Business News Releases

QRC on Election 2019: like your vote, Queensland resources count in every electorate

THE Queensland Resources Council has welcomed the announcement of a May 18 Federal election by releasing the mining and petroleum industries’ $60 billion annual economic contribution across the state’s 30 Federal electorates.

QRC chief executive Ian Macfarlane said the resources sector employed Queenslanders and supported local businesses in every electorate from Leichhardt in the north to McPherson in the south, Maranoa and Kennedy in the west.

Mr Macfarlane said winning Queensland electorates would be critical to who wins the election, and the most marginal seats – Capricornia, Herbert, Flynn and Dawson – were among the biggest beneficiaries of the resources sector.

“Every vote counts in every Federal electorate and resources contribute to each electorate and that contribution can be counted in jobs created, local businesses supported and economic growth for all Queenslanders,” he said.

Mr Macfarlane said the electorate of Brisbane, in the heart of South East Queensland, was the biggest beneficiary with 64,807 full-time equivalent (FTEs) jobs and an economic contribution of $13.8 billion.

“I am one of 316,000 Queenslanders who are employed thanks to the resources industry. We work and we vote,” he said.

“On behalf of those Queenslanders, the QRC urges every candidate to commit to working with resources for the benefit of all Queenslanders and particularly the electorates, communities, businesses and families they aspire to represent.

“By the time polling booths close at 6pm on May 18 in 36 days’ time, the resources sector will have created 934 jobs, exported more than $6 billion in commodities and generated more than $500 million in royalty taxes for the Palaszczuk Government in Queensland.”

Find links to the economic contribution for each of the 30 Federal electorates here: https://www.qrc.org.au/contributiontoqueensland/federal-electorates/ and a table of all electorates.

www.qrc.org.au

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Expert says disability service providers unprepared for NDIS registration

A LEADING risk management and auditing organisation says the majority of disability service providers seeking registration with the NDIS Quality and Safeguards Commission have been under-prepared, and lack knowledge of their regulatory obligations.

It is providing guidelines to Victorian, Queensland, NT, Tasmanian and ACT providers to help them expedite their registration before July 1.

SAI Global has audited more than 200 providers looking to meet their NDIS obligations since July 1 last year, with many more conducted to other State and Federal standards over the past 16 years. Since the new audit requirements commenced July 2018 in South Australia and NSW, more than 100 providers have been unaware of their requirements for NDIS compliance.

Nathan Temple, national human services programme manager at SAI Global, said, “Providers looking for registration this July need to prepare now, as many have already had to make improvements to their internal systems and documentation to obtain NDIS approval. Many are also looking to ‘purchase systems’ but don’t realise they need to have suitable implemented systems that suit the scale and size of their organisation.”

Mr Temple said the lack of clarity on what is required for registration has been challenging for many, and that greater transparency around the process is needed.

"Plenty of information is available – but the challenge for providers has been keeping up with the regulatory changes alongside running their operations," he said. "Partnering with a quality audit provider who can work closely with your team is the first step to understanding your obligations.

"Certification and verification has improved processes and procedures for numerous providers, which are improving outcomes for participants. We’re hoping our guidelines may clarify the steps involved for all providers seeking registration before 1 July.”

SAI Global has clarified the 10 steps disability service providers need to take to obtain NDIS registration this July:

    1. Know when you can begin offering your services to NDIS participants. In a soon-to-be competitive market, most disability service providers will seek to offer their services to NDIS participants as soon as they can. Provided they are registered with the NDIS Commission, providers in NSW and South Australia could offer their services from 1 July last year; providers in Victoria, Queensland, Tasmania, the ACT and NT can offer their services from 1 July this year; and West Australian providers can service NDIS participants from 1 July 2020.
    2. Important state approval deadline for Queensland providers. Queensland disability service providers seeking to work with NDIS participants under the current Human Services Quality Framework (HSQF) had until 1 April 2019 to register for this process. If their application for HSQF assessment and approval was not submitted by this date, they will need to revisit the process via the NDIS Commission, detailed below.[1]
    3. Important state approval deadline for Victorian providers. Victorian disability service providers seeking to work with NDIS participants under the current Victorian Department of Human Services (DHSS) will not be able to gain State approval, if they didn’t commence the registration process before 1 March. Instead, they will need to begin a new application with the NDIS Commission from 1 July.[2]
    1. Know how to register with the NDIS. Service providers can register with the NDIS Commission by completing and submitting the application form on its website (www.ndiscommission.gov.au/providers/application-form). A provider’s self-assessment forms part of this application process, and will help to advise what kind of audit the provider will need: verification or certification.
    1. Know whether you will need verification only, or certification. All providers seeking registration will need to be audited, to ensure they meet the regulatory obligations set by the NDIS Commission. Sole traders and partnership organisations need a verification audit only, as they provide services that are considered in the lower risk registration groups. A verification audit – required once every three years – is a desktop audit of the provider’s documents and records, including the provider’s police checks, Working With Children checks, processes and procedures. Companies and incorporated associations (and any provider of higher-risk services) will need a certification audit. This includes a Stage 1 audit to ensure systems and processes are in place, a Stage 2 Certification Audit which includes a review of system documentation, a review of records to ensure systems are implemented, site visits (for multi-site organisations), staff records, participant interviews and file reviews. Certified organisations will require annual surveillance audits and a re-certification audit every three years.
    1. Engage an approved quality auditor. The audit will need to be conducted by an NDIS-Approved Quality Auditor. Providers should ensure that the auditing organisation has appropriately qualified auditors in their State to minimise travel expenses and ensure they are confident in their knowledge and audit approach.
    1. Prepare for your audit. The audit will identify any service gaps that might comprise the best interests of NDIS participants, or any lack of understanding of the new regulations. It’s best that providers have conducted a thorough self-assessment of their policies, procedures and processes before their audits, and that they commence their audit at least three months prior to their registration expiry date (if registered). This will give them the time to put the necessary measures in place before going to market. It’s best that Victorian and Queensland providers seeking to offer their services from 1 July organise their audit now.
    1. Allocate resources and time to make improvements after the audits. The majority of audits by SAI Global have required the provider to make improvements to their documents, processes or procedures before they are verified or certified as an NDIS provider. To ensure a smooth process, it is best that the provider allocate the people and the time to make improvements before registration.
    1. Expect 1-2 weeks for the Commission to approve the registration. The auditor will make the certification recommendation to the NDIS Commission, which will then make the decision to approve the provider’s registration. The audit is just one key component of its decision.
    2.  Receive your certificate of registration. Providers will receive their certificate of registration from the NDIS Commission, after which they can begin offering their services, provided it is from the deadline set for providers in their State by the Commission. The certificate of registration will include details such as the range of supports and services the provider is registered to provide, and certain conditions to follow.

     www.saiglobal.com/en-au/ndis 

    [1] NDIS, ‘Apply for NDIS registration under current HSQF process by 1 April,’ (15 March 2019): https://www.nds.org.au/news/apply-for-ndis-registration-under-current-hsqf-process-by-1-april; and NDIS, ‘QLD – Registering as a provider’: https://www.ndis.gov.au/providers/quality-and-safeguards/qld-registering-provider.

    [2] NDIS, ‘VIC – Registering as a provider’: https://www.ndis.gov.au/providers/quality-and-safeguards/vic-registering-provider

 

Deputy PM to launch SEGRA Conference countdown at Barooga NSW today

DEPUTY PRIME MINISTER Michael McCormack MP is launching the countdown to the Sustainable Economic Growth for Regional Australia (SEGRA) Conference from 10am at the Barooga Sports Club in Barooga, NSW today.

SEGRA has been speaking out for regional Australia for 23 years. It is a critical forum where regional development practitioners, industry, researchers and government bring together their combined knowledge and ideas on regional futures from across Australia.

“SEGRA is Australia’s most credible independent voice on issues affecting regional Australia," SEGRA conference convenor Kate Charters said.

“It is a wonderful opportunity for Barooga and surrounds to showcase the region's diverse beauty and its business initiatives to a national audience but also for people from the region to access the national and international speakers on regional economic development."

"SEGRA would like to thank the NSW Government via its tourism and major events agency Destination NSW, Berrigan and Moira Shires, RDAs Murray and Hume, Barooga Sporties, Cobram Barooga Business and Tourism for their support of the conference," Ms Charters said.

SEGRA will be held at Barooga on August 20-22 and its theme this year is Rivers of Opportunity: Activating Your Potential.

www.segra.com.au

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Ombudsman: Phone and internet complaints down July-December 2018

AUSTRALIAN residential consumers and small businesses made 60,998 complaints to the Telecommunications Industry Ombudsman in the last six months of 2018 (July 1, 2018 to December 31, 2018). In this period, complaints about landline, mobile and internet services, decreased by 27.7 percent compared with the same six month period in 2017.

Publishing the Telecommunications Industry Ombudsman’s Six Month Update today, Ombudsman Judi Jones said, “While I am pleased complaints decreased in the period, this report is a snapshot in a much more complex story. The final quarter of this reporting period showed a slight increase in complaints about internet services against the general downward trend. \

"This shows the telecommunications sector must continue to focus on meeting the needs of the residential consumers and small businesses that are increasingly reliant on being connected to phone and internet services," Ms Jones said.

“Complaints about services delivered over the National Broadband Network have decreased compared to the same six month period in 2017. While this decrease is encouraging we continue to work with phone and internet service providers, the telco industry, and regulators to address issues as they arise and to improve the customer experience.”

Complaint highlights for the period 1 July 2018 to 31 December 2018 include:  

  • 60,998 total complaints received, a decrease of 27.7 percent against the same period in 2017
  • The October to December quarter showed a slight increase in internet service complaints from 9,002 in July to September to 9,648 in October to December.
  • The proportion of complaints from small businesses increased from to 11.7 percent during July to December 2017 to 15.2 percent.
  • Complaints from small businesses decreased 6.4 percent from 9,901 in 2017 to 9,270 in 2018.
  • Complaints from residential consumers decreased 30.5 percent from 74,238 in 2017 to 51,560 in 2018.
  • 4,217 complaints were recorded about connections or changing providers for a service delivered over the National Broadband Network. Complaints about connections or changing providers per 1,000 premises added to the Network decreased from 9.2 to 6.7 compared to the July to December 2017 period.
  • 9,666 complaints were recorded between July and December 2018 about service quality on the National Broadband Network. Complaints about service quality per 1,000 premises on the Network decreased from 4.1 to 2.1 July to December 2017 period.

Complaints about landline, mobile, internet, multiple services* and property*

Complaints about service types in the six month period fell compared to the high levels of 2017.

However, between October and December 2018 the overall decline slowed and internet service complaints and small business complaints about landline services increased.

  • 7,709 complaints (12.6 percent) were recorded about landline phone services, a decrease of 18 percent.
  • 19,936 complaints (32.7 percent) were recorded about mobile phone services, a decrease of 19 percent.
  • 18,650 complaints (30.6 percent) were recorded about internet services, a decrease of 21 percent.
  • 14,223 complaints (23.3 percent) were recorded about multiple services*, a decrease of 45 percent. 
  • 480 complaints (0.8 percent) were recorded about property*, a decrease of 24 percent.

The top five complaint issues for the period were:

  • 18,845 complaints were about no action or delayed action by the service provider.
  • 18,324 complaints were about disputed charges for a service or equipment.
  • 8,025 complaints were about no working phone or internet service.
  • 7,202 complaints were about delays with connections or changing providers.
  • 6,387 complaints were about intermittent service or dropouts.   

Complaints from residential consumers 

Complaints from residential consumers decreased 30.5 percent to 51,560 compared with the same period in 2017.

  • The proportion of complaints from residential consumers decreased to 84.5 percent of total complaints, compared to 88 per cent during July to December 2017.
  • Complaints about landline, mobile, internet, multiple and property decreased.
  • Residential consumers complained about lack of action by the service provider to resolve their complaint, issues with disputed charges for services or equipment, no service delivery, and delay in establishing a service. 

Complaints from small businesses 

Overall complaints from small businesses decreased 6.4 percent from 9,901 to 9,270.

  • The proportion of complaints from small businesses increased from 11.7 percent during July to December 2017 to 15.2 percent.
  • Complaints about landline phone services increased 18.6 percent to 2,562 compared to the same period in 2017.
  • Small businesses complained about no action or delayed action by the service provider to resolve their complaint, disputed charges for services or equipment, no service delivery, and delay in establishing a service. 

Complaints by State

All states and territories in Australia saw an overall decline in complaints in the last six months of 2018 compared to the same period in 2017.

Complaints by state (in alphabetical order) were:

  • Australian Capital Territory made 911 complaints, a decrease of 22.8 percent.
  • New South Wales made 19,321 complaints, a decrease of 27.9 percent.
  • Northern Territory made 339 complaints, a decrease of 35.9 percent.
  • Queensland made 11,585 complaints, a decrease of 29.1 percent.
  • South Australia made 4,615 complaints, a decrease of 29.2 percent.
  • Tasmania made 994 complaints, a decrease of 38 percent.
  • Victoria made 17,639 complaints, a decrease of 26.1 percent.
  • Western Australia made 5,580 complaints, a decrease of 25 percent.

*From 1 July 2017, the Telecommunications Industry Ombudsman changed the categorisation of service types and issues about complaints received from residential consumers and small businesses. The new categorisation has improved data collection, provided opportunities for better analysis of complaints, and improved reporting to the telecommunications industry, Government, and residential and small business consumers.


About the Telecommunications Industry Ombudsman

The Telecommunications Industry Ombudsman provides a free and independent dispute service for small business and residential consumers who have an unresolved complaint about their telephone or internet service in Australia. Residential consumers and small businesses should contact www.tio.com.au or 1800 062 058.

The Telecommunications Industry Sector

The Telecommunications industry regulators are the Australian Communications and Media Authority (ACMA) http://www.acma.gov.au Media enquiries to 02 9334 7719, 0434 652 063 or This email address is being protected from spambots. You need JavaScript enabled to view it. and the Australian Competition and Consumer Commission (ACCC) https://www.accc.gov.au Media enquiries to 1300 138 917, This email address is being protected from spambots. You need JavaScript enabled to view it.. Government and the regulators set policy and regulations for the telecommunications sector. Communications Alliance is the peak body for Australian communications industry http://www.commsalliance.com.au

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Reserve Bank of Australia report presented

THE House of Representatives Standing Committee on Economics today tabled the report of its Review of the Reserve Bank of Australia Annual Report 2018 (First Report).

The report provides a summary of issues raised at the public hearing with the Reserve Bank in Sydney on February 22, 2019.

Chair of the committee, Tim Wilson MP, said, "The central scenario remains positive with the RBA expecting Australia’s economy to continue to grow above trend, reaching around 3 per cent by the end of the year. This is supported by rising business investment and higher levels of spending on public infrastructure.

"Inflation continues to remain low and stable with CPI inflation at 1.8 percent over 2018 and underlying inflation at 1¾ per cent. Interest rates continue to remain unchanged at 1.50 percent," Mr Wilson said.

"Outcomes in Australia’s labour market have been better than forecast with the unemployment rate already at 5 percent and expected to move lower to 4¾ per cent over the next couple of years. Wage growth continues to pick up with wages growing faster in almost all industries and states than a year ago.

"Despite the recent housing market adjustment and the protracted period of low household income growth, the Australian economy and financial system continue to remain resilient," Mr Wilson said.

The report is available here.

For further information about the inquiry, visit the committee’s webpage at: www.aph.gov.au/economics

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Adani's Carmichael Coal project gets federal environment approval

THE Australian Government’s approval of the Carmichael Coal project’s groundwater management plans, based on the recommendations of CSIRO and Geoscience Australia, is another milestone in the project’s 3091 days and counting approval process according to Queensland Resources Council (QRC).

"Since the original application for the project was accepted by the Bligh Government or deemed a “controlled project” under the Gillard Government in 2010, Adani has worked through all the State and Federal Government processes," QRC chief executive Ian Macfarlane said.

"To put that into context, it took less time – 2891 days – for the winning tenderer to build and open the Sydney Harbour Bridge during the 1920s and ‘30s. Surely we can do better in 21st century Australia.

"The extensive and ongoing regulatory process has identified an opportunity for Adani to implement better ways to protect the Doongmabulla Springs," he said.

"Like any project, whether it is a wind farm, a tourism development or major piece of infrastructure, the Carmichael Coal project has completed a comprehensive environmental impact statement, which has been subject to two periods of public consultation, before receiving approvals – with conditions – from the State and Federal Governments.

"The project has been under the scrutiny of government agencies in Brisbane and Canberra under both sides of politics over the last nine years.

"Any politicisation of the approval processes for the Carmichael Coal project cast doubt over all proposed projects, their planned investment and their promised jobs. There is a pipeline of an estimated $65 billion in resource projects in Queensland."

Link to Environment Minister Melissa Price’s media statement.

www.qrc.org.au

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TPB welcomes Inspector-General of Taxation report on future of tax profession

THE Tax Practitioners Board (TPB) has welcomed the release of a report by the Inspector-General of Taxation and Taxation Ombudsman (IGTO) on the role of the tax profession into the future. 

Released yesterday, the IGTO report, Future of the Tax Profession, examines a range of current and future factors likely to reshape the tax profession and administration of the tax system, such as advances in technology. 

It recognises the significant continuing role of tax practitioners and the importance of considering future changes on their ability to service taxpayers. 

The report suggests potential expansion of the role of the TPB to keep pace with developments in the tax profession and workforce more generally. This is being explored in the recently announced independent review into the TPB and Tax Agent Services Act 2009, chaired by Keith James.

Chair of the TPB, Ian Klug AM, said the IGTO has made six recommendations for the TPB in the report and implementation has commenced.

"The report recommendations correspond with the focus the TPB has been applying to tackling the issue of unregistered providers of tax agent services," Mr Klug said.

"It also recognises the continuing need to work with stakeholders such as professional associations to ensure policy and guidance appropriately caters for all tax practitioners."

The report and the TPB responses are available on the IGTO website.


About the Tax Practitioners Board:
The Tax Practitioners Board regulates tax practitioners in order to protect consumers. The TPB aims to assure the community that tax practitioners meet appropriate standards of professional and ethical conduct.

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Local spending surges, overseas plummets: QRC report

QUEENSLAND’s resources sector spending with small and medium businesses in Queensland has increased by 19 percent over 12 months and recorded its first gain in six years.

QRC chief executive Ian Macfarlane said companies were redirecting spending away from overseas and interstate suppliers to Queensland businesses.

“In 2017-18 the Queensland resources sector purchased $19.3 billion worth of goods and services with Queensland businesses or 69 percent of the total spend which compares to $400 million or 1 percent with international suppliers. That’s down more than 33 percent on the previous year,” Mr Macfarlane said.

“As a result of a concerted effort by the resources industry to buy locally interstate spending was $8.5 billion down from $8.6 billion a year earlier. In total the sector spent $28.14 billion locally, interstate (including New Zealand) and internationally.

“This is the first year the sector has recorded an increase in Queensland spending since 2011-12 which is good news for Queensland creating more investment, more exports and more jobs. 

“More than $8 billion was invested outside the south-east with 8,000 regional suppliers benefiting from the resources sector.” 

In November last year the Palaszczuk Government welcomed the decision by BHP, Peabody and New Hope Group to shorten payment terms with small to medium contractors within 30 days. Anglo American also moved to a 30 day payment system to support local businesses. 

Minister for Employment and Small Business Shannon Fentiman said when you buy local you grow local. 

“We know small businesses are the lifeblood of regional economies and a key part in powering our State’s jobs growth and we want to see more people Buy Queensland but also want those small businesses paid on time with fair payment terms," Mr Fentiman said.

“Since we highlighted the need for change last year there has been positive signs but more can be achieved and I am sure it will be.”  

Gladstone Engineering Alliance chief executive Julie Gelder said the resources industry was a big supporter of small and medium businesses. 

“The support to our local suppliers is ongoing and their commitment, along with the Queensland Resources Council’s commitment, to improve local spending with reports like their Local Content Report, will only continue to not only strengthen local relationships between industry and suppliers, but strengthen the local Gladstone economy in the long-term,” Ms Gelder said.

Mr Macfarlane will launch the report today at the Gladstone Supply Chain Expo. 

Every year the QRC releases its Code Effectiveness Report which provides a snapshot of the sectors spending over the financial year. Now in its fifth year it encourages companies to adopt the ‘full, fair and reasonable’ principle to adopt a shared responsibility framework with industry, local suppliers, regional economic groups and governments. The code is voluntary but compulsory for companies starting new projects.

Mr Macfarlane said a report by CSIRO found people wanted industry and government to work together with communities and wider society to promote effective, constructive, and mutually beneficial relationships.

“Companies are listening to the need to buy locally and responding to the challenge by focusing their procurement strategy on their social licence to operate," he said. "A recent QRC survey of resource CEOs found 41 percent had engaged more local suppliers as a direct result of the increasing capabilities of suppliers in their region. 
 
“By spending in Queensland the sector promotes the long term sustainability of local economies and boosts employment and economic growth by expanding local industries." 
 
Mr Macfarlane said the resources sector was already doing its bit to keep Queensland strong – making a contribution of more than $62 billion to the state’s economy or one in five dollars, supporting more than 316,000 full-time equivalent jobs or one in eight jobs in the Queensland workforce, generating more than 80 percent of the state’s record $80 billion annual export sales and working with 1260 community organisations.

www.qrc.org.au

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Impediments to business investment report

THE House of Representatives Standing Committee on Economics today presented the report of its inquiry into impediments to business investment.

The Chair of the committee, Tim Wilson MP, said, "Given the significant contribution that business investment makes to Australia’s economy it is important to understand what factors are impeding business investment and how government can best encourage and support new business investment."

Mr Wilson said, "Australia’s stability and strong institutions help to attract business investment. However, the committee recognises that Australia cannot afford to be complacent. Governments at all levels must foster an environment in which businesses have the tools to succeed."

The committee made 12 recommendations to better support Australian businesses and reduce impediments to business investment. These include:

  • reducing the company tax rate in Australia to 25 percent for all companies by 2026-27
  • setting the instant asset write-off at $25,000 for SMEs on an ongoing basis
  • continuing the Australian Government’s focus on improving electricity reliability and price
  • reviewing the Export Market Development Grants scheme to ensure that the level of funding is sufficient to assist local small and medium-sized Australian businesses to increase their engagement in the global marketplace
  • enhancing National Broadband Network customer outcomes
  • continuing to streamline business engagement with government through projects such as the National Business Simplification Initiative
  • considering options for streamlining small business engagement with government on workplace relations matters to foster an environment that encourages businesses to take on that first employee then more employees in order to grow their businesses
  • enhancing regulatory frameworks by adopting a set of nationally consistent laws on electrical safety and bringing Australian Standards on clothing labels in line with international standards, and
  • considering recommitting to the National Science and Innovation Agenda for another four years.

The report is available on the committee’s website.

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Coal company tax-boosted Maroon Fund attracts almost half a billion

A PROPOSED Maroon Fund to redirect extra cash generated by Queensland coal in the Federal Budget has reached $491 million in funding requests for community programs, initiatives and capital works said the Queensland Resources Council.

QRC chief executive Ian Macfarlane said the Maroon Fund should help Queensland receive its fair share of the surplus money it paid in this year’s Budget.

“Essentially we said to both sides of Governments you’ll receive an extra $1 billion in company tax receipts because of higher than expected metallurgical coal prices generated out of Queensland and that money should be reinvested back where the resource wealth was created,” Mr Macfarlane said.

“The Johnathan Thurston Academy is empowering young Queenslanders to engage in education and has asked for $1 million to enable the Academy to deliver its programs to over 50 schools across Queensland from the Torres Strait to the Gold Coast.

"Queensland Rugby League is seeking $360,000 to install defibrillators at every rugby league venue with volunteers trained to operate the life-saving device.

“Rockhampton Regional Council needs $100m to upgrade Browne Park and $75 million for the Rockhampton Airport, the Deadly Futures Program is looking for $25,000 to educate Indigenous youth and close to $10 million is required for yourtown to build a Family Support Centre. 

On top of the total of $491 million in applications, Bicycle Queensland has added to its application of $240.1 million with a request for a further $187 million to part fund five green bridges proposed by Brisbane’s new Lord Mayor Adrian Schrinner. 

The proposed pedestrian and cycling bridges at Kangaroo Point to the CBD, two West End bridges – one from Toowong to West End and the other from St Lucia to West End – for pedestrians, cyclists and public transport, a pedestrian and cycling bridge connecting Kingsford Smith Drive Riverwalk into the existing riverwalk network will be constructed at Breakfast Creek, and a final bridge at Bellbowrie to Wacol is tapped as a potential pedestrian, cycling and public transport bridge. 

The Council says the projects will cost $550 million with the Council committing to pay two thirds. Bicycle Queensland has urged the Maroon Fund to pay for the remaining $187 million to deliver the projects.

Federal Treasury forecast Queensland metallurgical coal at US$120 a tonne however the steel-making coal averaged US$204 over the financial year 2017-18. 

Mr Macfarlane said he wrote to both Mr Morrison and Mr Shorten reminding them that the extra revenue they had received was the equivalent of $200 for every man, woman and child living in Queensland. 

The resources sector was already doing its bit to keep Queensland strong – making a contribution of more than $62 billion to the State’s economy or one in five dollars, supporting more than 316,000 full-time equivalent jobs or one in eight jobs in the Queensland workforce, generating more than 80% of the State’s record $80 billion annual export sales and working with 1260 community organisations. 

Submissions can be made at https://www.qrc.org.au/nominations/maroon-fund/

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Franking credits inquiry report presented

THE House of Representatives Standing Committee on Economics today presented the report of its inquiry into the implications of removing refundable franking credits.

The chair of the committee, Tim Wilson MP, said, "The committee has considered the case for removing refundable franking credits for individuals and SMSFs and is of the view the policy is inequitable and deeply flawed.

Mr Wilson said, "In particular, abolishing refundable franking credits will unfairly hit people of modest incomes who have already retired, and who are unlikely to be able to return to the workforce to make up the income they will lose.

"It will force many people, who have saved throughout their lives to be independent in retirement onto the Age Pension. This undermines any objective that it may raise revenue and reduce dependence on taxpayers resulting from an ageing population," Mr Wilson said.

In its submission to the inquiry, the Alliance for a Fairer Retirement System claims that, in 2014-15, over half of those receiving cash refunds for their franking credits had incomes below the $18,201 tax-free threshold of the time, and 96 per cent had taxable incomes of less than $87,000.

Mr Wilson said, "Some have argued that the intention to scrap refundable franking credits is designed to tax the wealthy. This is an unfair characterisation of the 900, 000 Australians who will be affected and could lose up to a third of their income.

"Australia has a tax free threshold of $18,200 for workers, yet the abolition of refundable franking credits would apply an effective 30 percent tax from the first dollar earned. This is fundamentally regressive," Mr Wilson said.

"In consideration of the evidence received during this inquiry, the committee strongly recommends against the removal of refundable franking credits," Mr Wilson said.

The committee also recommended that any policy that could reduce Australian retirees’ income by up to a third should only be considered as part of an equitable package for wholesale tax reform.

The report is available here.

A total of 1777 submissions have been published and are available on the committee’s webpage at: www.aph.gov.au/economics.

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