, not nabbed in the middle of the night without notification."

On May 14, 2020 the committee scrutinised ME Bank on its actions earlier this year in restricting customers’ access to redraw facilities. Since ME Bank’s appearance, the committee has sought information from APRA and ASIC on ME Bank’s conduct and engagement with the regulators on this issue.

"The discrepancy between ME Bank’s evidence to the committee and advice from ASIC is deeply concerning and requires further scrutiny," Mr Wilson said.

Public hearing details

Date: Wednesday, 3 June 2020
Time: 12pm to 1pm
Location: Videoconference

12pm – ME Bank
     ASIC
     APRA
 1pm – Finish

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

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WEALTH manager Atlas Advisors Australia has acquired a significant share in the Elanor Wildlife Park Fund.

The fund consists of two iconic wildlife park assets: Featherdale Wildlife Park, located in Western Sydney and managed by ENN since 2013, and Mogo Zoo located in Batemans Bay on the NSW South Coast.

Executive chairman of Atlas Advisors Australia, Guy Hedley said the two wildlife parks were core attractions for domestic tourism with a mixture of property and longstanding and profitable business assets.

The Elanor Wildlife Park Fund is the first of its kind in Australia and is looking to capitalize on the growing nature-based tourism industry.

Mr Hedley said parties were looking to add other private zoo and wildlife park assets to the portfolio. He said nature-based tourism is the fastest growing sub-sector of the tourism industry in Australia and around the world.

“It is the perfect time to invest with nature-based tourism experiencing strong growth and much potential in the industry yet to be realised,” Mr Hedley said.

“As our environment comes increasingly under threat, wildlife parks and ecotourism offer residents and tourists the ability to experience, enjoy and learn about wildlife and nature in an animal-friendly and environmentally sustainable way.

“These organisations also contribute to building resilient regional economies which generate employment and innovative new experiences and products.”

Mr Hedley said there are around 86 private and 14 public zoos, wildlife parks and sanctuaries across Australia which present further acquisition and consolidation opportunities for the fund.

“These are a recession-proof assets that align with our strategy to ensure investment is put towards socially and environmentally responsible organisations,” Mr Hedley said.

“It also corresponds with investor calls for good corporate citizenship and increasing appetite for socially responsible investing.”

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 Queensland Government has committed to establishing domestic procurement targets focussed on enhancing opportunities for small and local businesses, according to the Chamber of Commerce and Industry Queensland (CCIQ).

CCIQ  has been calling for a procurement policy, including setting a small business target.

CCIQ’s general manager of advocacy and policy, Amanda Rohan, said the announcement would give businesses some confidence in securing government contracts.

“Queensland is rich with diverse and capable small businesses. However, there are barriers when competing for government contracts,” Ms Rohan said.

“Today’s announcement is a positive first step in removing some of those barriers, and shows the government is serious about doing business with SMEs.

“We welcome the reduced payment terms, however would like to see this lowered more significantly. Many businesses are restricted due to cashflow and tighter payment terms will alleviate that pressure.

“We have been calling for a procurement framework for some time, but it is now more essential than ever," Ms Rohan said.

“Putting policies in place to support and enable businesses to succeed is crucial and needed to see economic growth and job stability around the state,” she said.

In February, CCIQ wrote to all Queensland MPs outlining the need for a procurement framework and asked for their commitment to working with the business sector in creating one.

CCIQ’s procurement framework includes:

• Setting up an open procurement platform across all government agencies;
• Breaking up government tenders to smaller components so small businesses have more opportunities to supply goods and services;
• Simplifying government tender documents and assessments criteria;
• Implementing payment terms of 5 business days for small suppliers.

The Labor, LNP, Katter and Greens parties all responded with agreement and commitment on working towards this framework.

www.cciq.com.au

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THE House of Representatives Standing Committee on Economics will hear from the General Insurance Code Governance Committee and the Insurance Council of Australia, as well as insurers at a public hearing via videoconference on June 3, 2020, as part of its ongoing Review of the Four Major Banks and other Financial Institutions.

The chair of the committee, Tim Wilson MP, said, "These hearings are an important mechanism for the Parliament to publicly scrutinise and hold Australia’s insurance sector to account.

"Insurance is an essential way that Australians and Australian businesses manage risk and protect themselves from financial loss after disaster strikes. Australians must be able to rely on the insurance sector to provide high-quality policies and respond quickly when claims are made.

‘The General Insurance Code Governance Committee’s recent findings regarding the substantial increase in code breaches is concerning. It is important that insurers have strong code compliance and governance frameworks in place to ensure that consumers are receiving the protections afforded to them by the code," Mr Wilson said.

"The COVID-19 pandemic has also raised a number of relevant issues relating to policy coverage ranging from travel insurance to lenders mortgage insurance that also need to be explored."

Public hearing details

Date: Wednesday, 3 June 2020
Time: 1pm to 4.30pm
Location: Videoconference

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

THE Australian Small Business and Family Enterprise Ombudsman Kate Carnell said childcare was an essential service for women in small businesses, calling for ‘free childcare’ to continue beyond the June 30 expiry date.

“Women make up more than a third of Australia’s small business owners (35%) and more than 5 million women work in these businesses,” Ms Carnell said.

“The latest ABS labour force data shows women have been hit hardest by the COVID-19 crisis, with the female workforce participation rate falling to 58.4 percent in April.

“Many of the women who are still working and running their businesses are relying on JobKeeper payments, which will not cover childcare fees if they are reinstated in full from July 1. This could force mothers out of their jobs, which is detrimental to working families and even worse for the economy.

“Now is the time for the government to be considering innovative ways to increase participation rates for women to ensure productivity gains and to benefit businesses," Ms Carnell said.

“There are a number of ways for government to do this, including making childcare tax-effective or by phasing in an expanded subsidy scheme as recommended by the Grattan Institute, estimated to deliver an $11 billlion boost to the economy.  

“Economists have often referred to the ‘double dividend’ of childcare increasing workforce participation rates and providing early education.  

“Equally, the government needs to look at supporting childcare centres, many of which are small businesses, which have suffered losses due to the structure of the current measures," she said.

“Despite the struggles some of these childcare centres have had with the current package, many are warning of dire consequences for their businesses if there is a sudden snap-back in a month’s time.

“Ultimately the government has a golden opportunity now to completely re-think the childcare system. Small business and the Australian economy depends on it.”

www.asbfeo.gov.au

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NEWS of the NSW Government’s imposition of a “pay freeze” has been met with dismay by Independent Education Union of Australia (IEU) members.

An IEU spokesperson said benchmarking of salaries, in any profession, is heavily influenced by public sector outcomes. IEU members will be directly impacted by the decision to freeze salaries in the public sector for 12 months.

"It is likely this freeze will be staggered. Agreements already signed off, should be delivered. The freeze will begin at the expiry of the current agreement," Pam Smith, assistant secretary of the IEUA NSW/ACT Branch said.

"In Catholic systemic schools, members are meeting and voting on action to help secure the overdue payments of 2.5 percent in both 2020 and 2021. From the NSW Government’s position, the freeze would take place in 2022 – effectively, it’s a pay cut set for 2022. This is what our state school colleagues can expect as well: pay parity and its consequent links to our sector is alive and well.

"It is unclear how the proposal will impact members in independent schools whose agreements expire in February 2021, but we anticipate an attempted freeze.

“Teachers, support staff and principals have served their communities with distinction in 2020," Ms Smith said. "To impose this freeze is an unreasonable response to a pandemic."

IEUA NSW/ACT Branch secretary Mark Northam said, “The extraordinary bushfire season and the coronavirus pandemic have impacted on heavily on schools. The glue holding communities together was the combined efforts of essential workers – our teachers and support staff. They made service provision possible.

“Schools stayed open and pivoted to online learning, with staff supporting students and families in all kinds of ways. They deserve immense respect,” Mr Northam said.

He said the NSW Government’s pay freeze was out of step with community expectations. It was also out of step with stimulus to enable spending.

"It is out of step with principles of sound economic management."

Economist Jim Stanford, director of the Centre for Future Work said, “This could turn a recession into a depression… Pay freezes are being imposed at the very moment when public sector workers such as healthcare workers, first responders, teachers and social service providers are performing vital tasks, at personal risk to themselves, to support Australians through the pandemic. 

"Freezing pay for these essential workers is not just morally questionable – it’s also a major economic mistake”.

Mr Northam said, “The Berejiklian Government must urgently reconsider its position and support essential workers, not thwart fair salary outcomes already constrained by its own legislation. The 2.5 percent cap on pay increases is the current NSW Government’s approach to negotiating industrial outcomes.

“To have yet another unnecessary legislated imposition is to unfairly constrain industrial outcomes.”

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