THE Industry, Innovation, Science and Resources Committee will host a discussion involving several prominent organisations in the emerging Australian space industry, including the newly established Australian Space Agency.

The discussion will be held in a roundtable format featuring a number of industry participants, including Lockheed Martin, the world’s largest Defence contractor, and Airbus Australia.  

Members of the public are welcome to attend or listen in as the hearing will be broadcast live. RSVP to the Standing Committee on Industry, Innovation, Science and Resources, at This email address is being protected from spambots. You need JavaScript enabled to view it.

Other participants include the Department of Defence, Myriota and Professor Russell Boyce, Chair of Space Engineering at the University of New South Wales, Canberra.

Public briefing details: 10:30am to 12:30pm, Wednesday, 20 February 2019, Committee Room 1R3, Parliament House, Canberra.

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

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WITH LEGISLATION passing through Parliament today, employers with 19 or fewer employees will have to report under the Single Touch Payroll (STP) regime by July 1, 2019.  Employers with 20 or more employees came under these reporting requirements as from July 1, 2018.

“While it is appreciated that not all small or micro businesses are digitally ready for STP, their accountant is in the driver’s seat to assist them to meet these new reporting obligations,” IPA chief executive, Andrew Conway said.

“In fact some 30 percent of small businesses are still not on a digital platform and while cost may be a factor, some may well be missing out on many efficiency and productivity benefits that could help their business grow.

“STP has been in the pipeline for a long time.  For those seeking a digital solution, the IPA partnered with Reckon to establish IPA Books+ which provides a low cost STP solution and is readily available to all members of the IPA Group,” Mr Conway said.

For a cost as little as $8 per month IPA Books+ provides a digital base to monitor the cash book, view budgets, process payments, GST, manage pay runs, leave, super and STP for an unlimited number of employees.

“We acknowledge that for some micro businesses, a non-digital option may be a better fit to manage STP requirements, in the short term," Mr Conway said.

“With such tools available, accountants are encouraged to contact us today to become Cloud Advisers to assist their clients transition.

"Public Accountants are in the best position to help their small business clients transition to the digital world,” Mr Conway said.

www.publicaccountants.org.au

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THE Queensland Resources Council (QRC) has welcomed the Australian Government’s commitment to prioritise critical minerals projects in its latest round of Cooperative Research Centre Project (CRC-P) funding.

QRC chief executive Ian Macfarlane said the investment of up to $20 million for critical minerals projects would help encourage new exploration, which is essential to secure the resources jobs of the future.

“Queensland is one of Australia’s heavy hitters when it comes to resources investment. As a result, our sector supports more than 316,000 jobs and creates $62.9 billion in value to the state’s economy,” Mr Macfarlane said.

“Our commodities of coal, LNG, bauxite and zinc are in demand in major international markets and as a result the resources sector is on track to deliver a record $5.2 billion to the Queensland budget in royalty taxes this year.

“Those commodities will continue to underwrite our economy for decades into the future.  But Queensland’s potential is made all the richer through our new prospects for exploration in critical minerals including rare earths, scandium and tin.

“Exploring new areas, as well as the development of the North West Minerals Province, will create a new wave of economic opportunities for Queensland.

“This CRC-P funding should encourage more exploration and development in projects that deliver on our state’s potential.

“The most recent Queensland Exploration Council (QEC) Scorecard found the highest level of sentiment in the industry since the Scorecard began in 2011.

“This is good news for all Queenslanders, including in our regions.

“We can’t take our success for granted. The resources industry will continue to work with all levels of Government to deliver the policy and regulatory certainty that is essential for investor confidence and to translate potential into projects.

“A strong resources sector means a strong and prosperous Queensland.”

www.qrc.org.au

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THE House of Representatives Standing Committee on Economics today tabled the fourth report of its ongoing inquiry into Australia’s four major banks.

In October 2018, the CEOs of CBA, Westpac, ANZ and NAB appeared before the committee, shortly after the release of Commissioner Hayne’s Interim Report.

The chair of the committee, Tim Wilson MP said, "The Royal Commission has revealed shocking examples of behaviour by Australia’s four major banks. The conduct has, in many cases, been contrary to law and has fallen well below community expectations."

Mr Wilson said, "Since the committee began its inquiry into the four major banks in October 2016, the Government has undertaken major reforms to the banking and financial sector, including increasing penalties to protect Australian consumers from corporate and financial misconduct.

‘The Government has also taken action to impose higher standards of behaviour on senior executives through the Banking Executive Accountability Regime and has set up a one-stop shop for consumer complaints," Mr Wilson said.

On February 4, 2019, Commissioner Hayne delivered the Royal Commission’s Final Report, charting a course for future reform of the banking and financial sector.

Mr Wilson said, "The Government has agreed to take action on all 76 recommendations and is going further in a number of important areas.

"As a consequence of their own actions, the banks now face a considerable challenge in rebuilding the community’s trust and confidence."

The report can be accessed from the committee’s website at:

https://www.aph.gov.au/Parliamentary_Business/Committees/House/Economics/completed_inquiries

The committee’s next round of hearings will occur on March 8 and 27, 2019. Further details are available at:

https://www.aph.gov.au/Parliamentary_Business/Committees/House/Economics/FourMajorBanksReview

THE Joint Standing Committee on Northern Australia is holding a public hearing in Canberra on Friday, February 15, 2019, as part of its Inquiry into the Opportunities and Challenges of the Engagement of Traditional Owners in the Economic Development of Northern Australia.

The Committee Chair, Warren Entsch MP, stated that, "The Committee is interested to hear from Federal Government agencies about how Traditional Owners in Northern Australia can be supported to take advantage of economic opportunities. In particular, the Committee will examine the role of representative bodies, government entities, and any legislative, administrative and funding constraints to the economic engagement of Traditional Owners."

The hearing program and further information about the Committee’s inquiry is available on the Committee’s website: www.aph.gov.au/jscna. The hearing will be broadcast live at aph.gov.au/live.  

PUBLIC HEARING DETAILS:

Canberra

9.15am to 11.45am, Friday, February 15, 2019

Committee Room 1R2, Australian Parliament House

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THE House Standing Committee on the Environment and Energy will hold a public hearing tomorrow for its inquiry into controlling the spread of cane toads.

The Committee will convene two roundtable-style sessions involving scientists and groups involved in controlling cane toads.

The inquiry is focused on how cane toads can be controlled and additional support that could be provided.

A further public hearing is planned for next Wednesday 20 February 2019.  Details will be announced in due course.

Public hearing programs, submissions received and further information can be found on the inquiry website at www.aph.gov.au/canetoad. 

Public hearing details: 10am – 11.30am (Canberra time), Wednesday 13 February 2019, Committee Room 2R2, Parliament House

An audio broadcast of the public hearing can be accessed at https://www.aph.gov.au/News_and_Events/Watch_Parliament.

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LEGISLATION to implement the recommendations of the banking Royal Commission should be treated with the same diligence and rigor as any other new bills to be brought before parliament, Financial Services Council CEO Sally Loane said today.

In Canberra today, Ms Loane said the FSC understood the appetite for immediate reform and was broadly supportive of the Commission’s recommendations.

“With the release of the final report, there is a real and justifiable desire to get on with the job of strengthening and improving our financial system,” Ms Loane said.

“There are already several important superannuation reform bills languishing in Parliament that have not yet been passed into law. The FSC would like these passed without delay.

“The next tranche of financial system reform needs to be treated with the same rigor and scrutiny as any other legislation or regulation would receive.

“While we must move quickly to repair the sector’s damaged reputation and ensure that consumers are able to trust the people, products and services in our sector, it was only eight days ago that the final report of the Royal Commission was released by the Government. 

“In some important areas of reform, further information has been either been sought by Treasury or further analysis is required. We need comprehensive industry consultation to ensure that the unintended consequences of any technical changes are identified and dealt with.

“We cannot end up in a situation where well-intended reforms deliver poor customer outcomes down the track. It makes no sense to ram through new reforms in a way that could damage our economy, hurt small business or harm consumers.”

About the Financial Services Council

The Financial Services Council (FSC) is a leading peak body which sets mandatory Standards and develops policy for more than 100 member companies in Australia’s largest industry sector, financial services. Full Members represent Australia’s retail and wholesale funds management businesses, superannuation funds, life insurers, financial advisory networks and licensed trustee companies. Supporting Members represent the professional services firms such as ICT, consulting, accounting, legal, recruitment, actuarial and research houses. The financial services 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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RESOURCE company donations to the flood recovery in North Queensland have been further boosted, to almost $3 million, with a $250,000 donation by the BHP Foundation to the Australian Red Cross and a $100,000 donation from Incitec Pivot.

QRC chief executive Ian Macfarlane said with the recovery well underway the costs would start rolling in which meant every dollar donated was critical.  

“I’d like to thank the BHP Foundation and Incitec Pivot for these donations which will go a long way in supporting people who are trying to get back on their feet after this widespread and damaging flood,” Mr Macfarlane said.

“The Queensland resources sector is 100 percent behind Queenslanders who have been affected by this significant weather event and the total contribution from the sector and QRC members has grown to $2.95 million. Glencore and South32 donated $1,000,000 each, MMG Dugald River contributed $250,000, Aurizon gave $250,000 and Adani Australia $100,000.”

Townsville is an important part of the Queensland resources sector, within the Townsville City Council area the sector contributed $925 million to the gross regional product and supported 5996 full-time employees last financial year. 

Premier Annastacia Palaszczuk started the appeal with a $200,000 donation and her government listed The Australian Red Cross, UnitingCare, Salvation Army and St Vincent de Paul Society Queensland as the non-government partners and said people can also donate to GIVIT.

www.qrc.org.au

Link to QRC economic contribution forTownsville City Council area https://www.qrc.org.au/wp-content/uploads/2018/11/Townsville_LGA_2018.pdf

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