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ASIC fee relief and financial counselling for the drought-affected

THE Australian Securities and Investments Commission (ASIC) is offering assistance for farmers and related businesses suffering financial hardship as result of the current drought.

ASIC is offering relief from various company-related fees that may be payable and providing information about financial counselling services that are available to those affected.

ASIC Commissioner John Price said, "Unfortunately, the current drought is particularly severe, causing financial hardship to many. ASIC is keen to offer whatever assistance we can to ease that burden and ensure that affected people can access resources to assist them during this challenging time."

ASIC may be able to review fees or waive late fees that a company has incurred, or provide alternative payment options for companies affected by the drought and facing financial hardship.

Those wanting fee relief need to include in their application details of their company, a contact person and their current situation. They will also need to provide ASIC with evidence supporting their application.

ASIC also reminded the farming community that free financial counselling is available to people, including farmers and related small businesses, struggling with debt. Details of free financial counsellors are on ASIC’s MoneySmart website and can be downloaded here.

Details of how to apply for fee relief are on ASIC’s website.

Anyone struggling with debt can call the free National Debt Hotline on 1800 007 007.

ASIC has also prepared a guide on how people can help a friend or family member who is facing financial hardship, which is available from ASIC’s MoneySmart website or can be downloaded here.

www.asic.gov.au

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Resources and energy exports hit all-time high - QRC

AUSTRALIA’s resources and energy exports are now worth more than a quarter of a trillion dollars, anchored by strong forecasts for Queensland’s major commodities including coal, LNG, bauxite, copper and zinc.

Queensland Resources Council chief executive Ian Macfarlane said the record figure of $252 billion, in the September Resources and Energy Quarterly, was testament to the hard work of the Queensland resources industry.

“Our resources and energy exports have been powering our state and our national economy for the better part of two decades,” Mr Macfarlane said.

“But our success is no accident or just good luck. The huge benefits from the resources sector come through long-term planning, hard work from almost 300,000 Queenslanders, and our ability to attract investment dollars.

“Importantly, these latest figures further debunk the myths spread by those who want to see the entire resources industry shut down.

“No amount of wishful thinking from anti-resources campaigners can erase the numbers that show strong demand for both metallurgical and thermal coal, our LNG and other commodities that form the building blocks of our modern societies, including bauxite, copper and zinc.

“There have been record production volumes at BHP and Anglo American’s metallurgical coal operations. Met coal production is forecast to grow by 11 percent between 2017-18 and 2019-20, driven largely by the resurgence in the Queensland coal sector.

“Metallurgical coal exploration is also on the way back up. We again congratulate the Queensland Government for the release of more than 500 square kilometres for exploration across the Bowen, Surat and Galilee Basins.

“Our region also wants more thermal coal, and Australia is in the ideal position to supply it.

“For example, the report points to 11 coal-fired power plants due to come into operation in Japan over the next two to three years. They have a combined capacity of 4.5GW which is the equivalent of about eight per cent of the generation capacity of Australia’s national electricity market.

“Strong demand for LNG is being met in part through the Queensland coal seam gas industry, which supplies gas for Australian users and delivers export earnings, all the while delivering $387 million in access agreements with Queensland farmers and landholders.

“Queensland’s other powerhouse commodities are also in line for significant growth, notably zinc. Queensland will help drive a 50 percent increase in zinc production through New Century Resources’ newly re-opened Century mine.

“The Queensland resources sector has created 10,000 jobs over the past year – that’s a new job every 40 minutes. The figures released today reinforce why it’s so important we continue to back our resources sector, for the jobs and local investment it creates.

“We look forward to working with the Federal Government on the implementation of recommendations from the Resources 2030 Taskforce to further strengthen our sector.”

www.qrc.org.au

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Equifax, formerly Veda, to pay $3.5 million in penalties

THE Federal Court has ordered that Equifax Australia Information Services and Solutions Pty Ltd (Equifax) pay penalties totalling $3.5 million for misleading and deceptive conduct and unconscionable conduct in relation to credit report services following joint submissions by Equifax and the ACCC.
 
Equifax admitted it breached the Australian Consumer Law (ACL) in 2016 and 2017, when its representatives made false or misleading representations to consumers during phone calls.
 
Equifax told consumers that its paid credit reports were more comprehensive than free reports it had to provide under the law, when in fact they contained the same information.
 
“Equifax’s conduct caused people to buy credit reporting services in situations when they did not have to. Consumers have the legal right to obtain a free credit report under the law,” ACCC Commissioner Sarah Court said.
 
Equifax also admitted it told consumers they would be charged a single ‘one-off’ or ‘one-time’ payment, but failed to disclose that payments for its paid credit report packages would automatically renew unless consumers opted out.
 
“We considered it unacceptable that consumers were denied the knowledge and proper opportunity to opt out of recurring charges from Equifax,” Ms Court said.
 
Equifax also told consumers that the credit score provided in its paid credit reports was the same credit score used by credit providers when that was not always the case.
 
In respect of three vulnerable consumers, Equifax also admitted that it acted unconscionably by using unfair sales tactics and making misleading representations during telephone calls.
 
“It is appalling that Equifax used unfair sales tactics on consumers who were vulnerable,” Ms Court said.
 
“Consumers have a right to receive accurate information from credit reporting companies when they seek advice or services.”
 
“This result sends a strong message to businesses that making misrepresentations and acting unconscionably against consumers will not be tolerated,” Ms Court said.
 
The court also ordered, by consent, that Equifax establish a consumer redress scheme which will allow affected consumers to seek refunds for a 180 day period.
 
Affected consumers should contact Equifax directly by phone on 1800 958 378 or at www.equifax.com.au/contact to seek a refund.
 
The penalties ordered were based on admissions made by Equifax and joint submissions on penalty made by Equifax and the ACCC.
 
According to the Privacy Act 1988, consumers are entitled to access their credit reporting information for free once a year, or if they have applied for, and been refused, credit within the past 90 days, or where the request for access relates to a decision by a credit reporting body or a credit provider to correct information included in the credit report.

The Court has ordered, by consent, that Equifax contribute $100,000 towards the ACCC’s legal costs
 
More information on how to access free credit report can be found on the Office of the Australian Information Commissioner’s webpage: https://www.oaic.gov.au/.
 
BACKGROUND
 
Equifax is Australia’s largest consumer credit reporting agency, holding an estimated 85 percent market share in the consumer credit reporting market.
 
In February 2016, Veda Advantage Pty Ltd was acquired by Equifax Inc. (NYSE:EFX) and its Australian operations were subsequently rebranded under the Equifax name.
 
On March 16, 2018, the ACCC instituted proceedings against Equifax Australia.

www.accc.gov.au

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ARA: Victorian Government dropping the ball on productivity

WITH the Victorian retail industry contributing $81.5 billion to the national economy, the Australian Retailers Association (ARA) has urged the Victorian Government to shift the Victorian AFL Grand Final public holiday from Friday to Monday, to improve productivity and stimulate local businesses.

Russell Zimmerman, executive director of the ARA, said the Friday before the AFL Grand Final public holiday placed an unnecessary burden on retailers.

“Victorian retailers will really feel the pinch this Friday before the AFL Grand Final, as Fridays are one of the busiest trading days of the week,” Mr Zimmerman said.

“Retailers are constantly battling low sales growth coupled with increased operating costs, so imposing the public holiday on Friday significantly impacts retailers in Victoria.”

With the Australian Industry Group (Ai Group) predicting a loss of $1 billion to industry, the ARA believe the Victorian economy will certainly suffer this Friday.

“The additional public holiday on Friday 28 September will see many retailers choosing to close their doors rather than pay incredibly high penalty rates of up to 150 percent,” Mr Zimmerman said.

“With this public holiday only enforced in Victoria, the lack of trade, foot-traffic and productivity significantly affects the state’s economy.”

The AFL Grand Final public holiday was first introduced in 2015 and has since cost Victorian retailers a valuable day of business, as Victorian consumers usually attend the Grand Final Parade.

“We continually receive feedback from members who do not support this public holiday because they end up paying the price,” Mr Zimmerman said.

“Retailers who choose to open their doors will incur additional labor costs without seeing a boost in trade.”

The ARA will continue to challenge the Victorian Government on AFL Grand Final Day, urging them to move the Labour Day public holiday in March to the Monday after the Grand Final. This will align with other states, increasing productivity, stimulating trade and growing the Australian economy.

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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Queensland puts its hand up for more industry supported by local gas

THE CONTRAST between resources-friendly Queensland and the Southern States has deepened, with yet more investment in the local gas industry while other states remain locked up according to the Queensland Resources Council (QRC).

QRC chief executive Ian Macfarlane has welcomed Queensland Resources Minister Anthony Lynham’s announcement that another four companies would explore for gas on more than 6600 square kilometres in the Surat and Bowen Basins, and the Eromanga and Adavale Basins.

“We back our resources industry in Queensland, and that means we’re in the box seat to supply local gas users and support local jobs,” Mr Macfarlane said.

“This latest release of land from the Queensland Government, with the condition that gas developed be used to supply the domestic market, will further entrench Queensland’s role as the state keeping the East Coast gas market afloat.

“How much longer will NSW and Victoria rely on Queensland to make the investments that keep their industries supplied with gas and keep their economies ticking?

“Reliable and affordable gas is a must-have for Australian industries, including refining and manufacturing. Given transport costs add at least an extra $2 a gigajoule to the price of gas, it’s time for Australian businesses and manufacturers who are based in either NSW or Victoria to consider a move to the Sunshine State.

“With a go-slow on gas development, or in the case of Victoria a blanket ban on some types of gas projects, what the Southern States are really saying is they’re not prepared to support local jobs and local industry," Mr Macfarlane said.

“Queensland is putting up its hand for more investment made possible by a strong resources industry that creates jobs, supports regional communities and has paid $387 million in agreements with landholders to develop CSG/LNG projects.”

www.qrc.org.au

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Casual penalty rate decision leaves retailers with empty stockings this Christmas

THE Australian Retailers Association (ARA) is crushed with the Fair Work Commission’s (FWC) decision to increase penalty rates for over 350,000 casual retail workers on Saturdays and after 6pm on weekdays, as it claims this increase will create more strain for retailers already working in such an overwrought market.

Russell Zimmerman, executive director of the ARA, said this decision is a grave outcome for Australian retail, as 135,000 independent retailers currently operate under the General Industry Retail Award (GRIA).

“With this decision taking place from November 1 this year, we can be certain retailers will have to re-think their Christmas trading strategy,” Mr Zimmerman said.

“Christmas trade is the biggest trading season for retailers, and these increases to casual workers pay on Saturday’s and weekday evenings will certainly impact on trading hours around the country.”

Although the ARA welcomed the FWC’s decision to reduce Sunday penalty rates for full-time and casual shiftworkers, the ARA is concerned these inconsistent Fair Work decisions bring more complexities to the GRIA.

“The Modern Award system is already complex, and we are concerned the Australian Labor Party’s selective acceptance of Fair Work’s employment decisions will continue to jeopardise the Australian retail industry,” Mr Zimmerman said.

“We are disappointed with the casual employment decision, and would like to remind the Labor Party that the Fair Work Commission was established for a reason, and that they should not try to overturn an independent body when they don’t agree with their decisions.”

Due to the inflexibility around part time employment and the reduced number of Enterprise Bargaining  Agreements (EBAs) the ARA believes this disastrous decision will see many retailers out of pocket at their busiest time of year.

“Retailers usually thrive during the Christmas period, however this year, I’m concerned many retailers will bear the brunt of an unjust and detrimental decision,” Mr Zimmerman said.

“Casual staff are the lifeblood of the retail industry, and instead of seeing our retailers shine this Christmas, we will see them undertake more pressure and have to make serious decisions about their Christmas trade.”

 

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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Far North Queensland businesses urge government to fight for the Reef on World Tourism Day

AN ALLIANCE of Far North Queensland businesses, including Great Barrier Reef tourism operators, have urged the Federal Government to fight for the Great Barrier Reef on World Tourism Day.  

In May the Association of Marine Park Tourism Operators (AMPTO) and the Australian Marine Conservation Society (AMCS) released a historic Reef Climate Declaration, calling on the federal government to rapidly phase out fossil fuels and transition to renewable energy.

“It’s not too late to save the Reef but time is critical”, the statement said. The declaration is now signed by 150 businesses including the peak tourism industry body, AMPTO, the Cairns Aquarium and the Pullman International Hotel.

Col McKenzie, AMPTO’s chief executive said, “On World Tourism Day we’re calling on all our political leaders to stand up for Far North Queensland businesses and jobs and demonstrate leadership on climate change to protect the future of our Reef.

“The Reef is a magnet for people all around the world. It generates $6 billion each year and sustains 64,000 jobs.

“The Reef is still a beautiful and dynamic place but it’s under serious threat from climate change and we need our leaders to put in place strong climate and energy policies to protect its future,” he said.

AMCS’s Great Barrier Reef campaigner David Cazzulino said, “Climate change, mainly driven by mining and burning coal and other fossil fuels, is the single biggest threat to the Great Barrier Reef.

“Taking action on climate change for our Reef means stopping Adani’s polluting coal mine and embracing clean renewable energy.

“Here in Cairns we’re seeing the impacts of climate change on our Reef but local businesses are joining the fight to protect it.

“It’s been fantastic to see support from the business community - including cafes, restaurants, hotels, law firms, hairdressers and builders - who want our representatives to step up and protect the Reef.”

Far North Queensland businesses can add their business name to the Reef Climate Declaration by going to www.fightforourreef.org.au/fnq

THE REEF TOURISM CLIMATE DECLARATION:

We love the Great Barrier Reef.

As Reef tourism businesses operating in the World Heritage area, we take seriously our responsibility to look after one of the world’s most beautiful and biologically rich ecosystems.

Together we’re calling for bold action to protect this natural icon.

We cannot understate the economic contribution of Reef tourism. The Reef is a magnet for people from Australia and around the world and generates $6 billion each year and sustains 64,000 jobs.

Despite the negative press, the Reef is a dynamic, vibrant, awesome place. But, like coral reefs around the world, it is under serious threat.

Climate change, mainly driven by burning coal and other fossil fuels, is the single biggest threat to the Great Barrier Reef. The carbon pollution from coal, oil and gas is heating the air and the oceans to dangerous levels. Coral reefs around the world were damaged during an unprecedented marine heatwave in 2016 and 2017.

It’s not too late to save our Reef but time is critical.

The Federal Government has a responsibility to honour the Paris Agreement and protect the Reef on behalf of all Australians, all humanity and future generations. Yet our representatives continue to support the expansion of coal and gas, including Adani’s mega coal mine.

To give our Reef the best chance for the future, Australia must join the rest of the world to rapidly phase out coal and other fossil fuels and transition to renewable energy.

We call on all our political leaders to stand up for Far North QLD businesses and jobs and fight for the future of our Reef. #

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Resources sector welcomes higher drought relief payment for families

THE decision to increase the Queensland Drought Appeal payment for every drought-affected family to $7500 has been welcomed by the Queensland Resources Council (QRC).

QRC chief executive Ian Macfarlane said the increase from $5000 to $7500 means the donations from QRC member companies will help more than 40 families doing it tough.

“QRC members have donated in excess of $300,000 and we supported the Appeal dinner at Parliament House last week,” he said.

Both Rio Tinto and Shell Australia matched the Queensland Government’s $100,000 donation to the Queensland Drought Appeal, Santos contributed $116,000 with a donation of $75,000 and $41,000 in proceeds from the sale of cattle at the Royal Queensland Show and Arrow Energy provided lunch for 550 farmers for Beef Week, along with $10,000 towards feed for livestock.

Queensland Alumina Limited delivered $35,000 worth of hay to Rural Aid and New Hope Group donated $50,000 to Aussie Helpers

The Queensland Drought Appeal was launched by the Queensland Government at the Ekka and will provide all money raised to the Queensland Country Women’s Association (QCWA).

Mr Macfarlane said agriculture, like the resources sector, was a key industry for Queensland and it is important for all Queenslanders to support our farming families battling drought.

“Our companies work with primary producers. Indeed the Queensland Rural and Industry Development Authority recently reported the LNG industry, through agreements with landholders, have paid them $387 million,” Mr Macfarlane said.

www.qrc.org.au

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NECA and MEA cease negotiations

NECA has advised  that negotiations between the National Electrical and Communications Association (NECA) and the Master Electricians Association (MEA) exploring better ways to represent the electrotechnology industry as a single entity have now ceased.

NECA president, Alan Brown said, “This is a missed opportunity for electrical contractors, our industry stakeholders and our long- term sponsors.”

Mr Brown said NECA would continue to focus on delivering improvements to members and itslong-term sponsors across Australia.

"As the peak industry association, NECA will maintain its efforts in delivering positive outcomes for our industry," he said.

www.neca.asn.au

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Financial planning needs more women, says FPA

THE Financial Planning Association of Australia (FPA) is playing its part in attracting more women to the financial planning profession by fostering community, innovation and leadership amongst financial planners at a series of networking events included in its Women in Wealth program.

FPA is partnering with Financial Executive Women (FEW) to present FPA Women in Wealth – events that have been developed to promote mentoring opportunities for women, supporting them in their career progression.

Adelaide will play host for the first time on Tuesday 25 September, before Sydney and Brisbane in October.

The FPA Women in Wealth networking event series is intended to benefit men and women alike since everyone has a role to play in advancing work culture and diversity.

FPA CEO, Dante De Gori CFP said, “Currently, women make up 26 percent of the FPA membership, and only around 20 percent in the profession. And yet research tells us consumer demand for female financial planners is growing.

“The most important attributes for a good planner are being trustworthy, knowledgeable, and having strong emotional intelligence (EQ), according to the Attitudes Towards Women in Financial Advice 2017 report. In fact, female advisers are associated strongly with EQ qualities and are perceived on par with males in terms of knowledge and intelligence. These qualities drive client satisfaction and could explain why satisfaction and trust is high among consumers with female planners.

“The profession and consumers will benefit from greater gender balance. The FPA is committed to supporting more women to consider a career in financial planning as well as to progress from financial associate roles to achieving the highest designation in financial planning.

“Following the success of the FPA Women in Wealth events last year, I’m delighted we are extending the reach of the program to Adelaide this year. It gives more of our members the opportunity to network, and potentially grow the number of women in the profession by bringing along a mentee, young planner or student free of charge,” Mr De Gori said.

Additionally, attendees in Sydney and Brisbane can join FEW founder, Judith Beck, when she hosts the FEW Circle discussion group for women to discuss topical issues with their peers.

The SA networking lunch hosted by the FPA Adelaide Chapter Committee on Tuesday 25 September will feature a discussion with local business women Sarah Gunn and Marilyn Little. Ms Gunn runs GOGO events, a social enterprise which educates and trains homeless and disadvantaged people to produce décor items and event materials. Ms Little, a fashion stylist with Australian label Liz Davenport, will share clever travel and styling secrets with guests.

Following the Adelaide event, on Wednesday 17 October the FPA Sydney Chapter will host a FPA Women in Wealth breakfast featuring peace advocate, Dr Gill Hicks AM, MBE. Ms Hicks miraculously survived the 2005 London Underground bombings and in 2007 founded the not-for-profit organisation M.A.D for Peace. She is considered to be one of the world’s most thought-provoking and powerful speakers.

The FPA Brisbane Chapter will host the final networking lunch on Wednesday 24 October and will feature 2018 NSW Rural Women’s Award winner, Jillian Kilby.  An engineer and infrastructure entrepreneur, Ms Kilby specialises in moving horizon infrastructure projects from planning to shovel ready. Ms Kilby will share how her intuition led to some of her best decisions.

The FPA Women in Wealth networking event series is supported by Macquarie Bank. 

Adelaide event:

Date: Tuesday 25  September 2018

Time: 12pm – 2.30pm

Cost: Individual Ticket: $75 (incl. GST), Table of 8:$560 (incl. GST)

Includes presentation by Sarah Gunn and Marilyn Little, two-course lunch and beverages.

Location: National Wine Centre of Australia, Botanic St & Hackney Rd, Hackney SA 5069

Tickets here.

Sydney event:

Date: Wednesday 17 October 2018

Time: 8:30am – 11.00am

Cost: Individual Ticket $85 (incl. GST), Table of 8 $640 (incl. GST)

Includes presentation by Dr Gill Hicks and breakfast.

Location: Macquarie Bank, Conference Room 1 & 2, 1 Shelley Street, Sydney

Tickets here.

Brisbane event:

Date: Wednesday 24 October

Time: 11.30am – 2.30pm

Cost: Individual Tickets $85 (inc GST), Table of (8) – $640 (inc GST)

Includes presentation by Jillian Kilby, two-course lunch and beverages

Location: Black Bird, Riverside Centre, 123 Eagle Street, Brisbane

Tickets here.

Attendees are encouraged to bring along a mentee, young planner or student free of charge.

This email address is being protected from spambots. You need JavaScript enabled to view it.

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Economics Committee to inquire into the implications of removing refundable franking credits

THE House of Representatives Standing Committee on Economics has announced an inquiry into the implications of removing refundable franking credits.

The chair of the committee, Tim Wilson MP, said, " The ability for investors, including individuals and superannuation funds, to claim their full credits is an established feature of our tax system and is core to the financial security of retirees."

Mr Wilson remarked, "There has been legitimate community concern about proposals to remove cash refunds for their full allocation of credits for individuals and superannuation funds, and that it amounts to a tax on the savings of retirees.

"The committee is examining what impacts the removal of refundable franking credits would have, particularly on retirees who have made long term retirement saving decisions based on their ability to claim refunds on their franking credits and whether it will compromise their financial security," Mr Wilson said.

The Terms of Reference for the inquiry are for the committee to inquire into and report on the use of refundable franking credits, their benefits and the implications of their removal, including:

  • analysis of who receives refundable franking credits, the opportunities it provides to offer alternative savings and investment vehicles to low and middle income earners, and the impact it has on lowering tax bills
  • consideration of how refundable franking credits support tax principles, particularly implications for tax neutrality, removal of double taxation and fairness
  • if refundable franking credits are removed; who it would impact and how and the implications from expected behavioural change by investors, including for
    • increased dependence on the pension
    • stress and complexity it will cause for Australians, including older Australians to adjust their investments
    • if there are carve outs applied, what this might mean for additional complexity, uncertainty and fairness
    • reduced incentives to save and distortions to which asset classes are invested in and funds are used, and
    • the reliability of providing a sustainable revenue base over the longer term.

Submissions are being sought by Friday, November 2, 2018 although submissions will be received throughout the inquiry. Submissions can be made online or by emailing This email address is being protected from spambots. You need JavaScript enabled to view it..

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

Inquiry updates, submissions and public hearing transcripts will be published as the inquiry progresses.

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