ENERGY NETWORKS Australia has welcomed the release by the Tasmanian Government of the Tasmanian Renewable Hydrogen Action Plan.

Chief executive officer of Energy Networks Australia, Andrew Dillon, said hydrogen would play an important role in the sustainable energy future.

"Hydrogen can be produced from excess renewable power, providing clean energy that can be stored for when the sun doesn’t shine and the wind isn’t blowing,” Mr Dillon said. “As the energy sector continues to decarbonise and intermittent renewable generation increases, this storage capacity means hydrogen can play an important role in stabilising our energy system.

“Hydrogen technology is already being embraced around the world for domestic and commercial use in gas networks and to fuel passenger and freight trains.”

Mr Dillon said trials of hydrogen production, hydrogen blending into existing networks or exports were underway in every Australian state, with Tasmania’s strategy the latest addition.

“Energy networks are using renewable gases such as hydrogen made from solar and wind power to decarbonise our gas networks,” Mr Dillon said.

A recent update to Gas Vision 2050, released by Energy Networks Australia and the Australian Pipelines and Gas Association, showed that more than $180 million of funding had been committed nationally for hydrogen infrastructure projects.

Energy Networks Australia has previously released research confirming that the injection of hydrogen into Australian gas distribution networks can be done under current gas legislation.

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IN REVIEWING early feedback, it is clear that small businesses experiencing financial difficulties are often leaving it too late to seek help.

That’s one of the factors contributing to small business insolvencies that has been explored at the first meeting of the reference group established by the Australian Small Business and Family Enterprise Ombudsman as part of its Insolvency Practices Inquiry.

Ombudsman Kate Carnell said it was vital for small businesses to recognise the signs of financial distress and seek help as quickly as possible.

“It is crucial that small and family businesses experiencing financial difficulties understand they don’t have to go it alone,” Ms Carnell said.

“What we know is the sooner small and family businesses get help, the more likely it is they can achieve a more favourable outcome.

“Small and family businesses should lean on their trusted advisors, like your accountant, especially when financial concerns arise. We know this is an issue that is important to the small and family business community because there has been an overwhelming public response to our Inquiry.

“Already we’ve had 230 survey responses and 20 submissions and we expect that number to grow. We also appreciate the generous feedback we’ve had from many insolvency practitioners so far and discussions with industry groups and professionals involved in the insolvency sector are ongoing.

“We remain very keen to hear from all parties that have been through a restructure or insolvency. These stories can be shared by completing our online survey or by providing a submission via This email address is being protected from spambots. You need JavaScript enabled to view it..”

An interim report will be released next month ahead of the final report in February.

www.asbfeo.gov.au

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THE Queensland Resources Council (QRC) has welcomed a $13.8 million five-year Queensland Government package to encourage new discoveries of critical minerals to attract more overseas investment, drive more international trade and create more local jobs and economic prosperity.

QRC chief executive Ian Macfarlane, who is in Washington DC as part of a delegation led by Federal Resources Minister Matt Canavan to further develop the US-Australia trading partnership on critical minerals, said the package announced by Premier Annastacia Palaszczuk was based on consultation with the industry and would hit the right mark at the right time.

“Queensland has globally-significant reserves of copper, nickel, zinc,  graphite, and molybdenum and major deposits of cobalt, rhenium, scandium, tantalum, niobium, lithium, rare earths and vanadium,” he said.

Mr Macfarlane said the funding would including $9 million to unearth more and better geological information to help the industry identify new products and $4.8 million to re-examine old mine tailing and core samples for these minerals.

“These are the key areas QRC and the Queensland Exploration Council urged the Government to focus on and they have delivered.  We thank the Premier, the Deputy Premier, State Development Minister Cameron Dick and Mines Minister Anthony Lynham for the commitment of confidence into this growing sector,” he said.

“We also acknowledge the strong representations from the Australian Workers’ Union to encourage additional investment in exploration.  The AWU, like QRC, knows the investment in exploration delivers the new discoveries and the new jobs,” Mr Macfarlane said.

“Mount Isa itself owes its existence to the discoveries of the lone prospector John Campbell Miles in 1923.  It would be fitting if, through this funding, Queenslanders could welcome major new discoveries to celebrate the centenary of those original discoveries.

Mr Macfarlane said the package followed the government’s earlier commitment to upgrade the Townsville to Mount Isa rail line and commit $80 million to subsidise commercial freight users on the Mount Isa line over four years.

www.qrc.org.au

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THE Standing Committee on Communications and the Arts is holding a public hearing at Southport, Queensland on Tuesday, November 19, 2019 for its inquiry into the deployment, adoption and application of 5G in Australia.

This will be the first public hearing for the inquiry, and will begin a series of public hearings and site visits to gather evidence about the challenges and benefits of 5G in Australia.

Information about the inquiry, including the public hearing program, may be found on the Committee’s webpage.

Public hearing details

Date: Tuesday, 19 November 2019
Time: 11.30am – 1.30pm
Location: Room F4, Southport Community Centre

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

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NEWMONT Goldcorp Corporation (Newmont Goldcorp) said it looks forward to a long and productive partnership with Saracen Mineral Holdings Ltd. (Saracen) at Kalgoorlie Consolidated Gold Mines (KCGM) in Australia.

Earlier today, Saracen announced an agreement to purchase Barrick Gold Corporation’s 50 percent stake in KCGM. Newmont Goldcorp will remain the operator of KCGM and continue to manage the mine according to its leading policies and standards.

“We congratulate Saracen on its agreement to purchase Barrick’s stake in KCGM and we look forward to partnering with them to continue delivering value at this world-class asset, safely and efficiently,” said Tom Palmer, president and chief executive officer. “KCGM and the Golden Mile offer ongoing growth and value generating opportunities in Australia, which remains a core operating region for Newmont.”

Located in Kalgoorlie-Boulder in Western Australia, KCGM directly employs about 1,250 people and produced 636,000 ounces of gold in 2018. Operations began at KCGM in 1989 and the mine has produced 21 million ounces of gold over the last three decades.

About Newmont Goldcorp

Newmont Goldcorp is the world’s leading gold company and a producer of copper, silver, zinc and lead. The company’s world-class portfolio of assets, prospects and talent is anchored in favorable mining jurisdictions in North America, South America, Australia and Africa. Newmont Goldcorp is the only gold producer listed in the S&P 500 Index and is widely recognized for its principled environmental, social and governance practices. The company is an industry leader in value creation, supported by robust safety standards, superior execution and technical proficiency. Newmont Goldcorp was founded in 1921 and has been publicly traded since 1925.

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THE Joint Standing Committee on Migration is headed to South Australia to examine how to encourage migrants to settle and remain in regional areas, in the first round of regional hearings for its inquiry into migration in regional Australia.

“South Australia is at the forefront of initiatives and strategies to encourage higher levels of migration to regional areas,” said Committee Chair Julian Leeser MP. “South Australian towns are seeking more migrants to boost population growth and address skills shortages, and the Committee can learn a lot from this experience.

“For our first regional hearings, we will be travelling to Adelaide (considered regional for the purposes of migration) on 18 November, Murray Bridge on 19 November and Mount Gambier on 20 November. This is a great opportunity to talk with people in regional areas with first-hand experience about what works to assist migrants to settle and stay in regional areas.”

As part of the hearings, the Committee will be meeting with local government, Regional Development Australia, as well as local migrants and businesses.  The Committee will also discuss regional migration with the South Australian Government and migration experts in Adelaide on 18 November.

“The support of regional communities is critical to the success of regional migration. We want to hear directly from local people and organisations to understand how to ensure the long term success of migration to regional areas,” Mr Leeser said.

The Committee will be travelling to other states and territories to visit a range of regional areas, details on these hearings will be announced in early 2020. Further details on the inquiry, including the terms of reference, are available on the inquiry website.

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THE 2019 Future2 Wheel Classic charity bike ride will set off from Melbourne’s DISC Velodrome on Friday November 22, aiming to surpass previous years’ fundraising efforts for the Future2 Foundation, the philanthropic arm of the Financial Planning Association of Australia (FPA).

Now in its 10th year, the Wheel Classic will feature 18 financial planners and other financial services professionals from across Australia (plus support crew), who will ride 819km over six stages.

Leading cycling broadcaster Matthew Keenan will join the riders on the first stage of the ride. Mr Keenan is well known to cycling enthusiasts through his work covering the world’s greatest cycling events including the Tour de France, Giro d’Italia, Vuelta a Espaňa, and the Cadel Evans Great Ocean Road Race.

The riders will travel through the Daylesford Ranges and down to Apollo Bay. The group will ride the famous Amy Gillett Fondo route before cycling the Great Ocean Road and looping back to Queenscliff to catch a ferry to Sorrento, arriving at Melbourne Convention Exhibition Centre on Wednesday November 27 for the opening of the 2019 FPA Professionals Congress.

Future2 supports young disadvantaged Australians experiencing social, physical or financial hardship. Riders will have the chance to meet some of the Future2 grant recipients past and present along the way including Boroondara Cares in Melbourne and Hello Hurricane in Queenscliff.

The Future2 Hiking Challenge will also take place ahead of Congress, taking hikers to the Grampians mountain range. Departing November 23, 12 hikers will cover around 17km over two full days (plus travel time from Melbourne to Halls Gap and return) to take in the wild beauty of the diverse landscape.

Future2 chair, Petra Churcher said: “We are grateful to our partners and for the commitment and generosity of the individual FPA members who take part in the Wheel Classic and Hiking Challenge to raise funds to support Future2.”

Riders have taken on the challenge of each raising $1,500, while hikers will each aim to raise $1,200 to support Future2’s Make the Difference! Grant program.  Future2 awarded $191,066 in new grants to 20 not-for-profit organisations in 2019, an increase of more than 5 percent over last year. Future2 has now committed $1,195,066 in grants since its inception in 2007.

MLC is the Gold partner of the 2019 Wheel Classic and Hiking Challenge. Riders and hikers from MLC include: Geoff Rogers, general manager, MLC Wealth Distribution (rider); Carl Wilkin, MLC (rider); John Tsihlis, MLC (rider); Rosa Velkovski, MLC (hiker); Ellen Hickman, MLC (hiker).

MLC staff are contributing to the fundraising effort and are aiming to raise $10,000 by hosting fundraising events for Future2 across their offices in five cities. Iress, Magellan Financial Group and Pickles are also partners of the 2019 Wheel Classic. 

MLC is also the Gold partner of the 2019 Future2 Celebration to be held at the FPA 2019 Professionals Congress on Thursday November 28.

www.future2foundation.org.au

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THE Financial Services Council (FSC) has urged caution in relation to the use of APRA’s proposed heatmapping exercises to make comparisons between superannuation funds.

Responding to the release of APRA’s Information Paper: Heatmap – MySuper products, FSC CEO Sally Loane said that APRA has clearly worked hard to present information in a fair and impartial way and acknowledged the potential value in the analysis APRA is undertaking, but cautioned against the information being viewed in isolation.

“Particular care should be taken by commentators in interpreting the heatmaps into simplistic league tables,” Ms Loane said.

“The industry was not consulted on the methodology, so we don’t have full understanding of APRA’s approach, this is why we caution against using the information to make a like-for-like comparison of products. We believe it is far more complex, and in some cases problematic.

“For example, the reference portfolio used by APRA to benchmark returns appears simplistic, and it is unclear whether the level of risk adjustment is appropriate.

“We are also concerned that the analysis of sustainability relates to the whole of a super fund rather than the specific products being examined, presenting a potentially misleading view.

“We urge APRA to be open to engaging on genuine concerns about data and methodology over the coming weeks,” Ms Loane said.

The FSC said that while there was a case for being able to directly compare MySuper products in this format with the appropriate methodology, there were concerns about APRA’s intention to expand this project to choice superannuation products.

“The variation in choice superannuation products in the market makes them significantly more difficult to accurately compare, and there are not currently agreed metrics and standards for how this would occur.

“We recommend APRA be cautious in extending this exercise to choice products before they have access to appropriate, comparable data.

Ms Loane said that if issues are addressed, information in the heatmapping analysis could be a good resource super funds can use to improve consumer outcomes.

“The FSC and our members will review the documents released today in detail, and we look forward to ongoing engagement with APRA as they improve their data collection, analysis and publication capabilities,” Ms Loane said.

www.fsc.org.au

About the Financial Services Council

The Financial Services Council (FSC) has more than 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 $3 trillion on behalf of more than 15.6 million Australians. The FSC promotes best practice for the financial services industry by setting mandatory Standards for its members and providing Guidance Notes to assist in operational efficiency. The FSC’s mission is to protect and enhance confidence in a strong, sustainable financial services sector that serves Australians with integrity.

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