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IPA announces St George banking group partnership

THE Institute of Public Accountants (IPA) has announced its partnership with the St.George Banking Group (St.George Bank, Bank of Melbourne and BankSA) as part of its suite of member benefits.

“We are delighted to form an alliance with such strong and reputable brands in the banking sector,” said IPA chief executive officer, Andrew Conway.

“Our members can access very competitive home loans or refer clients seeking home loans and mortgage advice to any of the three banks.

“This is a great advantage for our members and their small business clients in particular,” said Mr Conway.

St.George’s Head of Home Lending, Gavan Thompson, said that all of the brands were excited to be aligned with the IPA.

“We feel that our brands fit well with the IPA, particularly with their strong service delivery and community focus.

“Accountants are vital as trusted advisers to their clients and we look forward to being of assistance to them with any home lending needs,” said Mr Thompson.

 

publicaccountants.org.au

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Policy surprises tarnish Queensland’s investment appeal

QUEENSLAND’s attractiveness as an investment destination for mining has dropped out of the global top ten according to a report from Canada’s Fraser Institute highlighted by the Queensland Resources Council (QRC).

QRC Chief Executive Ian Macfarlane said the clear message is that global investors have marked Queensland down because of policy uncertainty. 

"Investors don’t like surprises, which is why the sector is always talking about the need for policy certainty," said Mr Macfarlane. 

"The Queensland Government needs to be aware investors are watching every potential change in policy as having a direct impact on the investment profile of the State.

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20,000 tip-offs shine a light on dodgy workplaces

THOUSANDS of anonymous reports from concerned members of the community are assisting the Fair Work Ombudsman to target unlawful practices in workplaces across Australia and deliver outcomes for workers who might otherwise not seek help.

Since the launch of its Anonymous Report tool in mid-2016, the regulator has received more than 20,000 tip-offs alleging potential workplace breaches.

The reports from the public are leading to positive outcomes for vulnerable workers who may be unwilling or unable to reveal their identity and approach the Fair Work Ombudsman.

In one matter, Fair Work inspectors conducted an unannounced visit at a Sydney retail business after receiving an anonymous report alleging employees received as little as $8 per hour, cash in hand.

An audit of the company’s records uncovered evidence of contraventions in relation to pay rates, break entitlements and pay slip requirements.

Inspectors issued the company with a Compliance Notice and a contravention letter, resulting in approximately $50,000 in wages and entitlements being paid back to workers.

The company also increased pay rates to ensure compliance in the future.

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Public Accounts Committee starts Defence inquiry

THE Joint Committee of Public Accounts and Audit has launched an inquiry into the 2016-17 Defence Major Projects Report.

The JCPAA is a central committee of the Parliament with the power to initiate its own inquiries on the Commonwealth public sector.

The Committee has inquired into the Defence Major Projects Report on an annual basis since 2009 and will continue its oversight of the reporting of major Defence acquisitions through its inquiry into the 2016-17 Major Projects Report.

The total approved budget for the Major Projects included in this report is approximately $62 billion, covering nearly 59 per cent of the budget within the Approved Major Capital Investment Program.

The Committee invites submissions to the inquiry by Friday, 9 March 2018. A public hearing will be held on Friday, 23 March 2018.

Further information about the inquiry can be accessed via the Committee’s website.

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Bipartisan Defence agreement hearing in Canberra

THE Defence Sub-Committee of the Parliament’s Joint Standing Committee on Foreign Affairs, Defence and Trade is holding a public hearing in Canberra on Friday 23 August for its inquiry into a Bipartisan Australian Defence Agreement.

Chair of the Defence Sub‑Committee, Senator Linda Reynolds CSC, said the Sub-Committee will hear from representatives from the defence industry, unions, academia and Defence on the risks and benefits of reaching a bipartisan agreement on defence capability planning.

“Strategic planning for Australia’s Defence is one of the fundamental tasks of government,” Senator Reynolds said. “The Sub-Committee looks forward to meeting with defence industry experts to explore options for providing long-term stability for the planning of Australia’s Defence capabilities, including a possible bipartisan defence agreement.”

Public hearing details: 9:00am to 2:30pm, Friday 23 February, Committee Room 1R3, Parliament House, Canberra

The full program for Friday’s hearing is available from the committee’s website.

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

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Four major banks under parliamentary scrutiny

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, Sarah Henderson MP, stated that "these hearings provide an important mechanism to hold the four major banks to account before the Parliament".

"The hearings will be conducted shortly after the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry hands down its interim report which is due by 30 September 2018. This will provide the committee with an important opportunity to scrutinise the banks on a range of matters including the interim findings of the Royal Commissioner," Ms Henderson said.

The committee has held three rounds of hearings and published three reports in November 2016, April 2017 and December 2017. The committee has made a suite of recommendations for banking reform, which have been broadly adopted by the Government.

Key reforms to improve outcomes for Australian consumers to date include: putting in place a one-stop shop for consumer complaints, the Australian Financial Complaints Authority; a regulated Banking Executive Accountability Regime; and, new powers and resources for the ACCC to investigate competition issues in the setting of interest rates.

The Government also adopted the committee's recommendations to establish an open data regime and change the regulatory requirement for bank start-ups in order to encourage more competition in the sector.

The hearing will be webcast live: http://www.aph.gov.au/Watch_Read_Listen

Public hearing details: Main Committee Room, Parliament House, Canberra

Thursday, 11 October 2018
9.15am to 12.15pm: Commonwealth Bank 
1.15pm to 4.15pm: Westpac

Friday, 12 October 2018
9.15am to 12.15pm: ANZ

Friday, 19 October 2018
9.15am to 12.15pm: National Australia Bank

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

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ARA calling for corporate tax cuts to cultivate growth in Australian retail

AS AUSTRALIA’s leading peak body for the retail industry, the Australian Retailers Association (ARA) is calling for a competitive corporate tax rate to sustain growth and drive prosperity for the country’s $310 billion sector.

Russell Zimmerman, Executive Director of the ARA, said the ARA works hard to advocate and support employers and employees working in the sector as the Australian retail industry employs 10% of the working population.

“The current trading environment has seen many retailers doing it tough, with last year’s retail trade figures averaging a 2.76 percent year-on-year growth, and retail trade growth down more than 1 percent on the 50 year average in 2017, the Government needs to intervene and offer some relief to the struggling industry,” Mr Zimmerman said.

“At 30 percent, Australia has one of the highest corporate tax rates in the advanced economic world, making it difficult for retailers to invest in jobs growth and increased wages that would benefit the economy.”

The ARA insists the present corporate tax rate currently discourages international and Australian businesses from investing in Australia and calls on all sides of politics to drive investment and accept the economic benefits tax cuts will create.

“The current corporate tax rate discourages international and Australian businesses from investing in Australia and providing further job opportunities, as many Australian and offshore businesses choose to invest in, and headquarters overseas,” Mr Zimmerman said.

“The Senate needs to cooperate with the Government’s plan to lower the corporate tax rate below 25% so local retailers are able to invest in their businesses and grow the Australian economy.”

Retailers have told the ARA that balancing rising cost pressures with low sales growth and a high-tax environment, it is becoming increasingly difficult with some retailers even struggling to pay their rent.

“As retailers are already struggling in a volatile trading environment, the ARA will continue to advocate for a reduced company tax rate before it stifles future employment and growth,” Mr Zimmerman said.

“The Australian retail industry currently employs more than 1.2 million people. If the corporate tax rate is not reduced to be more in line with our international counterparts, employees and the underemployed will be the ones who suffer, as employees are the heart and soul of retail.”

 

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 body industry, 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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One-stop-shop for dispute resolution welcomed by Ombudsman

THE Australian Small Business and Family Enterprise Ombudsman (ASBFEO) has welcomed the passing of legislation to establish the Australian Financial Complaints Authority (AFCA) last week..

Ombudsman Kate Carnell said she is particularly pleased with the more flexible definition of a small business as fewer than 100 employees and a rise in the compensation cap for agricultural small business of up to $2 million.

“And is good to see that a small business will be able to seek resolution of a dispute where the credit facility is up to $5 million and potentially receive compensation of up to $1 million,” Ms Carnell said.

“Small businesses do not have the time or the money to hire lawyers and challenge banks and other financial institutions through the court system.

“This will significantly improve small businesses access to justice, which we raised in our Small Business Loans Inquiry last year.

“The AFCA one-stop-shop will be free, fast and binding, and will provide the forum where the needs of small business are understood, which we hope will significantly reduce the need for litigation.

“We look forward to when AFCA will open its doors later this year.”

www.asbfeo.gov.au

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Defence, space tracking and relations with Jordan

THE Treaties Committee tabled two reports last week dealing with a range of issues.

The first report reviews three treaties including an agreement with Singapore that will make sure the Singapore Air Force’s Flying Training Institute can continue to operate out of the RAAF Base at Pearce in Western Australia.

Also dealing with defence matters, a new agreement between the Solomon Islands and Australia will replace the RAMSI treaty. The Australian Defence Force and Australian Federal Police will be able to respond rapidly and effectively to any requests from the Solomon Islands for help in the event of a major security or humanitarian emergency.

Committee Chair, Stuart Robert MP, said that Australia’s leadership of the RAMSI operation had provided invaluable assistance to the Solomon Islands for fourteen years.

“RAMSI concluded in 2017. It was very successful but the Solomon Islands still face development challenges. This agreement will allow Australia to provide ongoing support to help the country to build long-term stability,” Mr Robert said.

Under a series of treaties, Australia has provided vital support to America’s space program since the 1960s and a new agreement consolidates the existing arrangements. Ongoing collaboration between the CSIRO and NASA will be able to continue for another 25 years.

A second report deals exclusively with Australia’s relationship with Jordan, strengthening both countries’ ability to combat transnational crime and terrorism. An extradition treaty provides for the exchange of suspected criminals between the two countries while mutual legal assistance will improve the sharing of evidence for criminal investigations. 

“These two agreements will improve Australia’s capacity to prevent criminals and terrorists from evading capture by living or hiding evidence in another country,” Mr Robert said.

The two reports are available from the Committee’s website:

  • Report 176: Air Force Training—Singapore; Deployment of Personnel—Solomon Islands; Space Tracking—USA
  • Report 177: Extradition—Jordan; Mutual Legal Assistance—Jordan

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Mandatory data breach notification comes into force this Thursday

THE Office of the Australian Information Commissioner (OAIC) has released new resources for the Australian public ahead of the commencement of the Notifiable Data Breaches (NDB) scheme on February 22, 2018.

 

The NDB scheme mandates that Australian Government agencies and the various organisations with obligations to secure personal information under the Privacy Act 1988 (Cth) (Privacy Act) notify individuals affected by data breaches that are likely to result in serious harm.

One of the new resources published by the OAIC, titled Receiving data breach notifications, provides useful guidance on what to expect when you receive a data breach notification, including how organisations might deliver notifications and when a privacy complaint can be made to the OAIC.

The other new resource, What to do after a data breach notification, provides a wide range of actions you can take to reduce the risk of experiencing harm after a data breach.

Among the information provided are tips on combatting the harm that may result from a breach involving financial information or contact information and steps to take when you believe you may be a victim of identity fraud.

The OAIC has worked with consumer groups, not-for-profits, and Australian Government agencies in the development of these resources.

The Australian Information Commissioner, Timothy Pilgrim, said, “The Notifiable Data Breaches scheme formalises a long-standing community expectation to be told when a data breach that is likely to cause serious harm occurs.

“The practical benefit of the scheme is that it gives individuals the chance to reduce their risk of harm, such as by re-securing compromised online accounts. The scheme also has a broader beneficial impact — it reinforces organisations’ accountability for personal information protection and encourages a higher standard of personal information security across the public and private sectors.

“By reinforcing accountability for personal information protection, the NDB scheme supports greater consumer and community trust in data management. This trust is key to realising the potential of data to benefit the community, for example, by informing better policy-making and the development of products and services.”

The 2017 Australian Community Attitudes to Privacy Survey found that 94 percent of Australians believe they should be told if a business loses their personal information; 95 percent said they should be told if a government agency loses their personal information.

Organisations are required to notify the Australian Information Commissioner in addition to notifying individuals affected by an ‘eligible data breach’ (a data breach that is likely to result in serious harm). Failures to comply with the NDB scheme can attract fines up to $2.1 million.

The OAIC's new resources for the Australian public can be read online: www.oaic.gov.au/individuals/data-breach-guidance.  

The OAIC has published a suite of guidance for organisations to assist them in implementing the requirements of the NDB scheme. This guidance can be found at: www.oaic.gov.au/ndb.

Previous statements from the Office of the Australian Information Commissioner

Mandatory data breach notification: https://www.oaic.gov.au/media-and-speeches/statements/mandatory-data-breach-notification

Enforcement powers of the Office of the Australian Information Commissioner

  • The Privacy Act confers a range of enforcement powers on the Commissioner, including:
    • accept an enforceable undertaking (s 33E)
    • bring proceedings to enforce an enforceable undertaking (s 33F)
    • make a determination (s 52)
    • bring proceedings to enforce a determination (ss 55A and 62)
    • report to the Minister in certain circumstances following a CII, monitoring activity or assessment (ss 30 and 32)
    • seek an injunction including before, during or after an investigation or the exercise of another regulatory power (s 98)
    • apply to the court for a civil penalty order for a breach of a civil penalty provision (s 80W).
  • The ‘civil penalty provisions’ in the Privacy Act include:
    • A serious or repeated interference with privacy (s 13G) – 2000 penalty units (current total is $420,000)
    • The maximum penalty that the court can order for a body corporate is five times the amount listed in the civil penalty provision (current maximum $2.1 million).

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