BRISBANE Lord Mayor Graham Quirk has invited the city's ambitious early career professionals and researchers to apply for a share of $30,000 to help attract leading international conventions and conferences.

Opening the second round of the Lord Mayor’s Convention Trailblazer Grant, Cr Quirk said recipients would be funded to attend an international association conference in their field to help pave the way for Brisbane to host the conference in the future.

“The Lord Mayor’s Convention Trailblazer Grant was a recommendation of the Brisbane 2022 New World City Action Plan, which outlined our commitment to winning more conferences and business events,” Cr Quirk said.

“The benefits of this grant are two-fold. Recipients will be funded to attend a conference that will benefit them professionally while also advocating for Brisbane to host a future rotation of the conference.

“Every convention that flows into Brisbane builds on our appeal as a business and research destination and delivers economic benefits for tourism and hospitality businesses, including hotels, restaurants and retailers.”

The Lord Mayor’s Convention Trailblazer Grant is run by the Brisbane Convention Bureau, which is within the city’s economic development board Brisbane Marketing.

Convention Bureau general manager Juliet Alabaster said the grant was one way Brisbane could grow its reputation as a global conventions city while developing the city’s emerging talent.

“Conventions and business events generated more than $257 million for Brisbane’s economy in 2016/17. We want to build on that by hosting more conferences that attract the world’s leading minds to our city,” Ms Alabaster said.

“We’re looking for applicants who demonstrate passion and leadership in their field, and who can shine a spotlight on Brisbane’s expertise and make valuable connections to help our city secure conferences for the future.”

Applications close on January 30, 2019.

To view the criteria or to apply, visit https://choosebrisbane.com.au/trailblazer

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PRUDENTIAL Investment Company of Australia Pty Limited Group (PICA Group) has acquired Ace Body Corporate Management (Ace), effective immediately. This announcement marks the most significant acquisition in Australian strata management history according to the companies involved.

The acquisition sees PICA Group obtaining the franchisor rights to 118 nationally operating Ace franchised branches, as well as full ownership and management of Ace’s largest franchise branch in Melbourne. With more than 200,000 lots already under PICA Group’s management, this will add another 60,000 lots to its portfolio of residential, commercial and mixed-use properties.

PICA Group is Australia’s largest strata management company, operating 15 well-known brands including Body Corporate Services (BCS), NSW Strata Management, Dynamic Property Services, GK Strata Management, Robinson Strata Management, Mason and Brophy Strata Management, Somerville Strata Management and All Strata Services, across New South Wales, Victoria and Queensland.

Greg Nash, managing director and Group CEO, of PICA Group said, “This acquisition will allow PICA Group to expand our range of property and strata management services nationally. Ace is a great strata brand with a great team of strata professionals.

"We are delighted to welcome the Ace team into the PICA Group family."

In response, Stephen Raff, CEO of Ace Body Corporate Management said, “For our franchise operations, leveraging PICA Group’s strengths enables us to offer additional services such as facilities management, repairs and maintenance services, energy savings and sustainability initiatives such as NABERS for Apartment Building assessments, behind-the-door services and a more varied range of insurance products to almost 3.4 million residents.

"This includes utilising PICA Group’s newly developed Urbanise cloud-based software and services platform to automate administrative and operational functions to vastly improve the overall customer service experience”.

According to Australian National Strata Data 2018 report, about 9 percent of Australia’s population live in apartments, and this is expected to increase with the current property trends. Improved building compliance and common property management is therefore becoming ever more important.

“Our vision is to be at the forefront of driving industry change in order to enhance community living for our many customers," Mr Nash said

Key Facts and Figures

- PICA Group manages approx 220,000 lots nationwide
- Ace manages about 60,000 lots nationwide
- The acquisition of Ace puts PICA in a dominant market position
- The property portfolio of PICA now amounts to the same number of strata properties in some states

About PICA Group

PICA Group is a leading property services company managing the largest strata management portfolio in Australia. As a market leader, the company aims to continuously redefine the experience of owning a community property for the better through a range of businesses offering strata management, facilities management, receivables management and property developer services. PICA has more than 700 staff and 30 branch offices across nearly 12,000 strata properties which include residential, commercial, resorts, and mixed-use complexes. PICA's 70-year history in the Australian market makes PICA Group one of the most experienced strata management providers in the country.
www.picagroup.com.au

About Ace Body Corporate Management
Ace Body Corporate Management has been operating for more than 23 years, of which 118 franchised areas are supported by more than 250 personnel. With about 60,000 lots under management the company has a strong national presence in Victoria, New South Wales, Queensland, Northern Territory, South Australia, Tasmania and Western Australia.
www. acebodycorp.com.au

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“FIRST Home Buyer participation in Australia’s mortgage market is now at its healthiest since 2012,” said Shane Garrett, chief economist for Master Builders Australia. 

During the three months to August 2018, ABS data indicate that the portion of owner occupier mortgages accounted for by First Home Buyers (FHBs) reached 18 percent. 

“The strength of First Home Buyer engagement with the mortgage market is good news for Australia’s home building industry,” Mr Garrett said. 

“FHBs are now a much bigger pillar of demand for new house and apartment building across Australia. As well as boosting building activity over the short term, having more home owners will be favourable from the point of renovations demand over coming decades,” he said. 

“Along with the introduction of enhanced FHB incentives in NSW and Victoria, the strong pace of job creation is helping more and more Australians to become homeowners for the first time.

“This is another important benefit of our growing economy,” Mr Garrett said.

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THE Council of Financial Regulators (CFR) has released an Issues Paper: Review of Retail Payments Regulation: Stored-Value Facilities.

The Issues Paper is part of a review into the regulatory regime for ‘stored value facilities’, which are payment products that allow users to pre-load money for future purchases (such as a travel money card).

While the CFR’s review will primarily consider how stored-value facilities are regulated, the review will also focus on identifying opportunities for improvements or clarification to other aspects of the regulation of retail payments service providers retail payments regulation. The CFR intends to provide recommendations to streamline and enhance regulation while ensuring appropriate consumer protections.

ASIC is encouraging interested stakeholders to view the CFR’s Issues Paper and consider making a submission to the review. Submissions are due by 19 October 2018. A copy of the Issues Paper and details on how to make a submission can be found on the CFR website.

The CFR review

The CFR’s review follows recommendations relating to the regulation of retail payments service providers retail payments regulation in the final report of the 2014 Financial System Inquiry and the Productivity Commission’s 2018 report following its Inquiry into Competition in the Australian Financial System.

A Working Group involving representatives of the CFR agencies – the Australian Prudential Regulation Authority (APRA), the Reserve Bank of Australia (RBA), the Commonwealth Treasury and ASIC – was established earlier in 2018 to undertake the review and to make recommendations on the regulatory framework for stored-value facilities and related services.

A particular area of interest to ASIC in the Issues Paper is ensuring the regulatory framework contains appropriate consumer protections.

Background

The CFR coordinates Australia’s key financial regulatory agencies and has the roles of contributing to the effectiveness and efficiency of financial regulation and promoting stability in the financial system. It is made up of the RBA (as Chair), APRA, Treasury and ASIC.

www.asic.gov.au

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AUSTRALIA POST has announced that the Commonwealth Bank of Australia (CBA) has signed an agreement to support critical investment in Australia Post's Bank@Post service. 

This is a landmark agreement in the history of Australia Post and will help ensure all Australians can continue to use Post Offices across the nation to access important financial services, and Australia Post spokesperson said.

The five-year commitment includes CBA contributing a new annual Community Representation Fee of $22 million and revised transaction fees.  This partnership enables Australia Post to invest in the Post Office network in order to help provide safe, reliable banking services, ensure itsLicensed Post Office partners will be paid appropriately and support the future prosperity of many communities.

Australia Post's group chief executive officer and managing director Christine Holgate said, "I am extremely appreciative that the nation's largest bank has taken a lead position in supporting Australia Post.  This investment will not only help save a critical service in Post Offices serving the communities of Australia, it saves jobs and supports the financial viability of our local Post Office partners.

"The agreement ensures customers will be able to access withdrawal, deposit, balance enquiries and passbook services at more than 3500 Post Offices across the country. Approximately 30,000 CBA customers use Bank@Post every day."

There are 1550 communities across Australia, predominantly in rural and regional Australia, who today have no bank branch. The citizens and small businesses of these communities depend on Australia Post to provide access to financial services through the Bank@Post service in their local Post Office.  

Without this service these communities face significant economic and social challenges. Recent research by Deloitte Access Economics highlighted the important role Post Offices play in local communities. In fact, with every role Australia Post employs in rural and regional Australia, two more jobs are created in the economy.

Today Australia Post loses money operating the service and does not have the funds to subsidise this service further or make the critical investment needed.  Many of Australia Post's local Post Offices are operated by Licensed Post Office partners, who as small businesses, do not have the capital investment needed. 

Without support, Australia Post risked either suspending the service or closing some community Post Offices, which would have hurt communities and cost jobs.

"Matt Comyn and the CBA team have shown strong leadership on this issue and a real commitment to ensuring the prosperity of communities that rely on our Post Offices," Ms Holgate said.

"I would also like to thank both the Treasurer, Josh Frydenberg MP for his support and acknowledgment that all Australians should have ongoing access to banking services, and Mark Korda from Korda Mentha who has supported our discussions," Ms Holgate said.

"Importantly, this agreement will allow Australia Post to increase Bank@Post base transaction payments to our hardworking Post Office licensees by approximately 50 percent from January 1, 2019, as well as investing in infrastructure including technology and security upgrades, and local marketing. Additionally, we will increase the annual minimum payment to licensees by 25 percent.

"We continue to have positive and productive discussions with the other three major banks to seek their support for this service. I am very grateful for all the work their teams are doing as we work through these discussions together. Australia Post has proposed that they each commit to a Community Representation Fee of $22 million and revised transaction fees.

"If they also agree to a five-year commitment, this could deliver up to $500 million of additional investment over this period, the largest ever for Australia Post Offices, securing their future and helping protect the prosperity of all communities across Australia."

For more information on Bank@Post visit www.auspost.com.au/bankatpost

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THE Australian Retailers Association (ARA) believes August trade figures released on October 5 by the Australian Bureau of Statistics (ABS) represent the quiet boost in consumer confidence, with August seeing a 3.77 percent total year-on-year increase.

Russell Zimmerman, Executive Director of the ARA, said August’s trade figures were driven by the launch of new season products and the confidence seen in the change in Prime Minister.

“We can see there was a slight uptick in consumer confidence around August with cafés, restaurants and takeaway food services showing the strongest year-on-year growth at 5 percent,” Mr Zimmerman said.

“Clothing, footwear and personal accessories also saw a strong 4 percent year-on-year growth this August as some confidence returned to consumers after receiving their tax refunds.”

The ARA believes these strong mid-year figures are also a consequence from the psychological effect of the personal tax cuts coming into play from July this year.

“This quiet consumer confidence can be seen across various retail categories with consumers rewarding themselves with little luxuries across the market,” Mr Zimmerman said.

“Department stores saw solid growth in August with this retail category reaching 2 percent year-on-year growth - the biggest increase they’ve seen since May this year.”

Tasmania (6.20%) led the country in August trade, with Victoria (5.93%), South Australia (4.70%), New South Wales (4.28%) and the Australian Capital Territory (4.20%) not far behind. Queensland (2.39%) remained steady in August, whereas the Northern Territory (0.04%) received minimal growth and Western Australia (-0.99%) unfortunately remained in negative territory for the fourth month in a row.

“This quiet growth is somewhat comforting for all retailers across Australia, especially leading up to Christmas,” Mr Zimmerman said.

“We hope this boost in consumer confidence and discretionary spend flows through to the end of year where retailers are hoping to see their biggest trade yet.”

Monthly Retail Growth (July 2018 - August 2018 seasonally adjusted) 

Department stores (0.87%), Clothing, footwear and personal accessory retailing (0.79%), Cafes, restaurants and takeaway food services (0.70%), Other retailing (0.37%), Household goods retailing (0.20%) and Food retailing (-0.02%).

South Australia (0.78%), Tasmania (0.61%), New South Wales (0.52%), Victoria (0.23%), Australian Capital Territory (0.18%), Queensland (0.07%), Western Australia (-0.03%), and Northern Territory (-1.32%).

Total sales (0.29%).

Year-on-Year Retail Growth (August 2017 – August 2018 seasonally adjusted)

Cafés, restaurants and takeaway food services (5.01%), Food retailing (4.34%), Clothing, footwear and personal accessory retailing (4.05%), Other retailing (3.43%), Household goods retailing (2.16%) and Department stores (2.04%).

Tasmania (6.20%), Victoria (5.93%), South Australia (4.70%), New South Wales (4.28%), Australian Capital Territory (4.20%), Queensland (2.39%), Northern Territory (0.04%) and Western Australia (-0.99%),

Total sales (3.77%).

About the Australian Retailers Association:

Founded in 1903, the Australian Retailers Association (ARA) is Australia’s largest retail association, representing the country’s $310 billion sector, which employs more than 1.2 million people. As Australia’s leading retail peak industry body, the ARA is a strong pro-active advocate for Australian retail and works to ensure retail success by informing, protecting, advocating, educating and saving money for its 7,500 independent and national retail members throughout Australia. For more information, visit www.retail.org.au or call 1300 368 041.

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THE House of Representatives Standing Committee on Economics will conduct public hearings on 11, 12 and 19 October in Canberra as part of its ongoing scrutiny of Australia’s four major banks.

The chair of the committee, Tim Wilson MP, said, "These hearings will provide an important opportunity to scrutinise the bank CEOs following the shocking revelations of the Royal Commission."

Mr Wilson said, "Commissioner Hayne’s Interim Report identified incentives in banks against the interest of customers that has led to appalling conduct contrary to law. Yet, this misconduct has either gone unpunished, or the consequences have not met the seriousness of what has occurred and must be addressed.

"These hearings will also be an important opportunity to follow up on unresolved issues from earlier hearings; and to consider how best to ensure appalling behaviour is not repeated without inhibiting the banks’ essential contribution to grease our economy."

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

PUBLIC HEARING DETAILS

Day 1: CBA and Westpac, Thursday, 11 October 2018, Main Committee Room, Parliament House, Canberra
CBA: 9.15am to 12.15pm
Westpac: 1.15pm to 4.15pm

Day 2: ANZ, Friday, 12 October 2018, Main Committee Room, Parliament House, Canberra
ANZ: 9.15am to 12.15pm

Day 3: NAB, Friday, 19 October 2018, Main Committee Room, Parliament House, Canberra
NAB: 9.15am to 12.15pm

Website: aph.gov.au/economics

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THE Queensland Media Club, representing the Queensland Parliament Media Gallery and the Media Entertainment and Arts Alliance, will host the principals of the 10 projects that will change Brisbane at a luncheon on Monday, 8 October, 2018.

The principals will speak about their projects and how they will benefit the Queensland capital:

1. Graeme Newton, CEO, Cross River Rail ($5.4 bil)

2. Geoff Hogg, Queensland Managing Director, Queens’ Wharf ($3.6 bil)

3. Harvey Lister, Chairman and CEO, Brisbane Live ($2 bil)

4. Matthew Beasley, Office Development Queensland, Waterfront Precinct ($1.4 billion)

5. Gert-Jan de Graaff, CEO, Brisbane’s New Runway ($1.3 bil)

6. Richard McLachlan, Development Director, Herston Quarter ($1.1 bil)

7. Andrew Thompson, Project Director, West Village ($1 bil)

8. Cr Adrian Schrinner, Deputy Mayor and Chairman, Brisbane Metro ($944 mil)

9. Luke Fraser, CEO, Howard Smith Wharves ($200 mil)

10. Roy Cummins, CEO, Brisbane International Cruise Terminal ($158 mil)

The Media Club will explore the links between the projects and ask how they might benefit Brisbane’s economy, particularly the tourism economy by supporting Brisbane as a destination and not just a gateway to other places.

The luncheon will include a live media conference with members of the Queensland Parliament Media Gallery.

The Queensland Media Club is the official political, business and media forum of the Queensland Parliament Media Gallery.

Contact:

Emily Anderson
Three Plus
M: 0422 855 862 | T: 07 3167 1200
E: This email address is being protected from spambots. You need JavaScript enabled to view it.

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