THE Institute of Public Accountants (IPA) as part of the global accounting profession is supporting the United Nation’s International Anti-Corruption activities which included a special awareness day on December 9.

The World Economic Forum estimates that every year the cost of corruption is at least US$2.6 trillion -- or 5 percent of global domestic product. According to the World Bank, businesses and individuals pay more than US$1 trillion in bribes each year.

“Corruption not only erodes trust, it has a direct detrimental impact on economic growth,” said IPA chief executive officer, Andrew Conway.

“Accountants play a pivotal role in this united fight against corruption.

“As a profession, we hold the responsibility to promote greater transparency and accountability, employ stronger ethics and lift the standard of integrity,” said Mr Conway.

About the Institute of Public Accountants

The IPA, formed in 1923, is one of Australia’s three legally recognised professional accounting bodies.  In late 2014, the IPA acquired the Institute of Financial Accountants in the UK and formed the IPA Group, with more than 36,000 members and students in over 80 countries.  The IPA Group is the largest SME focused accountancy organisation in the world. The IPA is a member of the International Federation of Accountants, the Accounting Professional and Ethical Standards Board and the Confederation of Asian and Pacific Accountants. 

www.publicaccountants.org.au

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COAL has propelled the value of Queensland’s exports to almost $80 billion, up almost 10 percent from October last year. 

Queensland Resources Council chief executive Ian Macfarlane said the latest ABS figures showed coal recorded the highest increase in value during October, for the 23rd month in a row. 

“For the last two years, coal exports have been the anchor for Queensland’s strong export performance,” Mr Macfarlane said. 

“Of Queensland’s total export value of $79.3 billion in October, our coal exports were worth $34.9 billion, and other minerals $8.1 billion. 

“The ongoing strength of the resources sector is testament to the hard work and world-class standards of the 316,000 Queenslanders who work in or with the sector. 

“Every tonne of coal and other resources exported brings in royalty taxes that benefit all Queenslanders. 

“Based on this strong performance we expect an even greater return to Queenslanders from coal royalty taxes, above and beyond the $3.5 billion forecast for this year’s budget. 

“We look forward to seeing the updated figures before Christmas," Mr Macfarlane said.

“Queensland’s resources industry is capping off a positive year, during which we’ve seen new investments and new jobs. 

“Over the past year the resources industry has added about 10,000 jobs for Queensland, or a job every 40 minutes. 

“We are looking forward to a strong start to the new year too, with new projects including the Adani Carmichael mine, and new exploration in the North-West of the state. 

“Figures released by the Queensland Exploration Council earlier this week showed an increase in exploration investment across the range of our state’s commodities. 

“This puts all Queenslanders in prime position to continue to benefit from investment, jobs and returns from royalty taxes that build our state.” 

www.qrc.org.au

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THE House Standing Committee on Agriculture and Water Resources has launched a new inquiry into the impact on the agricultural sector of vegetation and land management policies, regulations and restrictions, and called for submissions.

The Committee’s Chair, Rick Wilson MP, acknowledged that the impact of land management and vegetation policies can be significant on the agricultural sector.

“Bushfires, expanding land use, and hazard management can dictate the future of regional, rural and remote land areas," Mr Wilson said. "The Committee’s inquiry into these issues is timely, given the current and impending natural disaster probability”.

The Committee will be inquiring into these impacts, with particular regard to:

• Past and current practices of land and vegetation management by the agricultural sector and regional industries;
• The science behind activities such as back burning, clearing and rehabilitation;
• The economic impact of vegetation and land management policies, regulations and restrictions;
• The impact of severe fires on the agricultural landscape, agricultural production and industry in regional, rural and remote areas;
• Factors that contribute to fire risk in regional, rural and remote areas; and
• The role the agricultural sector has in working with emergency services and forestry management officials in managing fire risk.

The Committee will be accepting submissions until Friday January 25, 2019.

THE House of Representatives Standing Committee on Health, Aged Care and Sport Committee today presented to Parliament its Advisory Report on the Aged Care Amendment (Staffing Ratio Disclosure) Bill 2018.

The Committee recommended the passage of the Bill, which would require aged care providers to report staff-to-patient ratios for their facilities on a quarterly basis.

The Committee Chair, Trent Zimmerman MP, stated that ‘aged care has been a particular focus of the Committee’s work during 2018. In October, the Committee released the final report for its inquiry into aged care and followed that up with this inquiry.’

"The Committee has recommended the passage of the Bill and welcomes the increased transparency for consumers that will be provided by the publication of staffing ratios. The Committee has also recommended that staffing ratios be published with additional contextual information to assist consumers interpret the data and enable them to be in a better position to make an informed choice," Mr Zimmerman said.

The Report is available at the Committee’s website at: https://www.aph.gov.au/Parliamentary_Business/Committees/House/Health_Aged_Care_and_Sport/StaffingRatioBill/Report

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THE House Standing Committee on the Environment and Energy has released its report into the management and use of environmental water.

The inquiry focused on the role of the Commonwealth Environmental Water Holder (CEWH), including how environmental water is being used, the outcomes achieved and options for improving community engagement.

Environmental water is released from storage at times and locations where plants and animals benefit from higher river flows or when wetlands need replenishment.  

The Committee has recommended that certain practices continue, including the ‘good neighbour’ policy, working with Indigenous communities, funding complementary measures, water trading, and  continued investment in infrastructure programs to ensure that water efficiency is optimised.

The report has also recommended:

• Enhancing public awareness and communicating outcomes relating to environmental watering actions. The CEWH should update its communications and engagement strategy and review the adequacy of its existing mechanisms for consultation with the community.
• The CEWH should consider establishing an advisory or consultative group to inform environmental water use decisions.
• Utilising the best available technology to monitor water movements and assess environmental conditions.

A copy of the report and further information can be found on the inquiry website at www.aph.gov.au/environmentalwater.

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THE Joint Standing Committee on Northern Australia has commenced an Inquiry into the Opportunities and Challenges of the Engagement of Traditional Owners in the Economic Development of Northern Australia.

A significant proportion of Northern Australia is subject to native title claim or determination. The Committee’s 2014 report Pivot North: Inquiry into the Development of Northern Australia identified current land tenure arrangements and native title processes as a barrier to the economic and social development of Northern Australia.

The Committee Chair, Warren Entsch MP, stated that "enabling Traditional Owners to pursue economic development opportunities on their land will support sustainable economic growth in Northern Australia, and create much needed employment opportunities in remote areas".

Submissions from interested individuals and organisations are invited by Thursday, February 28, 2019. The preferred method of receiving submissions is by electronic format lodged online using a My Parliament account.

Further information about the Committee’s inquiry, including the full terms of reference and details on how to lodge a submission are available on the Committee’s website.

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THE Australian Retailers Association (ARA) said October trade figures released today by the Australian Bureau of Statistics (ABS), represent a strong lead-up to the Christmas trading period with a 3.56 percent total year-on-year increase.

Russell Zimmerman, executive director of the ARA, said October's results should increase confidence, and predicted retailers can expect to see a busy Christmas.

“As we lead into Christmas, October is the third consecutive month with year-on-year growth topping 3.5 percent," Mr. Zimmerman said.

“Retailers across the country can expect to see an uptick in sales, with consumers rushing through stores to finalise their purchases and set their tables in preparation for Christmas.” 

The Other retailing category saw the strongest year-on-year growth at 5.50 percent, with consumers turning to online platforms to purchase gifts for the big day.

“We have noticed consumers are increasing their basket size online to prepare for the rush that occurs in the lead up to the festive season.”

The ARA said in October, the Clothing, footwear and personal accessories category saw a strong result, with 4.84 percent year-on-year growth, as the summer season begun to spread in consumers’ minds across Australia.

“With the warm weather ramping up, we have noticed a considerable increase in the apparel category with shoppers purchasing fashion and accessories to wear for the warmer months ahead,” Mr Zimmerman said.

Household Goods also noted an impressive growth (3.22%), with the Furniture category recording a considerable year-on-year result (4.10%), as more consumers began refurbishing their homes and purchasing outdoor furniture.

“With December becoming increasingly warmer, Aussies will be looking to re-decorate their homes and purchase outdoor furniture to celebrate the upcoming festivities and enjoy the warmer weather outdoors.”

The ARA saw conservative figures for Food retailing (3.90%), Specialised food (4.55%), Supermarkets (4.01%), and Electrical goods (3.20%), with Pharmacy, Cosmetics and Toiletries recording remarkable growth (2.58%).

“Although the Food category noticed stagnated growth throughout the October trading period, we can expect this category to see a resurgence in growth, with the festive season being the opportune time to consumers to purchase from food specialty retailers,” Mr Zimmerman said.

Across the country Victoria (6.39%) led the nation for the fifth consecutive month in a row, with Tasmania (5.71%), the Australian Capital Territory (4.70%) Queensland (4.11%), South Australia (2.42%), Western Australia (0.63%) and New South Wales (2.14%) indicating a substantial growth. Unfortunately, the Northern Territory (-0.31%) recorded negative figures for the third consecutive month in a row.

“As the festive season is about giving and sharing with loved ones, our members and retailers can be rest-assured that the retail industry is going to be prosperous and filled with customers across shop floors this Christmas.”

Monthly Retail Growth (September 2018 – October 2018 seasonally adjusted) 

Other retailing (8.48%), Clothing, footwear and personal accessory retailing (4.84%), Food retailing (0.18%), Household goods retailing (0.61%), Department stores (0.41%) and Cafés, restaurants and takeaway food services (-0.91%)

Queensland (1.11%), the Australian Capital Territory (1.07%), Victoria (0.63%), Western Australia (0.62%), the Northern Territory (0.62%) South Australia (0.13%),Tasmania (0.11%), and New South Wales (-0.45%)

Total sales (0.34%).

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

Other retailing (5.50%), Clothing, footwear and personal accessory retailing (4.84%), Food retailing (3.90%), Household goods retailing (3.22%) Cafés, restaurants and takeaway food services (2.07%), and Department stores (-0.33%).

Victoria (6.39%),Tasmania (5.71%), the Australian Capital Territory (4.70%) Queensland (4.11%), South Australia (2.42%), Western Australia (0.63%), New South Wales (2.14%), and the Northern Territory (-0.31%).

Total sales (3.56%).

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.auor call 1300 368 041.

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THE Joint Standing Committee on the National Capital and External Territories will hear from the National Capital Authority about its role in planning, promoting and maintaining the National Capital on Thursday at the Committee’s biannual public briefing.

Committee Chair Ben Morton MP said: “The Committee’s attention has been keenly focussed on the Canberra region over the past year with issues such as Canberra’s national institutions and stage 2 of ACT light rail considered in depth. This briefing allows us to build on that work and consider other matters that are of interest in the nation’s capital”.

Mr Morton highlighted that members of the public are welcome to attend and observe the proceedings. Audio of the hearing will also be webcast live on the Australian Parliament’s website.

Further information may be found on the Committee’s website.

Biannual public briefing details:

Thursday, 6 December 2018
Committee Room 2R2, Parliament House, Canberra
10.10am—11am (approx.)

Interested members of the public may wish to track the committee via the website.

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